Long Beach Own-Your-Owns|Co-ops

Finding an Own-Your-Own

Own-Your-Owns are units similar to condos and provided an early type of unit ownership, but have certain differences. Long Beach has had a high concentration of these properties which were mostly built in the 1950's, but in the last few years many have converted to condominiums.

There are still properties of this type available, typically in 8-12 unit buildings which many people find appealing because of their mid-century characteristics with older tiled bathrooms, hardwood floors, and more intimate settings, but they will also require specific financing sources and a higher down payment. If you are interested in an OYO, be aware that those remaining from the wave of condo conversions may have extremely high rental ratios and may be impossible to finance, and are most suited for an all-cash transaction. The limited financing available for OYOs is virtually non-existent with high renter ratios.
Co-ops are also a form of unit ownership, similar in appearance to condominium buildings, but also have a somewhat different basis of ownership which requires financing from specific (and very limited) sources. They are fewer in number than OYOs, and some have already converted to condominiums where possible.
Contact me for more information.