Wednesday, December 10, 2014

Real Estate Market Stats

As I have been writing about on this site North Redondo Beach is a HOT Seller's market. For buyers, that often means that getting the deal IS the deal. With a median home value in 90278 of $781,000., many listings are still within the budget of buyers including first time buyers.

Inventory has been low for quite a while as affordable listings are scooped up. Whether you measure the absorption rate by properties that have closed or by those which have gone into escrow, we have had about a month or month and a half of available listings throughout most of 2014.


90278 home values have gone up 5.2% over the past year and Zillow predicts they will rise 0.3% within the next year. The median list price per square foot in 90278 is $416, which is lower than the Redondo Beach average of $472 (includes South Redondo Beach). The median price of homes currently listed in 90278 is $752,300 while the median price of homes that sold is $789,500. The median rent price in 90278 is $2,595, which is lower than the overall Redondo Beach median of $2,800.  About half of the households are rentals. 


If you are a buyer looking for a distressed property in 90278, that train may have already left the station. There are 0.8 homes are foreclosed (per 10,000). That's not a whole lot, even though it is still just a few basis points higher than South Redondo Beach.


Additionally, the percent of delinquent mortgages in 90278 is 2.2%, which is lower than the national value of 6.9%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of 90278 homeowners underwater on their mortgage is 4.3%, which just isn't very many in the overall scheme of things
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Many properties are townhomes (condos) and a good measuring criteria is price per sq ft which for 90278 right now is at $416 for the list price and $422 for the sales price. Don't misinterpret that though because 40.5% of listed properties have had price cuts which tells me that some sellers and agents have gotten just slightly ahead of the market.

As a seller, you may be asking why, if prices are supposed to go up next year, you should list now.

Great question.


Monday, December 1, 2014

Client Reviews in their Own Words

Zillow was kind enough to produce this video for me featuring testimonials from families I represented in Redondo Beach. If you are on Zillow's site and do a search in "90278" you may see this video displayed in the upper right hand corner along with a link to my over 50 Five Star Reviews. Or, you can just watch the video here.


If you have found this site looking for a Real Estate Agent in the Beach Cities*, you've come to the right place to buy or sell a home. I represent buyers and sellers and whether you are a first time buyer or selling a luxury million dollar plus property I can help you.

*South Redondo Beach, Hermosa Beach, Manhattan Beach, Socalistings on Facebook@ellisposner.

Sunday, November 30, 2014

Selling Your Home? Here's Some Useful Tips

The absolute quickest and least expensive way to improve the selling price of your home is to "declutter". And I mean remove everything that is non essential for daily living, comfort, and enjoyment or that otherwise may (I'm sorry) turn off buyers. When you think you've taken everything you can possibly do without to the garage, start again and remove more. Here's why.

Buyers most likely are looking at a number of homes the day they come to see yours. After a while their heads are already cluttered. When they then come into a house that, as we say, "doesn't show well", nothing sticks. What we are really trying to achieve at viewings (other than getting an all cash offer over the MLS list price on the spot) is a second showing which will lead to an offer. 


As soon as your home is on the market, it is a "product" that you want to show off and display in the best possible light. You wouldn't go to a job interview dressed as you do going to the gym (unless you are interviewing to be a personal trainer). Treat your home, your greatest asset with at least the same respect.

For more ideas on some things you can do to maximize your selling potential get my free download at ellisposner.7sellertips.com.

For the balance of this year and 2015 I will be running some special promotions for new listings in Redondo Beach to help you save on closing costs. Contact me for more details and to see if your single family home, townhouse, or condo qualifies.

Tuesday, November 25, 2014

Homes for Sale in Redondo Beach CA: MLS Search

Are you looking for a home to buy in North Redondo Beach CA 90278? You can use this map based MLS search to see current active listings including attached and detached 2 and 3 on a lot Townhomes, Tall & Skinny SFRS, starters, fixers, mansions and anything else you can think of in 90278 including Golden Hills, TRW Tract, "Jefferson" and El Nido.

Scroll over any icon for more info and then click for details. You can also choose "view all" in the lower left of the screen.


Here's some "quick links to other MLS Searches:

HERMOSA BEACH HOMES FOR SALE
MANHATTAN BEACH HOMES FOR SALE
RANCHO PALOS VERDES HOMES FOR SALE
SOUTH REDONDO BEACH HOMES FOR SALE

Don't see anything that interests you? Contact me for off market and pocket listings. I have them, really.

Monday, November 24, 2014

Redondo Beach Homes for Sale Facebook Real Estate Listings

If you like the information you find on this site, you may also want to check out my Facebook "business page" Socalistings (one "l"). You can look it up directly or just go to Facebook.com/Socalistings. I'm already at over 400 "likes" so what are you waiting for?

In addition to the Redondo Beach Real Estate updates and market data and statistics on this site, you will find information and links to other South Bay and Beach Cities related real estate sites including Manhattan Beach, Hermosa Beach, South Redondo Beach, Torrance, and more. There's also some special offers special offers, and a general over view of what I'm up to, ie finding a great home for my clients or helping them sell their existing home for top dollar.

For those who have asked, yes it does feel like the market has slowed down the last few weeks and the brakes are on price acceleration. But there's still plenty of activity going on. Here's some tips I can share with you.

If you are selling right now, chances are that your home will look and show great with all the Holiday decorations. Also, any buyers in the market right now and not going out of town or to the various sales are probably pretty serious about their home shopping.

If you are a buyer and in the market right now, this is the time of year when historically I have found some great buyer deals in the past. For one thing, you'll have less competition. For another, there are sellers who just want to be make the deal before the end of the year.

Thursday, November 20, 2014

Redondo Beach Broker's Open Houses, New Listings, Pendings and Sales

So as we wind down 2014, sales activity in North Redondo Beach is relatively mundane and uninspiring. In fact, on the Broker's Open House tour today I found more properties that were interesting in South Redondo Beach than North Redondo. But that's a story for another post.

Over the last 7 days, there have been 11 new listings (including one churn), primarily in MLS Area 151-152 in 90278. During the same time period, 9 properties have gone into escrow and 5 have closed escrow. This leaves us with 56 available active listings and 54 in escrow.


I'm now more inclined to look at the absorption rate as a comparison between properties in escrow vs those that are active rather than those that have sold (as I have been doing). Here's why.

Properties taken off the market because an offer have been accepted may be a better indication of both flow and demand than closed escrows. Escrows can not close for any number of reasons such as appraisal, financing, inspections, seller contingencies etc which do not reflect true market demand.

Based on the above, we can then say that there's about 1 month of available inventory and close to 100% absorption rate.

A few interesting transactions I noticed. Amir Amiri is listing and/or buying a few properties in the TRW tract and MLS area 151. The tax records show the current owners of 2005 Robinson St and 1913 Plant Av as Amiricorp. What I find interesting is that based on the list price, these are rather high prices for lots compared to what builders have paid in the past. Throw into this a little bit of rumor mill that another broker mentioned to me that he though he saw Amir (actual) himself at a new listing at 2109 Morgan which is an R2 lot priced at $849K. On the surface, that would appear to me to be too much for a builder to pay.

So if lot prices are going up, that only means that new construction can only be going up which can only mean one thing: all prices will be on the rise. Eventually.


Saturday, November 15, 2014

Homes for Sale in North Redondo Beach: Why Haven't these Listings Sold?

With so many buyers lamenting the "lack of inventory", I'm always rather surprised when some listings that are priced right and offer good value haven't sold. There's a few of those out there now.

Views as far as the eye can see in North Redondo Beach
The first one on my list today is a very Tall and Skinny SFR located at 1605 Ripley Ave just north of 190th in North Redondo 90278. It initially came out at $1,189,000 and has been subsequently reduced to $1,089,000. The property is a 2146 square foot 4 bedroom single family house on an almost 3000 square foot lot. But unlike most other North Redondo Beach homes, this one has views, views, and views including PV, downtown LA and the ocean which is extremely rare for the neighborhood. The house borders Hermosa Beach and if it was moved just across the border it would be getting multiple offers and a bidding war at this price. It's on a private cul-de-sac and is within (reasonable) walking distance of the beach although getting back up that hill is a lot easier than heading down.


The house was built in 2001 but has recently had a number of updates including paint, refinished wood floors, new front door, new carpet and more. There's a huge gourmet kitchen with a center island and granite countertops. Throw in the usual vaulted ceilings, recessed lighting, skylights, etc.


Thursday, November 13, 2014

Still a Seller's Market in North Redondo Beach CA

A number of my buyer clients have recently remarked that it feels as if things are slowing down. Usually that means something different to me as a Real Estate Agent than it might to either a buyer or seller.

For buyers they may be expressing a feeling that they are not seeing as many new MLS listings hitting the market as they were previously, or there are fewer open houses, or price reductions, etc.

For me, as a full time Realtor, it may mean there are fewer closings, less calls from buyers and sellers, etc. And it does feel like things are slowing down even though personally I have been very busy.

That's why in business its best to rely on data and facts and leave the feelings out. Let's look at the data.

As of this blog post there are 52 active MLS listings in North Redondo Beach CA 90278. There are 50 properties "in escrow" (MLS status pending or backup) and 47 homes closed escrow during October (48 the past 30 calendar days).


Wednesday, November 5, 2014

Ellis Posner Sells Redondo Beach Real Estate

There were 47 closed sales in North Redondo Beach CA during October. Four of those were my listings and I also represented one buyer.

90278 Real Estate Agent Ellis Posner Selles North Redondo Beach
Selling prices in 90278 ranged from $360,000 up to $1,425,000. My sales were priced from $649,000 up to $1,079,000 with an average sales price of $812,750 compared to $782,461 as the average for the market for the month.

One of my sales, 2117 Huntington Lane Unit A, was a 4 bedroom 2750 sq ft attached townhouse that sold for $1,079,000 at the high end of North Redondo Beach home prices. I also sold an attached rear unit 3 on a lot 4 bedroom townhouse at 2411 Carnegie Lane Unit C for $808,000 which is at the higher end of resale attached townhomes. Both units were built 2005-2007 by Casner Construction proving that an investment in higher end building holds value. Both properties were maintained in excellent like new condition.

Two of my four sales were "off market" even though I put them in the MLS as "comps" (ie to boost my stats). Three of my four sales sold at or above the MLS list price and 3 out of 4 sold in 30 days or less. Three of the sales were townhomes and one was a SFR in the TRW Tract on an over 8,000 sq ft lot.

Three of my sellers were able to get a FREE leaseback after the close of escrow to help accommodate their moves.

Tuesday, November 4, 2014

Listing a Home in Redondo Beach CA? Name your Selling Price

Are you thinking of listing and selling Real Estate in Redondo Beach CA? You probably have a price in mind already that you would sell for and I may even have a buyer already for you. Really. Two of my last 4 listings were sold "off market" to buyers I was working with.

If you want to spare yourself the hassle of open houses, high commissions, negotiating and do an off market sale for top dollar, go to ellisposner.nameyoursellingproce.com and fill out the required information and I'll let you know if I already have a buyer for your home.


Not sure how much your home is worth? Visit ellisposner.smarthomeprice.com to get started and then contact me to reviews the the results.