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Long Beach Own Your Own (OYO) Owners are Organizing for Condo Conversion

Breaking Long Beach Real Estate News:

Long Beach Own Your Own (OYO) Owners Are Organizing for Condo Conversion. Back in May the Long Beach Real Estate Home Blog published an article on OYO's. So many buyers were inquiring about this form of ownership it made sense to publish an article, explaining this form of ownership, to be found on the Internet. Well it has been found, by several thousand Long Beach and potential Long Beach residents who have indeed read it, including many frustrated Long Beach OYO owners. Several days ago I was contacted by the lovely Deb Dobias, a Long Beach OYO owner who is a major contributing force in the quest to organize OYO owners to push state and local officials to loosen the reigns and convert the last of the existing Long Beach OYO's to condos. Deb went on to explain what these owners have been up against and the efforts they have put forth. We invited her to write an article here and are very pleased that she accepted our offer.

It is our sincere hope that the District Weekly, Curbed LA, the Grunion and Downtown Gazettes, the Press Telegram, the Los Angeles Times and the Orange County Register will also pick up this article or will contact Deb and assist in this noble effort with an article of their own to help these troubled OYO owners. It is our further hope that both California state and local officials will get out of the box and make this happen.

Please understand that many of these owners are in deep trouble. They cannot sell their Own Your Own (OYO) homes because there is little or no financing available. Due to the problems plaguing this form of ownership many owners have rented their units out and have moved on. In doing so they have decreased the level of owner occupied units in the remaining OYOs which has eliminated any chance for a Long Beach buyer to obtain financing to purchase.

Read the entire article at the Long Beach Real Estate Home Blog

Laurie Manny Long Beach Realtor (562) 212-5420
Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803
Long Beach Real Estate Blog Long Beach Real Estate Website

Posted by Long Beach Ca Real Estate, Laurie Manny on 09/19/2008 04:14 AM

Comments (13)

Forms of Ownership-Own Your Own-OYO in the Regional (Localism) Channel

long beach, own your own, oyo, oyos, homes, real estate

Originally posted at: Long Beach CA Real Estate: Long Beach Own Your Own (OYO) Owners are Organizing for Condo Conversion

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13 Comments on Long Beach Own Your Own (OYO) Owners are Organizing for Condo Conversion

SEP

2008

Laurie,

Thanks for the post. Good to see you here in the Rain. What exactly is a "Own Your Own"?

Laurie, What a bureacratic quagmire! I hope that the higher ups champion this cause and some relief for these OYO owners will be forthcoming soon. How does the GOV stand onthe issue?

Ginger

William, the link in the 1st paragraph leads to an article that describes the Own Your Own form of ownership and the financing challenges they are facing.

Ginger,

Yes it is a mess. It is in the hands of the State at the moment. They denied the last attempt. Now the owners are organizing to face the challenges together and pool their manpower resources. Apparently a tenants rights group derailed their last attempt.

Typical bureaucracy I hope this is resolved we have enough trouble financing condos here that are not on the " Approved list"

Hey Laurie,

As if we don't have enough issues on the table...honestly, do they have to make everything so D$%^ difficult? Nice to see you around : )

SEP

2008

I hope this finds the attention it deserves - how frustrating

Terry, Kelli and Thesa,

Normally when a tenants rights group gets going its about rental apartments converting to condos, none of which were individually owned. This is different. These units are individually owned and have been for some time. Becaue of the ridiculous and outdated laws many cannot convert away from this stale status and the clear majority have had no choice but to move on and just rent them out.

It seems that the tenants rights groups would like to keep these as rentals, without regard for the finances of the owners. It has gone on for so long that many of these buildings have fallen into disrepair and none have been updated, the income to facilitate this is just not there. These are quickly becoming sub-standard housing - something has to be done about it.

Unfortunately Long Beach is running short on rental units because of the volume of condo conversions that had been approved causing a large net loss of rental units as they were sold.

The city residents have been plagued by large numers of foreclosures forcing people out of their homes and back into rent which is further erroding our vacancy rate. New builds are all high end, lets face it if you couldn't pay your mortgage you aren't going to be able to afford the rent, in many cases its larger than most of these peoples mortgages were.

Maybe we just have the wrong inmates running the asylum. Hmmmm, elections coming up?

Laurie - This is very interesting, We don't have anything like this in my part of the country, so I'm curious about how this can happen. Thanks for the education.

SEP

2008

Hi Laurie -

Thanks for the education on this. We have some OYOs in Laguna Woods, but since I don't sell that area, I have never really looked into it. I'm very sympathetic to the situation that these frustrated owners are dealing with. I hope they can get the attention of our State and local officials and solve this problem.

JAN

Great article! we are having the same problem up north a little in Inglewood, CA. We have a hand full of OYO's and the city isn't interested in finding a solution for us either. I even spoken to the city attorney and mayors office. they told me some BS about not owning the land the building sits own. There for we cannot reclassify the property. I am looking forward to get this in writing from them. we might just have to sue the city to get our voices heard....

NOV

hi Laurie

I found your blog on google, I don't know if you work with long beach commercial stuff?

i was going to move to long beach soon, maybe a month and was looking to rent a small office

I have been checking out officelist.com and Officespaceheaven.com to search. Do you know of a local source or a website you'd recommend.

thanks

paul veds

hi Laurie

I found your blog on google, I don't know if you work with long beach commercial stuff?

i was going to move to long beach soon, maybe a month and was looking to rent a small office

I have been checking out officelist.com and Officespaceheaven.com to search. Do you know of a local source or a website you'd recommend.

thanks

paul veds

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