First time buyers can still get some great options out here in Long Beach. A new studio development was created in downtown and is set to release. The Loudon Arms is a neat project of 29 units located at 345 Chestnut. I was able to preview them today at a Broker open to check out what they were able to do. Here are some of the highlights of these units:
- Lovely wood flooring throughout
- 32" Flat Screen mounted over the fireplace
- Granite kitchen counter tops
- New stoves, refrigerators, and microwaves included!
- Storage area in the basement
Although these units do not have parking deeded with the units, there are lots nearby where you can lease a spot on a monthly basiss (usually for less than $50 /mo).
The most exciting part of these studios are they range in price form $179,000 to $229,000! I would encourage a look by these Long Beach Condos by speaking with your local Long Beach realtor as there are some different floor plans that are possible!
9 comments:
I live right around the corner from this place, and in all the years of living here, I have never heard of anyone leasing parking spots on a monthly basis. Where are they located so I can go lease one? Parking is absolutely horrendous!
Hehe, thanks for the comment Jim. They plan leasing spots from the church (although they have not contacted them yet) and they have spots directly across the street next to the OYO's.
Leasing spots from the church? The church recemtly purchased that property and built that parking lot for their parishoners. If they lease spots, where would their members park? As far as the spots directly across the street, all of those are rented and never come up for lease. I think the Loudon Arms should purchase the lot at the corner of 4th and Chestnut, and convert that into parking for their buyers.
By the way... the owners did a great job renovating the Loudon Arms. It's hard to believe that was once a crack house! Hopefully we will see more of these condo conversions.
It didn't work out. They are studios for rent, see today's Gazette. Bummer.
Oh no... why didn't it work out? Do you think the prices may have been a little too high? Can the owner offer some financing with terms? How about the idea of a lease option to buy? I'm certain something can be done to make it a win-win situation for everyone! What can I do to help? Jim
I will have to get the update on what is going on as I spoke to the Broker and the escrow company that was handling it and it was supposed to be fine. When we get an update we will share.
I did speak to the owner of the project and apparently they lost ther financing that is why they are renting. They hope to be able to sell them in 3 years or so.
The City of Long Beach used to have a first time buyer program which assisted people with the purchase of property in the area. The program helped with 10-15% of the downpayment, held as a second, and payable once the 1st TD was paid off, or the unit was refinanced, or sold. This made it attractive for people to get into a place with minimal down. Has anyone looked into this or inquired if they had any other programs available? How about the thought of a possible auction? That always generates interest in buyers. How about owner financing or incentives? That building is far too beautiful now and upscale to turn into rentals.
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