CRACK PANDEMIC SWEEPS DOWNTOWN LONG BEACH, CA.
LONG BEACH POLICE SPOKESMAN SAMUEL L. BRONKOWITZ INFORMS THE LONG BEACH HOUSING BLOG THAT AN EXCESSIVELY POTENT STRAIN OF CRACK COCAINE HAS MADE ITS WAY INTO THE GREATER LONG BEACH AREA, AND ESPECIALLY DOWNTOWN.
THIS POWERFUL VERSION, REFERRED TO BY THOSE ON THE STREET AS "SUPER-CRACK," IS SAID TO CAUSE USERS TO LOSE TOUCH WITH REALITY AND SUFFER FROM HORRIFIC DELUSIONS OF GRANDEUR. ACCORDING TO POLICE SOURCES, EFFORTS ARE BEING MADE TO CONTAIN THE SPREADING PANDEMIC, BUT THERE ARE REPORTS OF PARTICULARLY FREQUENT USE AMONG THE BANKER AND REALTOR COMMUNITIES.
PLEASE BE ON THE LOOKOUT AND CALL POLICE IF YOU SEE EVIDENCE OF SUPER-CRACK ABUSE IN YOUR COMMUNITY.
"Yeah, uh, Police? You need to get down here now. Some crackhead just photoshopped flames into a fireplace."
Address: 400 W Ocean Blvd #3002, 90802
Asking Price: $2,149,000
Year Built: 2007
Size: 3 beds, 3 baths, 3,249 sq. ft.
$/Sq. Ft.: $661
HOA Fine: $994
MLS#: U9000979
Down Payment: $430,000
Monthly Payment: $13,000
Income Requirement: $614,000
Description: Try to find another that compares! Here is your chance to own the top 30th floor (tallest in Long Beach) Penthouse home in the newest high rise complex,'West Ocean'. This amazing home offers some of the best 270+ views of the ocean & city from Santa Monica to Newport Beach! These views also include Catalina Island & amazing sunrises & sunsets! This exclusive Penthouse offers a spacious & open floor plan w/views from every room & 3 oversized balconies for plenty of outside living! Interior upgrades include granite counter tops in the kitchen & all bathrooms,custom travertine flooring, extra high ceilings unique to the penthouses only, custom cabinetry w/european hinges & pulls,upgraded gas stainless appliances. Master bath walk-in marble shower & jacuzzi tub w/incredible views along w/marble floors w/mosaic inlay. 24hr guard,pool,spa,sauna,rec. room,bus. center,wine cellar,storage room,guest suite & more! Premier owner parking next to elevator. A must see!
Original Listing Date: Nov 23, 2007
I'm still a real estate dummy El Bee, so I welcome more of you commentary, on THIS property.....
ReplyDeleteWhile I definitely think this is overpriced, I DO like the property!!
I tried buying here actually, but they are not FHA approved.
THEN I discovered that the HOA fees are $711 a month, and I was outta there.
Telling you though, the West Ocean TWO building, is FUCKIN SWEEEEEEEEEEEEEEET NESSSSSS!
I mean their pool area is GRRRRREAT! And the lounge area (the one with the photoshopped fire) is just as pretty as that picture.
What I like about this, is not just the building and the facilities, but this section of Long Beach. It kinda reminds me of Vegas. In this area behind Ocean, it's all very pretty, and it really makes you feel like you're "getting away", and into a much nicer place to come home to.
Even down the block, where there is a little shopping center on Pine, right across from the Convention Center, it's just really pretty.
Then across the street, you have Shoreline Village.
I wish I could live there.
Frankly, Mike, other than the realtor showing signs of crack intoxication (WTF price, Days on Market) I don't really have much in the way of commentary. The place is bad ass and enormous but as impressive as it is, it'll never sell at this price (obviously).
ReplyDeleteAnd the building is brand new with nice amenities but as we've discussed on the blog, the HOA fines are out of control.
I mean, just imagine the carrying costs on this thing! Lower the price already before it eats you alive!
Well when they had their recent auction, the smaller 1 bed 1 baths, were starting at 195K. So I thought that was a pretty good bargain.... then after finding out about the outrageous HOA, I was depressed, but not surprised (I knew there had to be a catch).
ReplyDeleteStill, like I said, that area is really secluded (behind Ocean blvd).
If I could afford it, I'd probably spend the extra bucks to live there.
The way I figure it, at 5%, every additional 100 bucks in monthly HOA fees, equals 23K in additional housing price. So if the "normal" HOA fee for a condo near the ocean with these facilities would be around 4 to 5 hundred, you're spending 2 or so hundred more extra.
So if you over-estimate, and figure in THREE hundred extra, that's still only $66K extra in total price.
So that would mean you're spending approx $261 K or so, which is a pretty good deal if you ask me.
But then again, what do I know?
What do YOU think El Bee?
I was kinda hopin to catch somebody who bought at auction, and later failing on their payments, so I could buy FHA (you can do this if you're not buying straight out, from what I understand).
I can't find anything currently on the MLS though.
Aqua is now leasing. Just got nice flyer.
ReplyDeleteThis from enquiry in '04. I ossasionally get an email too/
Similar HOA fines, plus outlandish cost stopped them cold.
Bagholders must be hurting!!
Samuel L. Bronkowitz? It's appropriate since Long Beach real estate could be the featured location in "That's Armageddon". Great pull from Kentucky Fried Movie!
ReplyDeleteMike in LBC, you can get FHA approval thru the lender, even the complex is not FHA approved. They have a form, it need to be filled out and signed by the HOA, and if it meets with the criterias, you're in. First, you need to be pre-approved by a direct lender, not a broker. Second, you need to have the signed, accepted offer. Finally, appraisal and inspection. The condo is new, not a big deal. (I thought you don't like Ocean Blvd...)
ReplyDeleteL_Thek_Onomics
Thanks for the suggestion Olaj.
ReplyDeleteFrom what I tried, they told me that since the building is a NEW CONTSRUCTION, it was unable to get the FHA approval for the NEW units.
IF they had applied beforehand, it would have been ok, but apparently they didn't anticipate having to reach out to FHA buyers.
And if you read my comments, you will see the STARK difference between HERE on Ocean blvd, and THERE on Ocean blvd. ;-]
Also, make no mistakes Olaj, beggars can't be choosers, so that's also a factor for non-rich people like myself.
I was simply saying that I wouldn't pay a PREMIUM, to live on that part of Ocean blvd.
Thanks though, and have a good one! :-)
"...but apparently they didn't anticipate having to reach out to FHA buyers."
ReplyDeleteWhen you carry a pre-approval letter for an FHA home mortgage from one of the well known lenders, they'll be very serious about you. Beside that, don't waste your time to get a "buyer's agent". Dealing directly with the listing agent is the only way, it's a shocking news, but they love to keep the full 6% comission, plus many times they're willing to share it with the buyer.
"Also, make no mistakes Olaj, beggars can't be choosers, so that's also a factor for non-rich people like myself."
You don't need to be rich to live on Ocean Blvd. There are always affordable condos, but they go fast, because people who are ready to buy, I mean really ready to buy, grab them.
L_Thek_Onomics
Olaj,
ReplyDeleteIf the listing agent isn't willing to share any of the commission, are there any other advantages to dealing with them direct?
And if they say they are willing to share the commission, how exactly would you work that out?
Would you draw up a contract or something?
I can just see making a verbal agreement, and then the agent reneging afterwards.
And yeah, I've seen some pretty sweet deals on Ocean, especially lately. On 1st street, there have been a couple condos go for less than 150K, and they were still decent square feet (over 700).
To be honest, I really like my apartment, but as I only make decent and not good money (around 50K), I think it'd be wise to buy a home as a long term investment. (I'm also trying to finish my accounting degree, to increase my earnings, but I'm a long ways away from that right now)
Some listing agents are willing to give back (toward closing cost) 1% of the sales price to the direct buyer, some won't. The biggest advantage to deal with the listing agent is to avoid the "multiple offer" game. When the price is right, buyers with the "help" of their agents are going into the pissing contest to drive up the price, to make sure their offer will be accepted by the seller. Then they hope (most of the time correctly), the appraiser will come up with a reasonable number, typically close to the asking price. If you approach the listing agent when the listing is hot from the oven, they will push thru your offer, simply because of the full comission. It's an ugly game, you need to act fast. Find the desirable condo complex(es) and check the entry for new lock boxes every day. Grab the listing agent immediately, and work out the deal. They're more than happy to pull the listing off the market and convince the seller, you're the right buyer. Listing agents will not loose any sleep over not sharing the comission with another realtor.
ReplyDeleteL_Thek_Onomics
Wow, good stuff Olaj.
ReplyDeleteWho knew you were so smart, being so fooled by the Ocean blvd scam??? lol
j/k
Actually my mother is the real estate agent I'm working with now, but she may be moving to Florida, so if so, I shall proceed with your advice.
Then I'll owe you.
Oh no!