Redondo Beach Real Estate

Redondo Beach Foreclosure Listings: Where are the Bank Owned REO Homes for Sale?

We all keep hearing that there's a flood of bank owned REO foreclosures set to hit the real estate market and be listed in the MLS imminently. Buyers particularly cling to this urban myth which seems to be recirculated on various web sites periodically. Sorry, but this may not be the way the distressed housing marker plays out - at least relative to the shadow inventory in Redondo Beach.

When we look at actual current foreclosure listings in the MLS and foreclosure real estate activity in South Redondo Beach, CA 90277 for 2012 so far, the REO flow is steady but only about 10% on average of monthly sales. Take a look at the report below. There are far more auctions than bank owned inventory that you will ever see on a MLS list.

If you want to run the report for yourself and play with the results, click here for the foreclosure screen, then type in the zip code or name of the California city you are interested in. You will see up to the date foreclosure data on pre-foreclosure properties that are potential short sales (NODs), homes set for auction, and actual bank owned foreclosures (REO) that will be list on the MLS.

Currently, there are 3 bank owned foreclosure listings in South Redondo Beach. One is a free standing condo tonwhouse, another is a 3 level condo, and the final one is your prototypical South Redondo Beach mansion.

REDONDO BEACH BANK OWNED REO FORECLOSURES FOR SALE

1007 S Catalina Ave Unit 216, Redondo Beach CA, 90277:  While this building looks like a standard condo project from the exterior, it is full of surpirses when you enter. There is a lush courtyard internally. You take the elevator to the second floor where you enter this tri-level town home style condo. The front door takes you into the middle of the 3 floors which is the living room and kitchen. Go up one flight to the top floor where there is a large loft  and a balcony with ocean views. Downstairs from the main level, there's the bedroom. The bedroom and living room face east and have nice S Redondo views. MLS 12595601. List RE/MAX Executives $484,900.

502 S Maria Av, Redondo Beach CA, 90277: This is a detached townhouse (condo) foreclosure in South Redondo Beach built in 1998 in a private cul-de-sac community There are three bedrooms, 2.5 baths and the property measures 1816 sq ft. with a traditional floorplan with all three bedrooms located upstairs. The master suite has city lights view and huge walk-in closet. The entire property has fresh paint and new carpet. Kitchen has granite counters, custom cabinets and tile floors. Living room has wood type floors and fireplace. There is a private backyard-patio, laundry room, and direct access to the two car garage. Before this home was foreclosed on, it was listed as a short sale by Shorewood Realtors for about 200 days. Currently it is listed with local REO Broker Mark Arico for $649,000. MLS 7507017067.

407 S irena Av, Redondo Beach CA, 90277: Foreclosure Mansion! Very large and practically new (built in 2003) This two story, 5 bedroom, 3.5 bath, Mediterranean style home in South Redondo Beach is 4283 square feet, on a 7690 sq ft lot. With some minor cosmetic repair, this home will be a beauty. Features include high ceilings, marble tile floors, granite counters and back splashes, maple cabinetry, built-in stainless steel appliances, huge family room, dining room, separate laundry room, downstairs master bedroom would be perfect for in-laws or nanny, office/library upstairs with paneled walls, built-in book shelves and balcony, 4 bedrooms upstairs including the master suite with a walk-through closet, balcony overlooking rear yard and master bath with walk-in shower and spa tub. Great curb appeal, landscaped yards with rear wood deck, spa and a detached 3 car garage accessed from a private street. MLS V12036787. Listing Broker Prudential Californa Realty. $1,229,900 which is a killer deal at $287 sq ft.

So, these are the three for sale right now. Great deals? Maybe. If you are looking for a property similar to these and are willing to do some cosmetic work in order to save some  money, go for it. You'll definitely be buying at a discount to a standard sale and getting some amenities not otherwise available. But, as stated previously, if you are waiting for a glut of foreclosed properties to hit the market driving prices down, not likely to happen anytime soon or propbably at all.

Here's a recap of the 13 other bank owned REO foreclosure sales in South Redondo Beach CA for 2012 as reported in the MLS. Most of these properties sold pretty close to list price, some over list (why is that a surprise?).

And lastly, if you are wondering where the foreclosure inventory is, check out the following graphic. NTS, the notice to sell, are way down and where are the bank owned foreclosures many buyers are waiting for to hit the market?

New Construction Townhomes for Sale in South Redondo Beach

This real estate blog website has been tracking new construction in South Redondo Beach CA, 90277 so we're always glad to see any new projects. We were particularly excited about the new construction townhouses at 505 N Lucia because based on the MLS picture, they looked to be more "modern" than is usually found from this builder and in the area.

Unfortunately, when we previewed them, the best we can say is that these townhouses are......weird. Let's add over priced to that as well. The floorplan is atypical (that's our nice word for strange) and the finish work does not really work. Watch the video below and come to your own conclusion, maybe we're missing the point on these.

To be fair, here's how the listing agent describes this project:

Brand new 3bd/3.5ba sleek and modern townhome. First floor has den with sliding glass door to back patio, bedroom with large closet, attached bath and a door to patio. Powder room, large laundry room and storage closet. Second level has gourmet kitchen with beautiful light granite countertops, cherry wood cabinets, stainless steel appliances. Dining area off kitchen and large open family room with balcony and fireplace. Spacious master suite with large walk-in closet, private balcony and gas fireplace. Luxurious master bath features double sink with granite countertops, spa tub and a beautiful stone-tiled shower. Other great attributes include the dark wood floors, high ceilings, recessed lighting, skylight, intercom and 2 car attached garage.

 

Redondo Beach Real Estate: Short Sales

Homeowners elect to do short sales as one alternative to forelcosure. Home buyers buy short sales in the hope of getting a better price than they might on a standard equity sale. Buying a short sale is usually a protracted and inconvenient way of acquiring distressed real estatebut can be worthwhile and attractive in certain instances.

As the flow of bank owned foreclosures has eased up, increasingly Redondo Beach home buyers are looking to short sales as a way to acquire a property at a discount to current market value. In theory, it would be nice if short sale buyers were consistently rewarded for the wait and inconvenience they invariably go through.

If you are not familiar with the short sale process, what we are specifically talking about is a real estate transaction wherein the seller lists and sells the home for less than is owed on the mortgage. Realistically, these real estate transactions would be better identified as short pays than short sales because most of the time they are anything but short as far as the time it takes to compete the short sale.

The short sale process begins when a seller accepts an offer on their home for less than what is owed on the mortgage and submits the offer (usually through their real estate agent) to the bank servicing the loan. Once the bank reviews the short sale package, it is submitted to the investor, the party who holds the note, for review and hopefully acceptance.

Assuming the short sale offer has been approved, an approval letter is issued from the bank stating the pay off amount and net proceeds they will accept, the terms, the specific buyer by name, and the time by which the escrow must close. What buyers must understand is that each and every short sale has to be approved in writing specifically for each and every buyer. Which is why buyers have to be very careful when they see a listing agent advertise "Approved Short Sale". It would be more accurate to state that the short sale was previously approved for another buyer and the hope is that it will be approved the second time around as well.

During 2011, there were 38 short sales that closed escrow in South Redondo Beach (90277). This represents 12% of the real estate that was sold. So clearly this is a sale type that agents and buyers have to pay attention to. Click here for the report.

Short sales are done on all types of homes including condos, townhouses, single family houses and on both owner occupied and investment properties. Price range? The lowest priced short sale in South Redondo Beach in 2011 was $342,500 and the highest price was $2,500,000. There were 11 single family residences sold short in 2011 and the balance were townhouses and condos. South Redondo Beach Real Estate may be more heavily weighted toward townhouse and condo short sales due to the epidemic of underwater homeowners in both The Village and Brookside Village.

Currently, there are 16 short sales listed for sale in South Redondo Beach and 17 in escrow. (There are 85 homes listed for sale and 48 in escrow.) So, 18% of MLS listings are short sales and 35% of open escrows are short sales. This is a fairly standard trend line for Redondo Beach in general (North or South), the Beach Cities in general and indicative of the South Bay. In other areas of southern CA, you may find over 50% of the Real Estate activity is short sales.

There are a few curious things happening. Take a look at the following chart:

NODs, notice of default, have been declining while NTS, notice of sales have been increasing significanlty. This should lead to more REO inventory on the market but we just haven't seen it yet.

What we have seen is that many homeoners who have received NODs have not listed their homes for sale. (Incidentally there are instances, although they are rare, when an owner is facing foreclosure and actually has equity. So all NODs do not result in short sales. Every situation is different.)

For example, currently there are 35 homes in South Redondo Beach which have received NODS. While receiving a NOD is not a requirement of doing a short sale, often it is a precurser to the short sale listings and is why these sales are often called pre-foreclosure. Of those 35, about a dozen or so are in some stage of being sold (listed, in escrow, etc.) So clearly not everyone facing foreclosure is interested in doing  a short sale.

Are short sales good deals? Sometimes yes and sometimes no. One of the reasons they are often not good deals is that during the time it has taken to get approval, prices have further eroded and you are now buying at fair market value. For reasons we won't discuss here, often the bank is better off letting the short sale be foreclosed on and sometimes they are better off approving the short sale. If your agent is experienced in representing short sale buyers you'll be able to parse the difference.

What we are seeing right now in South Redondo Beach is that often the short sale is the only available property in the price range or area for the buyer and they are going into escrow for that reason alone.

Use the following pre-set quick searches to find short sale listings in the South Bay and Westside.

 SOUTH BAY PRE-FORECLOSURE SHORT SALES

El Segundo pre-foreclosure condos, townhouses, single family homes MLS listings
Manhattan Beach pre-foreclosure condos, townhouses, single family homes MLS listings
Hermosa Beach pre-foreclosure condos, townhouses, single family homes MLS listings
Redondo Beach pre-foreclosure condos, townhouses, single family homes MLS listings
Rancho Palos Verdes pre-foreclosure condos, townhouse, SFR MLS listings
Rolling Hills Estates pre-foreclosure condos, townhouses, SFR MLS listings
Rolling Hills pre-foreclosure condos, townhouses, single family homes MLS listings
Torrance pre-foreclosure condos, townhouses, single family homes MLS listings
Lomita pre-foreclosure condos, townhouses, single family homes MLS listings
San Pedro pre-foreclosure condos, townhouses, single family homes MLS listings
Gardena pre-foreclosure condos, townhouses, single family homes MLS listings
Lawndale pre-foreclosure condos, townhouses, single family homes MLS listings
Hawthorne pre-foreclosure condos, townhouses, single family homes MLS listings
Inglewood pre-foreclosure condos, townhouses, single family homes MLS listings
Carson pre-foreclosure condos, townhouses, single family homes MLS listings

WESTSIDE PRE-FORECLOSURE SHORT SALES

Culver City pre-foreclosure condo, townhouse, SFR short sale MLS listings
Palms-Mar Vista pre-foreclosure condo, townhouse, SFR short sale MLS listings
Santa Monica pre-foreclosure condo, townhouse, SFR short sale MLS listings
Marina Del Rey pre-foreclosure condo, townhouse, SFR short sale MLS listings
Playa Del Rey pre-foreclosure condo, townhouse, SFR short sale MLS listings
Playa Vista pre-foreclosure condo, townhouse, SFR short sale MLS listings
Westchester pre-foreclosure condo, townhouse, SFR short sale MLS listings
Beverly Hills pre-foreclosure condo, townhouse, SFR short sale MLS listings
Bel Air - Holmby Hills pre-foreclosure condo, townhouse, SFR short sale MLS listings
Hancock Park pre-foreclosure condo, townhouse, SFR short sale MLS listings
Westwood - Century City pre-foreclosure condo, townhouse, short sale MLS listings
Pacific Palisades pre-foreclosure condo, townhouse, SFR short sale MLS listings
Malibu pre-foreclosure condo, townhouse, SFR short sale MLS listings

South Redondo Beach Real Estate 2012: Let's Get Started!

As we enter 2012, there are 84 properties listed for sale in the MLS in South Redondo Beach CA , 90277. Let's take a look at what's going on with South Redondo Beach Real Estate and how this affects you if you want to buy or sell a home or are just interested in market trends.

Sixteen of the MLS listings are in the Hollywood Riviera (MLS Area 128) which remains one of he hottest and most sought after neigborhoods in Redondo Beach and the South Bay in general. Last year there were 83 sales in Hollywood Riviera.

The current MLS listings range in price from $299,000 for a one bedroom 974 square foot condo up to $9.8M for an almost 8,000 sq foot house on a 25,000 square foot lot on Paseo De La Playa.

Of the current MLS listings, thirteen are single family homes (SFRs) and three are condos or townhouses. Four of the listings are short sales but there are no current REOs listed for sale (c'mon, they sell almost immediately). Unfortunately, short sales are now a significant part of the real estate market throughout Redondo Beach.

There are another seventeen properties for sale in MLS Area 155 which is North of Torrance Blvd and East of PCH. (Got that?) This area typically has more condos and attached and detached townhouses for sale than the Riviera does. In fact, of the current MLS listings, there are only three single family homes available for sale. Buyers will more likely find a larger property if they buy a townhouse but won't have the highly valued land.

There are nineteen homes for sale in MLS Area 156 which is South of Torrance Blvd and East of PCH. Some of the lowest priced condos in South Redondo Beach are listed for sale in this area particularly in Brookside Village, a huge condo complex located on Camino Real and Prospect Avenue. It's common to find condos priced in the $300's in Brookside and many of them are short sales and bank owned REOs (foreclosures). Unlike MLS Area 155, MLS Area 156 offer more SIngle Family Residences (SFR) for sale, particularly on the "Avenues" East of PCH. As of this blog post, there are ten SFRs for sale.

So, that brings us to MLS Area 157 which is South Redondo Beach West of PCH. Currently there are thirty two properties offered for sale West of PCH. At the low end are the condos in "The Village", (not to be confused with Brookside Vllage) and everything else you can think of including attached and detached townhouses and single family homes on the Avenues and The Esplanade. At the low end you can find prices in the $300's for a studio in the Village and at the high end, the sky is the limit. Or maybe just the water's edge.

Do you want to buy a home in South Redondo Beach? Check out the following listings (updates in real time) for all the inventory available in the MLS.

South Redondo Beach Active MLS Listings

South Redondo Beach MLS Listings under $400,000

South Redondo Beach MLS Listings $400,000-$600,000

South Redondo Beach MLS Listings $600,000-$800,000

South Redondo Beach MLS Listings $800,000-$1,200,000

South Redondo Beach MLS Listings $1,200,000-$2,000,000

South Redondo Beach MLS Listings over $2,000,000

Check back for weekly Real Estate Updates and everything you need to know to buy or sell South Redondo Beach Real Estate with confidence.

Hollywood Riviera Real Estate

As soon as buyers discover the Hollywood Riviera area the first question is usually "but is it Torrance or Redondo Beach?" Actually it is both.

Delineated as area 128 in the MLS, Hollywood Riviera, or as the locals call it "the Riviera", includes properties in both South Torrance and South Redondo Beach. To confuse matters even more, many of these homes have Redondo Beach 90277 mailing addresses but are in Torrance. Think of it as the Beach Cities version of BHPO (Beverly Hills Post Office). And, speaking of post offices, that's where the confusion started. Way back when, the Redondo Beach PO was closer and it was more expedient for residents in the original Riviera homes so they requested that their mail go to 90277 from which it was delivered to their homes.

But, that's not where we're at today. What's going on right now is that there are both Torrance and Redondo Beach properties with the true Redondo Beach homes typically selling for more (but not always). The Redondo Beach side tends to have the homes right along the beach and with really good views while the Torrance side has some of the less desirable locations which brings the values down.  For the most part, the lowest priced homes are almost always found on the Torrance side and the most expensive homes are almost always found on the Redondo Beach side. Be that as it may, some homes on the Torrance side have amazing city lights and coastline views but it is rarer.

One of the main attractions of living in the area is the Riviera Village, a charming collection of over 300 eclectic shops, restaurants and services including the usual suspects of Trader Joes, Starbucks, as well as some local only spots such as the Good Stuff restaurant, Redondo Beach Brewery, and Hennessey's.

In the area around Riviera Village, there are a number of townhouses and condos. But as you go higher up in the Riviera typically you are going to find only single family homes. You'll find everything from original 1300 or so sq ft homes to new construction mansions over 3000 sq ft.

South Redondo Beach Homes Sales, Prices, and Values September 2011

Well to "location, location, location", we can add "price, price, price". Buyers have never had more data available to them and are searching for "deals". It's not unusual these days to see noted in the MLS "priced reduced to sell", or "priced to sell". So, in addition to the short sales and bank owned foreclosures (REOs), there's also deals to be found in probate sales and just plain old motivated sellers. If you want to sell Redondo Beach Real Estate in this market, our best advice is to a) price your home to sell and b) make it as turnkey as possible unless it is clearly a "fixer" or "scraper". Just remmeber that the paint, carpet, hardwood, etc that you may put in will get the home sold but not necessairly bring you a higher price. Most buyers in this market want "turnkey" as much as possible.

During September, there were 34 closed sales in South Redondo Beach (90277). By comparison, during there were 35 home sales in North Redondo Beach, 15 in Hermosa Beach, and 34 in Manhattan Beach.

The lowest price South Redondo sale during September was a 2 bedroom, 977 sq ft condo in Brookside Village that sold for $345,000 after 7 days on the market. The most expensive home sold was a mid-century 2 bedroom 1821 sq ft single family house on a 6390 sq ft lot on the Esplanade that sold for $1,690,000. You can also download the full report for more details.

810 Esplanade, Redondo Beach, CA 90277: Single family house built in 1950. 2 bedrooms, 2.5 baths, 1821 sq ft house on a 6390 ocean front lot. First time on the market since 1949. Mid-century design with Malibu and PV views. From this location you can roll out of bed onto the beach, stroll the bike path just yards from the front door or entertain friends and be mesmerized by the ocean view.  This was a probate sale subject to court confirmation. Listed and sold by Real Estate West for $1,690,000.

824 N Lucia Ave, Redondo Beach, CA 90277: Single Family ocean view house with 4 bedrooms, 2.5 baths measures 3328 sq ft on a 4121 sq ft lot built in 2001. Reverse floorplan to take advantage of the view. Four bedrooms on entry level. Ocean and gorgeous sunset views from Catalina to Malibu. Originally listed by Shorewood Realtors for $1,499,999, reduced to $1,359,000 and sold by Prudential California Realty for $1,325,000 after  239 days.

535 Esplanade Unit 406, Redondo Beach, CA 90277: This type of 2 story 1732 sq ft penthouse townhouse (built in 1976) does not come on the market very often. It is as good as it gets with location and panoramic views. It was completely renovated in 2007 (down to the studs) and shows like a new home. Fisher Paykel dual drawer dishwasher, Miele steam oven, micro-convection, Dacor range, trash compactor, with granite counters and recessed lighting. Listed by South Bay Brokers for $1,495,000 it was sold after 124 days by Northwest Real Estate Brokers for $1,089,000.

423 Via Mesa Grande, Redondo Beach, CA 90277: 4 Bedrooms, 2 Baths with panoramic white water ocean and city lights views. 1989 sq ft single family house built on 1954 on a 7370 sq ft lot in the Hollywood Riviera. (Redondo Beach address but located in the city of Torrance.) The house was freshly painted inside. The house was listed by RE/MAX Palos Verdes Realty for $1,049,000 and sold for full list in 12 days.

525 S Juanita, Redondo Beach, CA 90277: 4 bedroom, 2.5 bathroom 3 level English Tudor 2645 sq ft single family house on a 5200 sq ft lot located South of Torrance Blvd was built in 1985 and had been remodeld and updated throughout. Kitchen with granite counters, Stainless appliances including a Fisher- Paykel dishwasher. Listed by RE/MAX Execs Redondo Beach for $1,149,000, reduced to $999,000 and sold by Coldwell Banker for $980,000 with a $6450 credit for non recurring closing costs after 149 DOM.

207 Avenue D, Redondo Beach, CA 90277: Lower Avenues Craftsman in original condition. 2088 sq ft with 3 bedrooms and 1.75 baths. 6006 sq ft lot. Hardwood floors on both levels, many original windows, built-in hutch in formal in formal dining room, breakfast room and large open kitchen and sun room plus enjoy the classic big front porch. There is a detached "studio" that is and a 3 car garage. List South Bay Brokes. Sell RE/MAX Execs Redondo Beach. On market 8 days, sold for $946,500.

524 Camino De Encanto, Redondo Beach, CA 90277: Lower Riviera 4 bedroom, 2 bath 1686 sq ft house on a 7340 sq ft lot on beautiful tree-lined street just a short walk to beach, shops and restaurants. Original hardwood floors throughout, with large dining room and living room with rock fireplace. Fantastic great room is perfect for entertaining. French doors off living room. Sold by Real Estate West for $880,000.

452 Via El Chico, Redondo Beach, CA 90277: 1916 sq ft single family Hollywood Riviera house on a 7410 sq ft lot. 3 bedrooms, 2.5 baths built in 1973. Panoramic ocean, city and mountain views from this lovely one-owner home on a quiet cul-de-sac street. This has an open floorplan with three bedrooms and three baths. Listed by Northwest Realty for $879,000 and sold for $850,00 by Neptune Properties after 162 DOM.

119 S Juanita Unit A, Redondo Beach, CA 90277: Detatched 2-on-1 lot front unit with reverse floorplan. 3 bedrooms, 2.5 baths, 2013 sq ft. The home abounds with aesthetics from its wonderful arched entry ways and high ceilings to its beautiful wood staircase and crown moldings. Upstairs is a great room with fireplace, open kitchen, dining area, half bath, and French doors leading to a great deck. List Shorewood Realtors. Sell RE/MAX Palos Verdes Realty.

512 Paseo De Las Estrellas, Redondo Beach, CA 90277: Hollywood Riviera Cape Cod 2 bedroom, 2 bathromm 1432 sq ft home on a 6394 sq ft lot. White picket fences to the lushly landscaped front and back yards with manicured lawns. This turnkey one-level home features a light, bright and open floor plan, with 2 fireplaces, 2 spacious bedrooms and a bonus room that makes a great office or game room or could even be used as a guest room. List South Bay Brokers. Sell RE/MAX Palos Verdes Realty. Selling price $760,000. DOM 46.

612 Knob Hill, Redondo Beach, CA 90277:  This 2335 square foot, four bedroom home has an ocean view out the front and a pool in the back. The upstairs has been modified to make for 2 large bedrooms, with the master bedroom having a beautiful wooded, round cathedral ceiling and French doors that lead to a deck. Listed and sold by Shorewood Realtors. DOM 36, sell price $760,000.

1240 S Gertruda, Redondo Beach, CA 90277: Spotless remodeled 3 bedroom, 2 bath 1394 sq ft home on a 5,500 sq ft lot with new paint and carpeting. Super nice front and ultra private backyard-very quiet street with well maintained homes. Large covered front porch and big living room with large picture windows. All new windows in house. Detached 2 car garage is finished with drywall, has built-in melamine cabinets and is at the end of a newer gated concrete driveway. Listed by Shorewood Realtors for $799,999 and sold by Keller Williams Beach Cities for $759,000 after 34 DOM.

1114 Ysabel, Redondo Beach, CA 90277: 1800 sq ft 4 bedroom, 1.75 bath home, located in highly desireable and secluded neighborhood of South Redondo Beach. Some remodeling - updating including stainless steel kitchen appliances, new interior carpet, laminate flooring at main level, plantation shutters, etc.  Attached 2 car garage with direct interior access. List Shorewood Realtors. Sold for $745,875.

521 N Maria Av, Unit B, Redondo Beach, CA 90277: Turn-key 1946 sq ft 3 bedroom, 2.5 bath, detached townhouse built in 1987. Sellers have installed mahogany wood floors throughout entire upper level with extra wide baseboards, wall to wall carpeting in bedrooms. Kitchen has beautiful granite countertops, stainless steel appliances, loads of cupboard space, recessed lighting and opens to great room, which has large bay window and loads of light, cathedral ceilings, and stacked stone fireplace. List Real Estate West. Sell Coldwell Banker PV. Sold for full list price of $745,000.

431 Avenue F, Redondo Beach, CA 90278: 1867 sq. ft. with 4 bedrooms and 2 and 1/2 baths built in 1958 on a 5570 sq ft lot. Fresh newly painted exterior and a brand new roof that was just installed in October 2010. Listed and sold by Keller Williams Realty. Sell price was $737,500 after 262 days.

 

211 Beryl St, Redondo Beach, CA 90277: 3 bed, 3 bath home in Redondo beach. 1620 square feet 2 story home situated on a 3000 square foot lot. Steps away from the beach, bike path and King Harbor Marina and Pier. This home has many fine features including a family room with fireplace, master bedroom and bright and beautiful kitchen with granite counters and loads of storage. The rooftop deck provides ocean and city views. Listed by Keller Williams Realty and sold by RE/MAX Palos Verdes Realty. DOM 201 days. Sold for $720,000.

235 Via La Circula, Redondo Beach, CA 90277:  This 3bd 2ba 1580 sq ft house built in 1954 is a fixer on a large 7200 square foot lot (foundation needs work). Within walking distance to El Retiro Park, Library, Riviera Village with its shops and restaurants or stroll on down to Torrance Beach. List by Prudential California Realty and sold for $675,000 by RE/MAX Palos Verdes. As with other Hollywood Riviera homes, the mailing address is South Redondo Beach but the schools and services are Torrance.

407 N Paulina Av, Redondo Beach, CA 90277: 3 bedroom, 2 bath, 1266 sq ft single family house built in 1961 on a 5600 sq ft lot west of Prospect. This home has a new remodeled kitchen with antiqued cabinets, granite counters and new appliances. All new interior doors have been installed throughout. All windows have been recently upgraded to dual pane Milgard windows. This home is on a street to alley lot with 2 extra parking spots in the alley as well as street parking.  List by RE/MAX Beach Cities and sold by Real Estate West for $675,000 after 84 DOM and a few price reductions.

420 N Prospect Av, Redondo Beach, CA 90277:  This one took forever to sell and we're not sure why. Built in 1965, 4 bedrooms, 2 baths, 1760 sq ft house on a small 2880 sq ft lok with awesome views of the San Gabriel Mountains, Downtown LA, the Hollywood sign, Long Beach, LAX and everything in between. On the market for a total of 213 days, list and sell by Neptune Properties for $655,000.

1331 S Helberta Av, Redondo Beach, CA 90277: Well there's always one every month. That is, the sold listing with no description that, 1 picture, and was double popped by the listing agent. While the agent will state that they are inputting the data "for comp purposes", truthfully they like to see their "stats" boosted. This 3 bedroom, 1 bath, 1107 1953 single family house on a large 6898 sq ft lot south of palos Verdes Blvd and west of Prospect sold for $650,000. The buyer and seller were represented by California Prudential Realty.

208 S Irena Unit 3, Redondo Beach, CA 90277: Beautifully remodeled 3 bedroom, 3 bath town home on a highly desirable Redondo Beach tree lined street neighborhood. 2139 sq ft built in 1981. Spacious living room with wood and stone flooring, wood burning fireplace with custom built solid maple mantle, and recessed lighting. Completely remodeled kitchen featuring granite counter tops, stainless steel appliances and an island. Sold for $635,000.

501 Garnet St, Redondo Beach, CA 90277:  Charming turn of the century 1914 beach cottage, situated on historic South Redondo street. 988 sq ft, 2 bedroom, 1 bath on a 3040 sq ft lot.This lovely home has many of its original features including wood floors. The large master bedroom has a lovely view of the garden swing and lush landscaping. The traditional porch has been enclosed to add additional living space.  The garage with windows makes for a great work space. Listed for $549,000 by RE/MAX Beach Cities and sold by South Bay Brokers for $600,000 after 25 DOM.

105 N Broadway Unit C, Redondo Beach, CA 90277: 2 bedroom, 2.5 bath 1473 sq ft townhouse west of PCH. Highly Desirable Upgraded Redondo Beach Condo Within Walking Distance to the Pier, Shops, Parks, and Restaurants. Granite countertops, brand new kitchen and bathroom cabinets and stainless steel appliances plus new paint and new carpet. Sold for $579,000 by California Prudential Realty. Priced to sell and on market 6 days.

159 Calle Mayor, Redondo Beach, CA 90277: 2 bedroom, 2.5 bath 1545 sq ft condo with outrageous panoramic, ocean, coastal Queens Necklace view. Everything from Malibu to the Santa Monica Mountains and the sky scrapers in L.A. viewed from the master bedroom and the entire living area of the 2nd floor. Recently renovated interior starting with the kitchen including high quality finishes in custom glass cabinetry with recessed lighting and oversized Corian counter tops. The attached 2 car garage has high ceilings with lots of storage. Listed by RE/MAX Beach Cities for $599,000 and sold by Shorewood Realtors for $558,000. 182 DOM.

121 Calle Mayor, Redondo Beach, CA 90277: 2 bedroom, 2 bath 1450 sq ft condo in Hollywood Riviera section of Redondo Beach. This two story ocean view unit boasts completely renovated exterior, fireplace, two balconies, two full baths of each bedroom and one half bath upstairs, attached two car garage, laundry in unit as well as community pools and spas. Large open main floor with private view deck. Listed by Realty Works for $599,000 and subsequently reduced before it was sold by California Prudential Realty for $555,000. 149 DOM.

105 N Broadway Unit E, Redondo Beach, CA 90277: REO. Bank owned foreclosure sale. 2 bedrooms, 2 baths, 1473 sq ft (property just needs a little TLC). Home is a couple blocks away from the beach, shops and resturants. This home has two nice size master bedrooms with full baths This property would be great for a fist time buyer. Listed by lamarc Realty for $544,000 it was sold for full list price by Prudential CA Realty after 10 days on the market.

80 Palos Verdes Bl, Redondo Beach, CA 90277:  End unit 2 bedroom, 2.5 bath 1380 sq ft townhome built on 2006 with extra large wrap-around Patio that faces west to enjoy the ocean breeze.  The lower level is the 3 car attached garage. Mid-level has an open floor plan with a spacious kitchen which includes Viking Stainless Steel Appliances.  Granite Countertops, Custom Cabinetry, etc. Listed as a short sale by Keller Williams for $600,000, it was sold by Shorewood Realtors for $530,000.

625 Esplanade Unit 14, Redondo Beach, CA 90277: Oceanfront 1 bed, 1 bath 719 sq ft condo built in 1974. Watch the waves from bedroom, living room, and dining area. Fireplace and scenic west facing balcony. Spectacular sunsets and steps to the beach and jogging, biking trail. Washer/dryer hookups in unit, and 2 side by side gated, underground parking spaces. Listed at $550,000 by Shorewood Realtors, it sold for $520,000 after 70 days on the market.

404 Avenue G Unit 29, Redondo Beach, CA 90277: 3 bedrooms, 32.5 baths, 1541 sq ft. Secluded inside unit. Walk to Rivera Village and Beach. Great family-friendly neighborhood. Listed for $550,000 and then reduced to $520,000 which was the final selling price.

 
239 N Juanita Av Unit C, Redondo Beach, CA 90277: 2 bedroom, 2.5 bathroom, 1320 sq ft townhouse built in 1979. Each bedroom has its own full bathroom. The living room, dining area, powder room and kitchen are all on the same level. The large bonus room on garage level features office type built in bookcases and storage. Listed by Shorewood Realtors for $579,000 there were a few price reductions before it was also sold by Shorewood for $510,000. 

110 The Village, Unit 209, Redondo Beach, CA 90277:  Enjoy the gorgeous ocean view, sail boats and sunsets from the living room , master suite and the over sized patio in this 2 bedroom 2 bath 1434 sq ft condo. Tastefully appointed with fireplace, crown molding, plantation shutters and stately custom cabinetry. Listed by Prudential CA Realty as a short sale for $499,000, it sold for $510,000.

615 Esplanade Unit 10, Redondo Beach, CA 90277: 1 bedroom, 1 bath 1st floor, 719 sq ft. Remodeled bath and kitchen with marble floor, outstanding ocean view from kitchen, living room private patio, steps to the beach, listen to the waves from the bedroom. Listed by The Real Estate Group for $550,000, reduced to $450,000 and by Peninsula Sotheby's after 89 days on market for $450,000.

120 The Village Unit 307, Redondo Beach, CA 90277: 1 bed 1 bath, 2 parking spaces. Great location, walking distance to King Harbor and the beach. Ocean and harbor view condo in a gated, luxury resort style complex. Wood burning fireplace in the living room. This unit is a larger than standard 1116 sq ft which is why it sold in 6 days for more than the list price. Listed for $405,000, it sold for $417,000.

904 Camino Real Unit 201, Redondo Beach, CA 90277: Brookside Village remodel with new cabinets throughout, new granite counter tops, new carpet, tile floors, light fixtures, plug outlets, shower doors, sinks, faucets, stainless steel appliances including refrigerator, stove/oven and microwave. etc. Great location with lots of light. Right across from Alta Vista Park. Upper unit so no one above you, and also has vaulted ceilings in living room and both bedrooms. 2 bedrooms, 977 sq ft , 2 parking spaces. Listed for $349,000 by RE/MAX Palos Verdes abd sikd by Coldwell Banker for $345,000 in 7 days.

South Redondo Beach Real Estate Trends

Whether you want to buy, sell, or invest in South Redondo Beach Real Estate, having hard data at your fingertips will help you determone price, value, and the dorect that market trends are going on in. As the graph below indicates, over the past year or so, inventory has been coming down and sales going up. That should indicate a firming up of prices which is likely to make sellers a lot happier then buyers.

At this point we are looking at 4.6 months of available inventory compared to a year ago at this time, and more importantly an absorption rate of 21% compared to a year ago when we were at 15%. That's a very significant swing that actually benefits sellers to a greater extent that buyers.

One of the more interesting data points we see in the following table is that while there is less inventory and more sales, the days on market has gone up.

Date 6/10 7/10 8/10 9/10 10/10 11/10 12/10 1/11 2/11 3/11 4/11 5/11 6/11 7/11 8/11 For Sale 213 204 202 180 171 146 125 144 136 157 155 161 158 146 142 New Listing 67 48 49 34 47 27 22 48 43 64 42 55 60 47 47 Sold 29 22 31 20 20 23 24 16 21 28 29 28 36 23 30 Pended 21 29 21 27 22 22 13 17 35 25 26 35 28 34 31 Months of Inventory (Closed Sales) 7.3 9.3 6.5 9 8.6 6.3 5.2 9 6.5 5.6 5.3 5.8 4.4 6.3 4.7 Months of Inventory (Pended Sales) 10.1 7 9.6 6.7 7.8 6.6 9.6 8.5 3.9 6.3 6 4.6 5.6 4.3 4.6 Absorption Rate (Closed Sales) % 13.6 10.8 15.3 11.1 11.7 15.8 19.2 11.1 15.4 17.8 18.7 17.4 22.8 15.8 21.1 Absorption Rate (Pended Sales) % 9.9 14.2 10.4 15 12.9 15.1 10.4 11.8 25.7 15.9 16.8 21.7 17.7 23.3 21.8 Avg. Active Price 932 954 919 930 907 878 881 879 893 912 890 887 931 933 1027 Avg. Sold Price 845 899 701 802 940 699 788 857 665 793 649 849 964 729 691 Avg. Sq. Ft. Price 416 468 433 508 446 412 410 384 466 448 403 440 461 406 408 Sold/List Diff. % 97 98 97 95 97 98 95 98 98 97 99 98 97 95 97 Sold/Orig LP Diff. % 95 95 96 93 90 94 85 92 95 94 96 94 94 86 94 Days on Market 71 64 52 56 87 67 94 95 84 81 83 73 60 113 71 Median 835 706 730 751 805 675 697 817 623 803 610 715 804 635 708

If you want to buy Real Estate in South Redondo Beach and believe that historical data is indicative, then based on prior sales, your best deals are likely to be found in the November - December timeframe.

For sellers, the best advice we can offer is to price your home to sell. As you can see for the most part homes are selling within a 5% discount to list. So, this is not the time to be "testing the market" at prices far and above comparables.

The above data includes all property types including townhouses (attached and detached), condos, single family houses, as well as bank owned foreclosures (REOs), short sales, and probate sales.

For more information reagrding the value of a home you want to buy or sell or answers to other real estate related questions call 310 975 5139 or email socalistings@yahoo.com

FHA Loan Changes Coming: Tips to Buy or Sell Redondo Beach Real Estate

WHAT YOU NEED TO KNOW ABOUT
UPCOMING CHANGES TO FHA LOANS

As you may know, unless Congress extends the expiration deadline, Federal Housing Administration (FHA) loan limits set in 2008 will drop significantly beginning October 1. Congress raised the loan limit amount in response to the housing crisis to help spur the homebuying market. FHA loans offer borrowers very competitive rates and terms, and they only require a 3.5% down payment. Allowable debt ratios are higher than the typical debt-ratio limits imposed for conventional loans, and there are no income limit qualifications, so more people can qualify for them.

If the loan limit drops on October 1, many California homebuyers will face higher down payments, higher mortgage rates and stricter loan qualification requirements. Borrowers seeking larger mortgages will have to apply for conventional loans or jumbo loans, which may be subject to higher interest rates and down payments. Here are four things you should know to help your clients now.

1. LOWER LOAN LIMITS. The conforming loan limit determines the maximum mortgage amount that FHA, Fannie Mae and Freddie Mac can buy or guarantee. If your client wants to stay under the current loan limits, then encourage them to purchase now and close by September 30th.

2. DROPS BY COUNTY. Under the new FHA loan limits, some counties will see significant drops in their loan limits. San Diego County will experience a $151,250 drop, Sonoma County a $141,550 reduction, while Orange and Los Angeles Counties will drop by $104,250.

3. JUMBO LOANS. The current FHA loan limit is $729,750. After October 1, that limit may drop to $625,500. Mortgage loans higher than that amount will be considered non-conforming jumbo loans, which typically have rates that are 0.875% to 1.5% higher than conforming rates, depending on the loan product, and require higher down payments.

4. MORE STRINGENT REQUIREMENTS. FHA loan requirements may allow for lower credit scores. So an applicant with a lower FICO score can still qualify for an FHA loan, even if they can’t for a conventional loan. Your clients may be able to obtain an FHA loan three years after defaulting or having a loan foreclosed.

I believe that some of the collateral damage and fallout will be further price erosion and more foreclosures which will fuel the cycle of leading to even more short sales and foreclosures.

There are more than enough condos, townhouses, and single family homes in Redondo Beach that fit into the current "conforming" loan limits of $729,750 to believe that this will not have a negative effect on home values. Here's some examples of how and why.

Let's say that right now a single family house is listed for $749,000. That home can be purchased using FHA financing. Let's do the math. FHA requires a minimum of 3.5% down payment. The buyer finances 96.5% of the loan (and pays PMI for the priviledge to do so). 96.5% of a $749,000 purchase price is a loan amount of $722,785. Works with FHA.

Now, what happens when the FHA loan is no longer available to the buyer? The seller has to lower the price or wait for a 29% down conventional buyer. Once a few sellers who "have to sell" or foreclosures hit the market, prices decline. It's inevitable in this buyers market.

Once prices start to decline, everything below the target price point becomes compressed.

If you are a buyer and can wait, by all means do so. I'm predicting there will be some killer deals towards year end. As a seller, try to not be crushed by the roof caving in and ask your agents to make any necessary price reductions now. They will be less painful than later. Trust me on that.

Shorewood Realtors Redondo Beach

If you live, work, or just visit Redondo Beach, you've certainly seen Shorewood Realtors blue "Sign of Success" hanging in front of houses for sale. A lot of houses if truth be told. Here's some more information about Shorewood Realtors you might find useful if you want to buy or sell Redondo Beach Real Estate.

Shorewood Realtors is one of the most dominant residential Real Estate brokerages in the South Bay with over 350 active Real Estate agents. Shorewood Realtors has come a long way since founder and co-owner Arnold Goldstein opened the first office in 1969 in Hermosa Beach not far from where his office is located today.

Shorewood Realtors has 7 offices in total plus an affiliated escrow company, Brighton Escrow in Hermosa Beach. In addition to the Redondo Beach Shorewood office, there are two Hermosa Beach Shorewood Realtors offices, 2 Shorewood Realtors offices in Manhattan Beach, and one each in El Segundo and on the Palos Verdes Peninsula. The corporate headquarters as well as property management and the agent training facility are located in Manhattan Beach. The management team is rounded out by Larry Wolf the other co-owner and Mike Collins, Shorewood Realtors General Manager both of whom are located at the Manhattan Beach corporate office.

Shorewood Realtors typically ranks in the top 50 national real estate firms based on sales volume (although for 2010, Shorewood was #69). Individual agent production is very high with Shorewood Realtors ranking number 36 in the country for individual real estate agent production and number 8 for average real estate agent sales.

Shorewood Realtors maintains a unique dominant market position in the Beach Cities and throughout the greater South Bay in all market segments including price and property type (condo, townhouse, single family home).

For example, over the last 12 months, Shorewood Realtors sold 213 properties in Redondo Beach. Of these, 119 were Shorewood listings and Shorewood Realtors represented buyers in 94 other transactions. In terms of total sales, this is a 13.7% market share. As for dollar volume, ($157M), that's a 13.9% share. With 54 current listings, Shorewood Realtors is representing 16.4% of the sellers on the market. Any business in any industry would be very proud of those numbers. Shorewood Realtors has a larger market share in Redondo Beach than the next 3 brokerages combined in most categories.

So, what does that mean for you if you choose a Shorewood real estate agent? Well, that depends on whether you are buying or selling Redondo Beach Real Estate. As a buyer, you will get the "inside track" on Shorewood Realtors listings and often get a heads up days before a property hits the MLS or before there is a price reduction. This can be the crucial difference between successfully securing a home or missing out. As a seller, your listing gets high visibility among the Shorewood Realtors agent community through the daily "NTS" email that goes out to 350 Shorewood agents, Shorewood Realtors Caravan and myriad other ways this networked group of professional Realtors work with each other. (Realistically, your buyer will not be represented by your listing agent which is why agent cooperation is paramount.) Additionally, because of Shorewood Realtors high visibility in the local real estate community, there are various other resources at your disposal to assist in the transaction such as home and pest inspectors, title companies, lenders, contractors and escrow officers. Call 310 975 5139 to buy or sell Redondo Beach Real Estate with a Real Estate Agent from Shorewood Realtors.

Welcome to South Redondo Beach Real Estate

Greetings! My name is Ellis Posner. I'm a Redondo Beach resident and a full time Real Estate Agent with Shorewood Realtors in Hermosa Beach, CA. I specialize in Beach Cities Real Estate and can help you buy or sell a home in Redondo Beach, Manhattan Beach, or Hermosa Beach, CA. You can learn more about me by reading my profile on Zillow.

I publish a number of  hyper local websites devoted to Real Estate in the cities I service. While the well known national sites such as Realtor.com and Redfin provide great search tools and mobile apps, and Zillow provides a world class automated valuation model, they simply can't compete with my local knowledge. There's no substitute for feet in the street, looking a seller in the eye as they move out of the house they raised their kids in, or giving first time buyers the keys to their new home.

Here's some examples of my other local websites:

www.90254realestate.com Hermosa Beach Real Estate

www.90266realestate.com Manhattan Beach Real Estate

www.90278realestate.com North Redondo Beach Real Estate

I can also be found on Facebook under my "Socalistings" brand and you can follow me on Twitter.

So, why another blog site?

Truthfully, South Redondo Beach Real Estate is as different from North Redondo Beach Real Estate as it is from Hermosa Beach, Manhattan Beach or Palos Verdes Real Estate and needs its own identity in my blog world. But, it's not about me. My mission is to put out the best and most useful product for anyone who wants to buy or sell South Redondo Beach Real Estate.

In addition to my in depth analysis of condos, townhouses, and single famly homes on the market and recently sold, I also offer a unique map based MLS search including MLS pre-set quick searches to help save time. Here's some examples of South Redondo Beach MLS "quick searches".

South Redondo Beach Condos Townhouses less than $600,000
South Redondo Beach Condos Townhouses $600,000-800,000
South Redondo Beach Condos Townhouses over $800,000
South Redondo Beach Single Family Homes for Sale
South Redondo Beach REOs Foreclosures Bank Owned
South Redondo Beach Short Sale Homes for sale MLS Listings

One of the features that my clients and readers like on my other real estate blog sites is the reporting on foreclosure activity including short sales and bank owned REO foreclosures. This site will be following up on those topics for South Redondo Beach as well.

Please check back for updates and new posts. Expect about 2-3 articles per month and in the meantime, feel free to call me directly at 310 975 5139 or send an email to socalistings@yahoo.com.