REAL ESTATE: From Mall to multi-family for center at LB-SB line? LB median-priced home now more expensive than SF

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No industry has been more counter-intuitive in the pandemic than residential real estate — at least around here.   Amidst the flurry of stories about people not working, local homes seem to at listed at higher prices than ever, yet at the same time, fewer people, especially in California, can afford starter homes.   Yet the average OC home now costs $920,000.

And in the latest studies of priciest zip codes in Orange County, the average new sale in 90720 (Los Al-Rossmoor) zip code is 1.3 million (16th priciest zip code in OC) while the average new sale in 90740 (Seal Beach) and 90760 (Cypress) is right around $1.2 million.  (No. 21 and 20 in OC).

Canadian group buys old “Whole Foods” strip mall at SB-LB border

Vancouver-based Onni Group  just spent almost $68 million to buy the Marina Shores strip mall at Alamitos Bay (site of 5 Guys and Petco, and the former Mimi’s and Whole Foods stores) and is headed for redevelopment.   According to the Real Deal website, the new owner of the 6.2-acre site at 6550 Pacific Coast Highway is eyeing multi-family housing.  Read the complete story here.

The Marina Shores center has struggled in recent years, as has the Marketplace directly across Pacific Coast Highway.  So high-rise multi-family housing, with great views of Alamitos Bay, makes financial sense.  Local rumors say the Marketplace is also destined for multi-family housing, leading locals to discuss the impending traffic jams on a long Nextdoor thread.  The 2nd Street-PCH intersection has been a mess for a long time.

Whatever happens, any development will take a long time, as it has to be compatible with the city’s Southeast Area Specific Plan and it falls within the oversight of the always interesting and challenging California Coastal Commission. The Long Beach Business Journal has more on that.

LB median-priced homes less affordable than comparable SF homes

Local homebuyers may not find this hard to believe but a new study published earlier this month, shows that to afford the average median-priced home in Long Beach, a new homebuyer would pay 65.5 per cent of earnings — nearly two-thirds — toward monthly mortgage payments.  This makes home housing costs more expensive than San Francisco.

 

Author: Los Al TV

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