Long Beach Own Your Owns or Condos: What’s the Difference?
The difference between an Own Your Own (OYO) and a Long Beach condo is a philosophical one.
With a condo, one owns the airspace that the condo occupies, with an OYO you own an undivided interest in the complex with the right to occupy a certain apartment. OYO has much more limited financing but otherwise is like a condo in that respect.
Long Beach Own Your Own Real Estate Statistics
Listed | Average Days on Market | Avg $$ / Sqft | Average Selling Price | List to Sales Ratio |
---|---|---|---|---|
52 | $487.58 | $298,770 | 99.51% |
All Long Beach Own Your Owns Currently for Sale
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What are the Financing Requirements for Long Beach Own Your Owns
Some of the Own Your Own buildings may be cash only due to having too many rentals in the community or this is an issue and it doesn’t qualify for financing.
According to Ms. Josie Truong of LBS Financial who is one of the few lenders that I know that does loans on “own your owns”, you need 20% down to get financing for this type of property. You can call her direct at 714-270-2490.
Additional Information Own Your Owns
I call them one of the first types of condominiums. The number of own your owns has dropped over the years with a lot of them converting to condos status. When you convert over to condominiums, it is easier to finance a purchase. I only know one lender in Long Beach that can finance the purchase of an Own Your Own.
Property taxes on either are segregated (billed to each unit on an individual assessor’s parcel number).
Do You Want a List of Long Beach Own Your Owns Properties Sent to You?
Long Beach has a small number of Own Your Owns (OYO) for sale. If you are interested in this type of property, please contact us and we will email you a list of them.
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