40 Replies to “Substantial fence going up around superblock ”

  1. The fence was begun on Thursday around the site and along the boardwalk, excluding the small part used by the surf camp. .I’ve been told that an iStar contract is going to begin storing things on the site.

    Hope we’re not going to be looking at a three-year shorefront junkyard.

  2. Yes, looks like some construction is going to start soon. I wonder if that means the NC IDA has sent I Star some positive smoke signal re their abatement application?

  3. Looks like it was either approved and they are beginning their prep or hopefully it’s being denied and they are trying to stick it to the city by blocking off all the parking.

    Unfortunately I’ll bet it’s being approved and we’re all stuck footing the bills for the next 20 years….

  4. it’s an interesting state of affairs. They ran ads in the herald a few weeks in a row like they were on the defensive. IDA is taking their time, which tells me it’s all political. Meanwhile the Coliseum got 4 million overnight. Although that situation is different. Mangano and Kate Murray fucked up royally for losing the Islanders and that building is going to fail with no tenant

  5. If the fence is going around everything except the surf camp containers, one of two things must be happening. Consider that the surf camp and associated family are heavy contributors to the democrats in Long Beach, and to a lesser extent, to the Republicans when they wanted in at Nickerson Beach. So, iStar could have been told, “look, we owe the surf camp big time, can go you around them?” or the surf camp paid iStar not to fence them in. I think if iStar wanted to really stick it to the city, no amount of money would have had influenced their fence placement decision. My guess is they got what they wanted and the residents are getting the tax shaft.

  6. Stop the whining. Keep the faith. Make those calls. Send the e mails.Tell your friends and neighbors. Be prepared to join in a lawsuit against iStar.

    Yogi Berra

  7. i asked two of the men putting up the fence who they were working for. one said it was avalon and the other scolded him for say it was supposed to be hush hush. so avalon and i star are together and it is all a big F-U to people like me who own their homes and pay taxes for 30 years. i hate this project. welcome to the soon to be way overcrowded beach.

  8. You say it like the beach isn’t already a complete disaster in the middle of town, you couldn’t pay me to live between Monroe and Magnolia.

  9. Rents will indeed go down when the City and County government subsidizes 500 apartments from iStar and another 500 going up on the old hospital site.

    Why do you think so many of the big landlords are selling this year?

  10. Bless Anthony. He’s the optimist. He’ll do fine. It’s hard to lose with Long Beach real estate.

    But over 1300 rental apartment units sold in the past year, and about the same number in two previous years. The two biggest developers have turned their attention elsewhere and began selling off their holdings too. Flood “tax,” the huge City tax increase and the stagnant economy along with threats of government subsidized competition like iStar has the investors taking their profits.

  11. Exactly right. Maybe the new owners can get some variances to increase the density of their properties to pack more units into them to make them “profitable” in light of the higher costs you note – all to the detriment of quality of life of course. Imagine the people who paid $1M+ for condos in places like the Aqua, they should be scrambling to get out once iStar is a go – I believe it will take 4 years to build iStar. Imagine the noise and congestion during the construction phase in that part of Broadway. What’s your $1.2M condo going to be worth when iStar goes “Rockaways” just a block away?

  12. Sandra – you’ve written it’s hard to lose with long beach real estate in one post and real estate has plummeted in another. Which is it?

  13. @Tom, yes, I said that. You probably know real estate values are very cyclical. Right now they are in a falling trend, thanks to local mismanagement and some national economic policies. That happens. But inflation always brings prices up again. It may take years.

    Prices rose 1000% in the 1920, only to tank in the ’30’s. It took until the ’70’s for them to regain their losses.

    Any young guy will do well investing in quality real estate. It has made more millionaires than nay other investment. Unless the Democrats continue to destroy Long Beach as they did Rockaway, it will always be an attractive investment.

    Anthony’s a young guy. He can ride out the lows in the investment cycle.

    They say, don’t wait to buy real estate. Buy real estate and wait.

    I bought plenty of places here in the 1980’s.

  14. “Anthony’s a young guy. He can ride out the lows in the investment cycle.”

    I’m buying it all with my google adsense money! Oh and Boodman was joking.I’m not buying apartment buildings in LB. Just need to make that clear.. haha

  15. I’ll click on the ads from now on. That should help for a nice down payment.

    Anthony, if you did buy at least a two family to rent out, you’d be making money while you read this. Boodman knows that.

  16. Beaches are natural national treasures to be shared and enjoyed by all, not just those that live in beach communities. California beaches are mostly public and managed by the CA state parks dept. They are crazy and have a great vibe. Those who prefer a stuffy private beach should join a beach club or move to a private beach community. We were all well aware that LB beach was public when we moved here….

  17. So sorry, voice recognition mistake… I meant: Why not just answer Richard’s exact question SandraB? Or please explain how the sale of 1300 rental units is necessarily a negative. Perhaps my ignorance leads me to believe these sales indicate demand and a vibrant market. Thank you in advance.

  18. @Neal – if they were sold below market, foreclosed, short sale, whatever – it just means they were sold. Also, matched up against the # of available units – maybe there’s a surplus on the market. Idk the answers, but it doesn’t mean the market is vibrant just because they were sold. “There’s an @S$ for every seat.”

  19. Sandra, mow that you haven’t answer my first question, here’s your chance to avoid answering a second.
    What are the addresses of the 1300 rental apartments you said were sold? Were they recent coop or condo conversions? Or are we back to the first question, Please explain.
    Then we can go onto your gloom and doom real estate prediction

  20. Thanks for your explanation WET. For what it is worth, I live near the aqua In the coop/condo dense east end. When I chat with the residents who have recently purchased in these buildings, all of them accomplished and intelligent people, I find that they are very pleased with their decision and loving their new lifestyle living in LB. Like me and mine, they feel that they have found their own little piece of Paradise. This is precisely why I think it would be outrageously wrong for the IDA to grant tax abatements to the istar project.

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