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Long Beach House Hunt: Penthouse or beach house?

For $3 million, which would you prefer: A one-of-a-kind penthouse atop a historic building in downtown Long Beach or a charming beachfront abode?

Found within a historic building in downtown Long Beach, this penthouse offers sweeping views, a massive wraparound balcony and Mills Act status, which helps save on property taxes. (Peter McMenamin)

The penthouse has two bedrooms and two bathrooms in 2,810 square feet. (Peter McMenamin)

The penthouse price: $2.9 million (Peter McMenamin)

The building was added to the National Register of Historic Places in 2003. (Peter McMenamin)

Every room has amazing panoramic views. (Peter McMenamin)

The historic Insurance Exchange building in the heart of downtown Long Beach. (Peter McMenamin)