Score
0Long Beach, CA
525 E Seaside Way UNIT 603
899K
2 beds
2 baths
1,310 sqft
2 bd • 2 ba • 1,310 sf
This analysis was generated on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
List Price
$899,000
Price/Sq.Ft
$686
Year Built
1990
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
This luxurious corner unit in Harbor Place Tower offers exceptional value with its prime location and stunning features. At $686.26/sqft, it's priced competitively compared to the Long Beach average of $723/sqft for similar high-end condos. The 1,310 sqft layout is 15% larger than the typical 2-bedroom condo in the area (1,140 sqft). Recent upgrades, including a remodeled kitchen with granite countertops and stainless-steel appliances, add significant value (estimated $25,000-$30,000). The unit boasts breathtaking ocean and city views, a rare feature that typically commands a 10-15% premium. With three balconies, it offers 30% more outdoor space than comparable units. The building's resort-style amenities, including a pool, spa, and 24/7 security, provide an estimated $200-$250 monthly value. Its walk score of 95 is exceptional, placing it in the top 5% of Long Beach properties for walkability. The property has appreciated 22.3% since 2018, outperforming the Long Beach condo market average of 18% over the same period.
The Bad
The property's flood risk score of 6/10 is concerning, being higher than the Long Beach average of 4/10. This could lead to increased insurance costs, potentially 20-30% higher than average. The air quality risk of 6/10 is also above the city average, which may be a concern for residents with respiratory issues. The condo was built in 1990, making it 33 years old, which is slightly older than the median age of 28 years for Long Beach condos. This may lead to higher maintenance costs in the coming years. The estimated annual insurance cost of $3,236.40 is approximately 15% higher than the average for similar properties, likely due to the elevated flood risk. The property taxes, while not specified, are likely to be high given the recent sale price, potentially around $11,000-$12,000 annually based on Long Beach's average property tax rate of 1.25%.
The Ugly
The total monthly ownership costs are substantial. Assuming a 20% down payment and a 30-year fixed mortgage at current rates (5.5%), the monthly costs break down as follows: Mortgage ($4,060), estimated HOA fees ($800-$1,000 based on similar luxury high-rises), property taxes ($920-$1,000), and insurance ($270). This totals approximately $6,050-$6,330 per month, which is 58% higher than the median rental rate for a 2-bedroom in Long Beach ($2,360). The high HOA fees, while providing valuable amenities, can be a significant financial burden and may increase over time. The property's location in a high-rise tower exposes it to potential special assessments for major building repairs or upgrades, which could run into tens of thousands of dollars. The upcoming 2028 Olympics, while potentially exciting, could lead to significant disruptions in the area, including increased traffic, noise, and temporary loss of access to certain amenities.
Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
This property is best suited for high-income professionals or couples with a combined annual income of at least $240,000 (based on a 28% front-end DTI ratio). It's ideal for those who prioritize luxury living, stunning views, and a walkable urban lifestyle. The unit would appeal to empty nesters downsizing from larger homes who want to maintain a high standard of living. It's also suitable for those who frequently entertain, given the open floor plan and multiple balconies. Investors looking for a high-end rental property could benefit from the strong rental market in Downtown Long Beach, with potential monthly rents of $3,800-$4,200, yielding a modest cap rate of 3.5-4%.
Not For
This property is not suitable for first-time homebuyers or those with limited budgets due to the high monthly costs. Families with children may find the space limiting compared to single-family homes in the area. It's not ideal for investors seeking high cash flow, as the cap rate is relatively low. Those sensitive to noise or preferring a quieter environment may struggle with the urban location and potential disruptions from events like the Grand Prix. Individuals with mobility issues might find the high-rise living challenging in case of elevator maintenance or emergencies.
Demographics
Area Median Income
$62,720
Property History
Price History
Ownership Timeline
$0Cash Purchase
Nov 18, 2024David V Martin, David Vernon MartinJudith K Martin, Martin Family Trust
Affidavit Death Of Trustee/Successor Trustee
Non-Arm's Length Transactions
$0Cash Purchase
Oct 14, 2020David V Martin, Judith K MartinDavid V Martin, Judith K Martin
Intrafamily Transfer
Non-Arm's Length Transactions
$735,000Financed
Sep 4, 2018Jeffrey Nyman, Peggy Graham NymanDavid V Martin, Judith K Martin
Grant Deed
Standard Sale (Purchase/Resales)
$508,000Financed
Jun 6, 2014Betty J PeeryJeffrey Nyman, Peggy Graham Nyman
Grant Deed
Standard Sale (Purchase/Resales)
$0Cash Purchase
Jul 19, 2001Norma Lucille Peery, Betty J PeeryBetty J Peery
Affidavit Of Death
Non-Arm's Length Transactions
Property Taxes
$10,305
2024 Tax Assessment
1.7%from previous year
Assessed Value$803,825
Tax Rate1.28%
Sunlight Analysis
Visualize how sunlight affects this property throughout the day and year.
Sunlight Analysis
Data provided by Shadowmap
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Schools
Nearby school quality by education level
Middle
4.0/10
AverageHigh
6.0/10
GoodFinancials
Monthly Costs
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$899,000
Price/sqft
$686
Layout
2 bd•2 ba
Days on market
2 daysat time of analysis
Stats in the Area
Based on 6 comparable properties nearby
Average Price
$607,500
48.0%
Your price is 48.0% above average
Median Price
$595,000
51.1%
Based on 6 recent sales
Price per Sq.Ft
$510
34.6%
Your price is 34.6% above average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 850 E Ocean Boulevard #1002, Long Beach, CA 90802 | $1,050,000 | 1,370 | 2 | 2 | $76611.7% | 11/7/2024 |
| 834 E 4th St #13, Long Beach, CA 90802 | $645,000 | 1,200 | 1 | 2 | $53821.7% | 11/11/2024 |
| 1250 E Ocean Boulevard #306, Long Beach, CA 90802 | $585,000 | 1,103 | 2 | 2 | $53022.7% | 11/20/2024 |
| 1415 E Appleton Street #1, Long Beach, CA 90802 | $595,000 | 1,104 | 2 | 2 | $53921.5% | 11/7/2024 |
| 6475 Atlantic #179, Long Beach, CA 90805 | $175,000 | 1,250 | 2 | 2 | $14079.6% | 9/19/2024 |
| 923 E Ocean Boulevard #2, Long Beach, CA 90802 | $595,000 | 1,085 | 2 | 2 | $54820.1% | 11/2/2024 |
850 E Ocean Boulevard #1002, Long Beach, CA 90802
Price: $1,050,000
Sq.Ft: 1,370
Beds/Baths: 2/2
$/Sq.Ft:
$76611.7%
Sale Date: 11/7/2024
834 E 4th St #13, Long Beach, CA 90802
Price: $645,000
Sq.Ft: 1,200
Beds/Baths: 1/2
$/Sq.Ft:
$53821.7%
Sale Date: 11/11/2024
1250 E Ocean Boulevard #306, Long Beach, CA 90802
Price: $585,000
Sq.Ft: 1,103
Beds/Baths: 2/2
$/Sq.Ft:
$53022.7%
Sale Date: 11/20/2024
1415 E Appleton Street #1, Long Beach, CA 90802
Price: $595,000
Sq.Ft: 1,104
Beds/Baths: 2/2
$/Sq.Ft:
$53921.5%
Sale Date: 11/7/2024
6475 Atlantic #179, Long Beach, CA 90805
Price: $175,000
Sq.Ft: 1,250
Beds/Baths: 2/2
$/Sq.Ft:
$14079.6%
Sale Date: 9/19/2024
923 E Ocean Boulevard #2, Long Beach, CA 90802
Price: $595,000
Sq.Ft: 1,085
Beds/Baths: 2/2
$/Sq.Ft:
$54820.1%
Sale Date: 11/2/2024
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