Long Beach Real Estate Own Your Own or Condo: 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 air space that the condo occupies, with an OYO they 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. The taxes on either are segregated (billed to each unit on an individual assessor’s parcel number).
Long Beach has a number of properties classified under the property type of OYO. Some are great buys like one at 1250 3rd Street Unit 12 in Long Beach. It’s a 2 bedroom, 2 bath unit with a garage and 1044 square feet for $198,900.