Big price cuts for luxury Long Beach condos

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Worth noting: Pretty steep price cuts at the new, ocean-view luxury condos at One West Ocean in Long Beach.

Two examples: A two-bedroom, two-bath unit originally priced at $698,000 is now listed for $462,000, representing a 34% discount. A larger two-bedroom, two-bath originally priced at $1.026 million is listed at $735,000 -- a 28% discount.

It can’t be pleasant for buyers who paid full price in the complex -- if there are such buyers -- to see these discounts.

The condos are located in 90802 ZIP Code, where DataQuick counted 31 foreclosures in the second quarter of 2008, up from six in the year-earlier quarter.

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--Peter Viles

Photo credit: Long Beach shore, contributed to Your Scene at LATimes.com by Dominic.