If you have been around this area of Long Beach, you will be aware that downtown Long Beach is on fire! And in a great way – the area has been developing like gangbusters, with new buildings going up and businesses and individuals moving in at a lightning speed.
Because of so much going on in this area, and general attractiveness of living in downtown Long Beach, rents and property values have been going up, even doubling.
Which is what makes this particular co-op property at Victor Court so intriguing. This over 100 year old building has been quietly here since 1919. Situated just 3 blocks from the Governor George Deukmejian Courthouse, 3 blocks from Pine Ave, it’s in the heart of the city, and walking distance to so many shops and services. And for a great price – $225,000.
This property differs from others in that it’s not a condo, but a stock cooperative, or co-op. A stock cooperative is the earliest form of common interest development and is found predominantly on the East Coast of the United States. Unlike condominium developments where units are individually owned, stock cooperative apartments are owned by a corporation. Instead of buying a unit, buyers into a co-op buy shares of stock that give them the right to occupy a particular apartment once they sign an Occupancy Agreement.
Stock cooperatives are specifically identified as one of the four forms of common interest developments subject to the Davis-Stirling Act. An owner’s interest in the corporation, whether evidenced by a share of stock, a certificate of membership, or otherwise, is deemed to be an interest in a common interest development.
So since it is a bit different from having ownership of a condo, this stock-cooperative needs an All-Cash Buyer.
Are you that buyer? Do you want a unit downtown that is a fraction of the cost of a condo here? You can rent it out or use it yourself.
Let me know if you have any questions or would like to see it this week!