What $470,000 Buys at El Dorado Lakes: A 1,101 Square Foot Condo That Needs Cosmetics

There is a 2-bedroom, 2-bath single level condominium for sale in the El Dorado Lakes community in East Long Beach, California at 7890 E Spring Street, Unit 11E, listed at $470,000 with 1,101 square feet of living space, two garage spaces, and a monthly HOA of $914. It is the largest floor plan in the complex, and in March of this year an identical 1,101 square foot unit in the same community closed at $610,000.

I do not represent this listing. I am writing about it because that gap is the most interesting number I have found in Long Beach this month, and because the reason for the gap is not a secret. This one needs cosmetic work.

The quick facts

• Price: $470,000, reduced from an original $499,000
• Beds / baths: 2 bedrooms, 2 bathrooms, one full and one three-quarter, both en suite
• Living space: 1,101 square feet, all on one level
• Property type: condominium in a 260-unit community, built 1974
• HOA: $914 per month
• Parking: 2 garage spaces
• Laundry: community, not in unit
• Outdoor space: large private balcony
• Condition: cosmetic fixer
• Financing: cash, FHA, and VA all accepted
• MLS: OC26106796

You can see the full photo set and the current status on the listing page for 7890 E Spring Street, Unit 11E.

What $470,000 actually gets you here

Start with the number that matters most: $470,000, which works out to roughly $427 per square foot.

Eighteen units at El Dorado Lakes closed in the past twelve months, ranging from $300,000 for a studio-sized plan up to $610,000. That $610,000 sale, which closed on March 24, 2026, is the one worth sitting with. It was the same 1,101 square foot floor plan, in the same community, under the same HOA, and it sold for $140,000 more than this unit is asking.

Read that again. Same size, same building complex, same monthly dues, five months apart.

I want to be straight about what accounts for the difference. This unit is a cosmetic fixer. The floors, the kitchen cabinetry, and the finishes throughout are original or close to it, and the listing says so plainly rather than dressing it up. A buyer here is paying less because they are taking on the work, not because someone made a mistake.

That is still the trade I would want a first-time buyer to at least look at. The expensive, structural things are already handled. The floor plan is open, the ceilings go vaulted rather than flat, there is a real wood burning fireplace, and the unit is all on one level with no interior stairs. What is left is the part you can do on your own timeline, one room at a time, with your own taste.

About El Dorado Lakes and East Long Beach

El Dorado Lakes is a gated 260-unit community on Spring Street in the El Dorado Park area of East Long Beach, built in the mid 1970s and named for the man-made lakes that run through the grounds. This is the quieter, greener, more suburban side of Long Beach, closer to the 605 freeway and El Dorado Regional Park than to the ocean.

The reason to care about the community itself is the HOA, so let me put the amenities where you can see them. The association includes a pool, a spa, a sauna, tennis courts, paddle tennis, a gym, a clubhouse, a billiard room, banquet facilities, and a recreation room, plus the grounds and the lakes. That is a genuinely deep amenity package, and it is most of the answer to why the dues are what they are.

El Dorado Regional Park is the anchor of this part of the city. It is one of the largest parks in Long Beach and it includes the El Dorado Nature Center, which is a real nature preserve with trails and a lake rather than a landscaped strip.

Inside the residence

The floor plan is open, and the vaulted ceilings do more for the sense of space than 1,101 square feet suggests. A floor to ceiling brick fireplace anchors the living area, and a sliding door opens onto the balcony from the main room.

The kitchen is the clearest example of what I mean by cosmetic. The layout works, the appliances are in place, and it opens to the living space through a pass through rather than being sealed off in its own room. What it needs is surfaces, not surgery.

Both bedrooms sit on opposite sides of the living area with their own bathrooms, which is a layout that works for roommates, for a guest room that is actually private, or for one bedroom used as an office.

The balcony is the part that photographs least like a 1974 condo. It is covered, it is large enough for real furniture, and it looks out into mature trees rather than into a parking lot.

Who this home is right for

A first-time buyer who has been priced out of a house in Long Beach gets 1,101 square feet, two bedrooms with two bathrooms, a garage, and a price under $500,000. Because the listing accepts FHA and VA financing, the down payment barrier is lower here than at most condo complexes, where financing approval is the quiet thing that kills deals.

A buyer who is handy, or who has a contractor in the family, gets the clearest value-add opportunity I have seen in an East Long Beach condo this year.

A veteran using a VA loan gets a rare thing. VA-eligible condo inventory is thin, and a complex where the financing already works is worth more than the listing price suggests.

What to know before you tour

The HOA is $914 per month, and you need to underwrite that as part of your payment, not as a footnote. On a $470,000 purchase it is a large line item. What it buys is the amenity list above plus the grounds and the lakes, and I can help you look at the association's reserves and budget before you commit to anything.

Laundry is community, not in unit. For some buyers that is a deal breaker and I would rather you know it now than discover it on the tour.

The unit is vacant, which means we can get in on short notice and you can take your time in it without stepping around someone's furniture.

Bring someone who can price the work. The whole case for this home rests on what the cosmetics actually cost, and that number is knowable before you write an offer rather than after.

Frequently asked questions

How much are the HOA fees at El Dorado Lakes?
The HOA for this unit is $914 per month. The association covers a pool, spa, sauna, tennis and paddle tennis courts, a gym, a clubhouse, a billiard room, banquet facilities, a recreation room, and the community grounds and lakes.

Can you use an FHA or VA loan at El Dorado Lakes?
This listing accepts cash, FHA, and VA financing. That is not true of every condo complex in Long Beach, and it matters if your down payment is limited or you are using a VA benefit.

Is El Dorado Lakes a good place to buy a condo?
It depends on what you want from a condo. If you want amenities, green space, and a quieter suburban part of Long Beach with fast freeway access, it fits well. If you want to walk to restaurants and nightlife, downtown or Belmont Heights will serve you better.

What would the monthly payment be on a $470,000 condo?
That depends on your down payment, your rate, and your loan type, and the $914 HOA sits on top of principal, interest, taxes, and insurance. Send me your numbers and I will run the real figure for you rather than a generic estimate.

This is an active listing as of August 2026, and details are subject to change. Listed by Roberta Soares.

If you are looking in Long Beach and you want an honest read on whether a fixer makes sense for your situation, I am happy to walk the numbers with you, including what the cosmetic work here would realistically cost. You can join the Dream Home Club for first looks and straight takes on listings like this one, or reach out to me directly and we will talk it through. No pressure, just clear answers.