Redondo Beach CA Homes for Sale - New Listings Week of 5-13-2013

The best week for new listings in North Redondo Beach so far this year. Possibly more sellers are willing to sell now that prices have increased substantially or maybe we are just in the height of the traditional busiest season. Either way, it must be a relief for buyers to finally have some choices and most sellers are very pleased to see multiple offers and sell for more than they listed their homes for.

It's ironic, and I wouldn't read too much into this, but over the last month or so, I have seen more of the "herd effect" than usual. By that I mean, no detached 2 on a lots than all of a sudden 3-4 hit the MLS. Or, nothing new in Golden Hills, then you guessed it, a bunch of listings.

This week, the new listing activity seemed to be MLS Area 151 (Villas North) and 4 bedroom townhomes. As I said, don't read too much into it  Here's my take on some of what currently came on the market.

808 Harkness Ln, Redond Beach CA, 90278: MLS SB13090758 listed by South Bay Brokers for $779,000. I had to notice this one having just listed 1105 Harkness Ln right down the block (for $869,000). My listing went into escrow in 10 days (above the asking price). 1105 is 5 years newer.

Both units are similar in that they are detached 2 on a lot townhomes sharing 2 common driveway on a N-S street near Jefferson Elementary School. 808 Harkness is a smaller 3 bedroom Cape Cod that is 2069 sq ft. 1105 Harkness is a much larger Spanish style stucco with a unique floorplan and great mountain and neighborhood views. None the less, there should be a strong market for 808 Harkness as "no shared drievway" townhomes are hard to come by Jefferson is a huge draw. The unit has nice upgrades and is listed in the MLS for about $375 sq ft which is on par with other homes in similar condition and age in the area. Plus it has that great white picket fence!

2017 Belmont Ln Unit B and 2008 Morgan Ln Unit B: MLS SB13090697 and MLS SB13090639. Listed by Keller Williams for $749,000 and $759,000 by one of the top agent teams in the area.

I had to do a double take because these units are so similar in every aspect: attached rear units (though no common living walls), size, location, condition, price, etc. Both are reasonably priced at about $365-375 sq ft which as I have written previously is the "new normal" for North Redondo Beach. Both are 3 bedroom, 2.5 baths and as is always the case with these listing agents, the properties show very well.

1819 Clark Ln Unit A, Redondo Beach CA, 90278: MLS OC13090784. Listed by an out of area broker for $899,950. Considering the condition and size (2582 sq ft) this attached front unit townhome is very reasonably priced at $348 sq ft. Brazilian Cherry wood flooring throughout, with high end Moreno Glass light fixtures in both the formal dining room and dinette. The custom kitchen was redesigned with dual DCS convection ovens, dual stainless steel Kitchen Aid dishwashers, two custom mobile islands with storage below, all in addition to the abundant storage provided by the custom cabinets throughout. The built in wine fridge and Miele range hood completes the modern look with slate flooring and granite countertops, while the custom 10 Foot buffet with Bamboo doors and Absolute Granite also doubles as a serving station for entertaining.

For buyers looking for turn key move in ready townhome this 4 bedroom, 2.5 bath unit will fit the bill.

1933 Gates Ave Unit B, Redondo Beach CA, 90278: MLS SB13090129.  Listed by Pier to Pier Brokers for $949,000. I really like this one. If you know me, you knew I would. It's modern, newer, and a detached townhouse unlike others in the neighborhood. At 2529 (btv) sq ft it's also larger than most other 4 bedrooms. "Solid mahogany hardwood floors, to carefully crafted Ceaserstone countertops, you will appreciate the build quality and high-end materials used throughout. Mahogany doors and six-inch baseboards compliment the flooring, creating a warm, architectural continuity. On the first level is a wonderful, open floor plan space with breakfast bar, dining area and great-room with fireplace. The large chef's kitchen has high-end stainless appliances by KitchenAid, a wine fridge, glass tile backsplash and ceramic tile floors."

So, if it seems most of what I've reviews this week are townhomes, well I am known as the "Redondo Beach Townhouse Guy". Just remember that's not all I do! Here's the complete list of all the new listings this past week in North Redondo Beach. Please note, properties that have fallen out of escrow also appear in the results as new listings.

Townhome for Sale Near Jefferson Elementary School in Redondo Beach CA

Blink and you may miss it! I just listed on of the largest detached 2 on a lot townhomes in North Redondo Beach. This property is huge and unique. Here's how I described it in the MLS:

This 3 level detached townhome is HUGE. If you are looking for something special and a great value, this home is considerably larger than others you may have seen in North Redondo Beach and offers a traditional floorplan. On the main level of this enormous home are the living room, dining room, family room with fireplace, kitchen, and eating area adjacent to the kitchen. Upstairs there are 3 over sized bedrooms including a master suite with a fireplace, sitting area, and ample bathroom that features dual walk in closets. On the lowest level you'll find an additional bonus area/bedroom that could be put to many uses. Because there is NO shared driveway, this home really lives and feels just like a single family home and because it's on a N-S street, no one parks in front of your house. And, it's BIG, probably even larger than the stated sq ft (btv). Located just a few blocks from award winning Jefferson Elementary School, you also have city and mountain views from many windows. Some days you can even see the Hollywood sign and downtown LA. Conveniently located just minutes to the beach, freeways, shopping, restaurants and movies, you definitely want to see this one. There is also a private multi level yard. This home is a great value in a great location.

What the description does not say is that at the list price this home is priced at an unbelievable $292 a square foot which is considerably below the mid $300's we are seeing on other homes of this age. If the additional 495 sq ft not included on the tax records are also included, this home is priced at $249 a sq ft which makes it simply an incredible deal. Needless to say, it will sell above list price for sure. 

Redondo Beach Golden Hills Home Sales April 2013

There were 11 Single Family Homes sold in the Redondo Beach Golden Hills during April 2013 That's a pretty healthy 22% of the 49 total sales in North Redondo Beach CA 90278 for the month.  The Golden Hills remains one of the most desirable Redondo Beach neighborhoods for a number of reasons that I've discussed previously on this blog site.

If you are not familiar with the Golden Hills in Redondo Beach (MLS Area 154), this is the neighborhood south of the Artesia Blvd Manhattan Beach border,  east of Hermosa Beach, and extending to 190th St on the South Redondo border. The sub neighborhood bound by Aviation Blvd, Artesia Blvd, and Harper Ave is sometimes referred to as the Golden Triangle because when you view it on a map it looks like a triangle (sort of).

Predominately there are single family houses throughout the Golden Hills and many of them are on 2500 sq ft lots. You'll often find "reverse floor plans" featuring the living room, kitchen, and master bedroom upstairs. Many of the homes in the Golden Hills are referred to as "Tall & Skinny". While these may appear to be townhomes, they are single family houses.

Sales ranged from $625,200 for a 1000 sq ft 3/1 on Axenty up to $1,263,000 for a 4 bedroom over 3000 sq ft home on Ripley Ave. All of the sales were "Standard". There were no REO, Short Sales, or Probate sales which all fall within the category of distressed inventory. Six homes sold for higher than the MLS list price, 3 homes for less and 2 exactly at the MLS price. Five of the homes were in escrow within 6 days of being listed and 9 within 30 days of listing.  Almost all the conforming Tall and Skinnies sold at list price or above within 30 days. Following are my comments on some of the  individual properties.

1611 Ripley Ave, Redondo Beach CA, 90278: MLS SB13023122. Well let's start at the top with the most expensive home sold in the Golden Hills this year and North Redondo Beach during April 2013.

Certainly not your typical Golden Hills house at all. Not a "Tall & Skinny" and not on a 2500 sq ft lot. This 4 bedroom 3.5 bath home is situated on an almost 7000 sq ft lot (per the tax assessor). Located right on the Hermosa and South Redondo Beach border, there are city light and mountain views as well as a very nice backyard.

The home was listed for by $1.275M by South Bay Brokers and sold for $1.263M with the buyer being represented by Coldwell Banker Residential after 39 days on the market (MLS DOM). In my opinion, this home was an excellent value. If it were 100 yards south in South Redondo Beach or 50 yards into Hermosa Beach, it would have sold for considerably more.

1606 Ford Av, Redondo Beach CA, 90278: MLS SB1303548. I want to point attention to this sale for a few reasons that I hope will help Buyers to better understand what is happening in the current market.

This Tall & Skinny Single Family Home sold for more than the asking price after it was on the market for 1 day. The home was listed for $749,000 by South Bay Brokers which was about the price I would have listed it for. The recorded sale price was $773,000 with the buyer also being represented by South Bay Brokers.

There is nothing remarkable about the house which was built in 1989 and was in mostly original, though well maintained, condition. The location is excellent as it is in the Golden Triangle area of the Golden Hills. The floor plan is your standard Tall & Skinny reverse with the size of the home and lot totally conforming to the neighborhood.

Buyers, this property is a good example of what I mean when I saw Zillow, Redfin, and the other national websites are not "reality". What may not be evident to consumers is that although this home sold for $773,000 there was a $12,000 closing cost credit from the seller to the buyer. The MLS indicates that it was for closing costs which leads me to speculate that it helped with the FHA upfront PMI (a FHA loan was used).

Other points for buyers to note are that this is a good example of how location makes a property more (or less) desirable. Also, always note where the source of the sq ft is coming from. In this case, the listing agent indicated "Appraiser" which was fine as the sq ft was the same as the tax assessor. Often, you'll see "Taped", "Seller", "Appraiser" as the source. I'm not saying the tax records are never wrong, It's just best to start with what is in the public records. If the seller or listing agent has a valid reason to believe the house is larger, let them prove it.

Lastly, don't wait. If you see a property that you are interested in, go for it. Now. Blink and it is gone.

1625 Morgan Lane, Redondo Beach CA, 90278: MLS SB13033789. This home was listed by Shorewood Realtors for $759,000 (relocation sales) and sold for $795,000. Not a typo, $36K higher than list. How come?

First, proximity, to Jefferson Elementary School (walking distance). Jefferson is a big selling point for many families buying in the Golden Hills. So, let's add some value for location. Second, floor plan. Unlike other Tall and Skinny SFRs, 1625 Morgan has the living areas downstairs and the 3 bedrooms all upstairs. There's a few reasons I like this floor plan better than the reverse floor plan. First, it makea  whole lot of sense that anyone who wants to be 2 blocks to Jefferson probably has kids and having their bedrooms on the same level as the parents is often preferable. Second, with the living room downstairs, there's just a great flow to the backyard (as opposed to through a bedroom).

The third element that added value to this property is condition. It was updated with a newly remodeled kitchen with granite counters, recessed lighting, under counter lighting, new appliances, double stainless steel sink, etc. The fourth element of value was size. This 2 level Tall & Skinny is a bit over 1900 sq ft wheres most are just under 1900.

Buyers, take note of location, floorplan, size, and condition when evaluating any home you want to buy.

1648 Haynes Ln, Redondo Beach CA, 90278: MLS SB13027463. What, you don't remember seeing this one listed for sale? No surprise. This was input into the MLS for "comp" purposes only. What does that mean in English? the listing agent (listed by Shorewood Realtors) probably had an MLS waiver meaning they didn't have to offer it for sale to the general public for a period of time, and found an agent who had a buyer and did the deal. Or, it could have been a "pocket listing" which is a variation of the same theme. Or any other of another dozen of reasons. Bottom line is that you probably didn't get to see it or even know about it which is too bad because it is a nice property and a good deal.

Similarly to 1625 Morgan Ln, this Golden Hills Tall & Skinny was over 1900 sq ft, a few blocks from Jefferson Elementary and with all 4 (not 3) bedrooms upstairs and located on a corner lot. Nice.

1648 Haynes is a good example of why I tell buyers they need an agent. If you are just walking around with the Redfin mobile app or getting updates from Zillow, Realtor.com, and Trulia, you would have never known about this property. If your strategy is to go to opne houses and make offers through listing agents, well there wasn't an open house. Not a winning formula. Call me at 310 975 5139 to learn more about properties such as this one which are never "listed" in the MLS.

1123 Steinhart Ave, Redondo Beach CA, 90278: MLS SB13035006.  Surprise, surprise. Not all the single family homes in the Golden Hills are Tall and Skinny. This is a more traditional single level on an almost 5000 sq ft lot in a Golden Hills location that does not (currently) allow subdividing and building Tall & Skinnies.

New MLS Listings in Redondo Beach CA Week of 4.22.2013

Over the past 4 days, 28 homes have been listed for sale in Redondo Beach. Of those, 13 are in North Redondo Beach CA, 90278 and 15 are in South Redondo Beach 90277. This post will discuss the homes for sale in North Redondo and you can visit www.90277realestate.com for South Redondo Beach.

Whether we are seeing a better flow of inventory because sellers see prices going up and want to cash out, or it is just a function of the what is historically the busiest selling season in real estate is unclear. Either way, the availability of newly listed homes is unlikely to be able to satisfy all the buyers in the market or do much to stop prices from continuing to run up.

Regarding the new listings, there are 6 single family residences (SFRs) and the balance are attached and detached townhomes (condos). Only one property was in MLS Area 151, Villas North (North of Artesia Blvd) and that property is a 3 on a lot townhouse. MLS Area 152 had, of course, the most activity with 7 new listings. That should not be surprising because Villas South is by far the most affordable (for the most part) neighborhood in the most affordable Beach City.

There were four new listings in Golden Hills (MLS Area 154) and one in El Nido (MLS Area 153(.

I'm not going to discuss every new listing here, just the ones that got my attention for one reason or another.

2519 Ruhland Av Unit C, Redondo Beach CA, 90278: MLS 13666839PS There hasn't been a 3 bedroom C Unit for sale in a few months. Curiously, this rear unit 3 on a lot townhouse is in Area 151, not 152 where many more were built. I previewed this home earlier this week and it is very nice. Featuring the standard 3 bedroom reverse floorplan, 2 bedrooms down, with the living room, kitchen, master bedroom and dining room upstairs, this home offers a larger than usual kitchen for a 3 on a lot townhome, an extra terrace off the dining room that is perfect for a barbeque grill. The master bedroom has a larger than usual bathroom and walk in closet. Of course there's the standard terrace off the living room and a backyard. The backyard is what makes these units so desirable. Access to the backyard is through doors in the 2 downstairs bedrooms. Considering what other 3 on a lots are selling for, I find this one very reasonably priced at $625,000 and anticipate that it will sell for more.

2514 Vanderbilt Lane Unit B MLS SB13074229 which is the 4 bedroom 3 on a lot townhouse floorplan also was listed this week by South Bay Brokers. That unit is priced at $615,000 which makes sense in that 2607 Grant Unit C with the same floorplan was listed last week for $629K and is already in escrow.

The onslaught of detached 4 bedroom Townhomes continues and is picking up steam and price. Two that caught my attention this week are in the Jefferson Elementary School district and both are relatively new.

1814 Belmont Ln Unit B, Redondo Beach CA, 90278: MLS  SB13072793 offers my favorite 2 on a lot 4 bedroom floorplan with the bonus area upstairs amidst the 4 large bedrooms. This unit is priced at $859,000 which, considering the location, is excellent value. I would be surprised if it did not receive multiple offers quickly.

1910 Marshallfield Ln Unit B, Redondo Beach, CA 90278: MLS SB13074728 offers something different in a 4 bedroom townhouse. This unit, as well as the other 3 built at the same time on this and the adjoining lot offer unique, non cookie cutter floor plans. What I like about this property, in addition to the great location, is that it offers a roof top deck (rare in North Redondo) as well as a loft area adjacent to the deck. Perfect for work at home, exercise, or whatever (meditation?). This unit is 100 sq ft larger than 1814 Belmont, so at about $375 sq ft there's your price differential more or less.

A quick word about price per square foot. As recently as a year ago, I was advising North Redondo buyers that if they could get a property for townhouse under $300 a sq ft, that was pretty good. You can throw that out the window at this point. The "new normal" for North Redondo Beach pricing is about $365 sq ft for townhomes built in the late '80's with some updates and in good (not original) condition. Newer construction, such as these 2 units will be priced at $375 sq ft and above. To that, you can add some more value for location (Jefferson Elementary) and the fact that they are detached. SFR homes are priced differently.

1738 Spreckels Ln, Redondo Beach CA, 90278: MLS SB13072448 is your classic Golden Hills Tall and Skinny built in 2001. This single family house has your standard reverse floor plan witht he living room, dining room, kitchen, and master bedroom upstairs and 2 bedrooms downstairs. One bedroom leads outdoors to the small backyard. 1900 sq ft on a 2500 sq ft lot. List price is $859,000.

Golden Hills Tall and Skinny pricing seems to have settled into 2 buckets: around $750K for the 1970-1980's homes and $850K or more for the newer properties. Of course, views, larger living areas, roof decks, downstairs bonus rooms and other factors can greatly pricing. Also listed this week in the Golden Hills were 1712 Speyer Ln, 1635 Goodman, and 704 Reynolds.

Hopefully we'll continue to see a steady flow of new listings throughout the balance of the Spring and Summer.

Redondo Beach Home Estimate: Online Real Estate Price Tool

You may have received a postcard mailing from me regarding selling your home. You can enter your access code below for a free home estimate and other property value information. Each code is unique to a specific address.

If you haven't received a postcard and would like to know how much your Redondo Beach CA Real Estate is worth in the current market, please call me at 310 975 5139 or email me at socalistings@yahoo.com. I have buyers for homes in all price ranges.

Redondo Beach CA Real Estate: Sell Now or Wait?

With home prices clearly on the rise at the beach and inventory in many neighborhoods very low, one of the most common questions I get from homeowners is "Should I sell now or wait until prices go up even higher?" Well, it depends.

My personal opinion is that home prices are very likely to return to or even surpass what we saw at the height of the market. Here's why.

Interest rates are much lower than we've ever seen and apparently buyer demand is far stronger as well. So, if buyers could afford to buy in 2005-2007 with rates a few points higher and with less money down (bigger mortgage), why would we think that prices will level off before we get to those levels again? I don't.

On the other hand, one of my favorite sayings is that in real estate, all we know for sure is what we know today (sounds kind of Phil Jackson Zen like). It is human nature, whether you are buying or selling to believe that the most favorable conditions to your side of the transaction will continue indefinitely and only get more favorable. This rarely happens in real estate or in life.

When home pries were going down, buyers believed they would continue to do so indefinitely - or at least until five minutes after their purchase closed escrow. Remember the "wave of foreclosures" that was supposed to be coming that would depress prices another 30% below the low? Never really happened, did it?

On the other hand, when prices are going up, it is human nature to believe that they will do so indefinitely. Also not likely.

So, where might we wind up? A potential scenario in the next 18 months or so may be 5-8% above the previous highs. Or roughly 15-20% higher than the current prices in Redondo Beach.

For example, new construction 2 on a lots were selling for about $1M at the height. Now they're priced in the high $800's. So, let's do the math: $875,000 * 1.2 = $1.05M which is 5% above the previous high. (Same for SFR Tall & Skinny in the Golden Hills.)

Let's look at 3 on a lots. Recent sales in the 1900 block of Grant were low $700's. Here's the math: $725,000 * 1.2 = $870,000. Don't think we can get there? Recently a new construction "A" unit on Perkins was listed for $819,000 and almost immediately went into escrow.

So, should you sell now or wait? As I said before, it depends. Specifically on what your next move is.

If you are "moving up" to a higher price range, than it doesn't make sense to wait because (again the math) an increase of 20% beyond today's prices is probably a lot more than your potential appreciation on your current property during the same time period. And, as prices go up, your cost of sales also goes up, so maybe nothing to be gained.

If you intend to buy a less expensive home, than waiting may make a lot of sense. This could be your situation if you are downsizing or moving out of the area.

If you have tenant occupied property and are collecting rents, waiting might not be a bad thing. Your risk factor is the same as any seller: as prices increase more sellers may flood the market changing the current dynamic which is very favorable to sellers. Or, if interest rates go up a point or so, that starts to stop the runaway price train.

For those who may have recently inherited real estate, (check with an accountant), your "stepped up basis" is the value of the home when you inherited it. If you wait longer, you may have a tax liability. So, on a risk-reward basis, it may be best to take the money off the table sooner rather than later. Or not.

Just as each piece of real estate is unique and different, everyone's home is as well. If you are curious as to what your home may sell for today and would like an analysis of whether you should sell or hold, call me at 310 975 5139 or email socalistings@yahoo.com.

Redondo Beach CA New Listings and Open Houses Week of 4.15.2013

The good news. New inventory is coming on the market with a greater frequency than earlier this year. The bad news. New listings are getting multiple offers over the asking price within hours of being active in the MLS.

There were 11 new listings in North Redondo Beach 90278 the week of April 15th. Six were attached townhomes, the balance Single Family Houses (SFR). MLS Area 152 remains the most active with 6 new listings. For those keeping score, South Redondo Beach had 13 new listings, Manhattan Beach 16, and Hermosa Beach 6 homes (all over $1M).

Two weeks ago, the 4 bedroom detached 2 on a lots dominated the new listings in North Redondo Beach. This week it's the attached 3 on a lot townhomes in 3 and 4 bedroom floor plans and shared and common driveways. Prices are all over the place and it will be curious to see what price some of the 3 on a lots townhomes sell for. In general, the new normal is to start at about $360 sq ft for somewhat dated properties.

I previewed a number of homes on the Brokers Open House Tour on Thursday and most of these are open this weekend (April20-21) as well. Call me for a private viewing, closing cost credits and special buyer programs and offers.

1613 Wollacott Street, Redondo Beach CA, 90278. MLS IN13064395. This is one of the most outstanding Golden Hills Tall & Skinny houses I've ever seen. And, I've seen a lot. The pictures in the MLS do not do it justice at all. It is one of the properties that proves what I always tell my buyer clients: you have to go view properties in person. Do not rely on the online pictures on Zillow, Trulia, Redfin.

Just under 2500 square feet of spacious living with all bedrooms on the same level. In addition there is a spiral staircase from the master bedroom that extends to the kitchen, loft and roof top deck. Light and bright with and open floor plan that boasts views of the mountains and city. Interior arches add to this architectural delight. Upstairs you have a formal dining area, living room with fireplace, and kitchen with granite counters and stainless appliances. There are 3 bedrooms, 2470 sq ft and it is listed for $882,000.  Listed by RE/MAX Estate Properties.

2607 Grant Ave Unit C, Redondo Beach CA, 90278: MLS SB13068728. Don't be fooled by the address or the power lines. There haven't been many "C" (rear) units for sale recently and this one is in excellent condition, offers a nice backyard, usable terrace, and backs up to a greenbelt that I affectionately call the "North Redondo Beach Strand". Listed by Shorewood Realtors for $629,000.

 4 bedroom, 2.5 bathroom rear unit townhome with backyard. Gourmet kitchen boasts granite slab counter tops, stainless steel appliances including refrigerator. Elegant master suite offers walk-in closet complete with organizers and luxurious master bathroom featuring jetted spa tub, separate shower and dual sinks. Original owner has improved this special home with maple hardwood flooring, upgraded light fixtures and ceiling fan, custom drapery and window treatments, designer paints and faux finishes. Open living space features vaulted ceilings, skylight, marble fireplace with impressive mantle. Private balcony with stone, perfect for relaxing or entertaining. Backyard patio, grassy area and landscaping.

Please note - MLS states 1712 sq ft, Tax Records show 1607 sq ft.

2015 Graham Ave, Redondo Beach CA, 90278. MLS SB13068929. All I can say about this 5 bedroom, almost 2800 sq ft single family house listed by Shorewood Realtors is "wow".  Move it a few blocks west just across Aviation Blvd into Manhattan Beach and it would sell for more than twice as much. Listed for $1,149,000.

This outstanding single family home welcomes you w/a quaint curb appeal. High quality finishes throughout this very elegant, large family home. 2 main floor bedrooms, 1 used as an office. Entry opens to the lovely formal living room featuring vaulted ceilings. Dining room is made even more formal w/elegant white wainscoting mirrored in the tray ceiling. Large, open kitchen showcases a 6 burner Viking range, JennAir french door fridge & JennAir dishwsher. Center island has pot drawers & the custom cabinetry features deep drawers, pull out rack storage & more. The kitchen is open to the family room, which is wired with in-ceiling speakers, steps down/out to the landscaped and private backyard. The upper level finds 3 bedrooms, each with ceiling fans & large closets. Laundry room is conveniently located on main bedroom level. Master features a walk in closet, spa tub with jets, dual shower heads & rain shower, & built-in hamper. High quality finishes throughout this very elegant, large family home. Crown molding, recessed lighting, storage closets & more. Pull through the controlled access driveway to the 2 car garage + bonus extra, secure parking.

Redondo Beach CA Bank Owned REO Foreclosures for Sale

There are currently 2 active bank owned REO foreclosure listings for sale in North Redondo Beach, CA 90278. Foreclosure activity has tapered off significantly in Redondo Beach as it has throughout the South Bay in general. Whether that's because increasing prices have had an impact, the economy has improved, or the banks have found more expedient means of disposing of non performing assets remains to be seen. I recently previewed these two homes which are both coincidentally detached 2 on a lot townhomes in MLS area 152 found south of Artesia Blvd. Here's my thoughts. If you have any questions regarding these homes call 310 975 5139. And, of course I am available to help you buy a foreclosure in Redondo Beach, CA.

1205 Rindge Ln, Redondo Beach CA, 90278: MLS 13659459. This property is a 5 bedroom, 2750 sq ft detached townhome sharing no common driveway. The home is built in a very nice section of Rindge and is surrounded by other homes of similar age and quality. This home sold new in 2006 for $1,325,000. As a REO listing, initially 1205 Rindge was priced at $975,000 but was lowered three weeks later to its now current list price of $939K.

As often happens with REO listings, an out of area Broker has the listing. I think a local Realtor would have probably priced this one at $899,000 and it would have sold immediately. Here's why.

The standard configuration for a townhouse of this size would be 4 bedrooms upstairs plus an "open" bonus area. The 5th bedroom may somewhat limit it's appeal. Additionally, the outdoor space is rather limited compared to more traditional detached units some of which have both a front and rear yard. Lastly, priced in the high $900's puts this townhouse in competition with single family homes on larger lots which might more appropriately suit the buyer who has a need for 5 bedrooms. Other than that it's a great property that many people would be proud to call home.

1816 Huntington Ln Unit A, Redondo Beach CA, 90278: MLS PW13063727. This is your standard 2 on a lot shared driveway front unit built in 2002 with 4 bedrooms. At a list price of $824,900 it is priced exactly right at the "new normal" of about $363 sq ft. Although this is the "standard" floor plan as I mentioned, there are still slight variations downstairs between builders as to how much space is dedicated to living room and how much to dining and kitchen. This unit had a slightly larger living room than other detached two on a lots that I posted about last week. Alos, it was built by Casner. If you are a regular reader of this blog you know that Casner is a local builder I hold in high regard. Lots of nice touches such as the dual sided fireplace between the master and bathtub and French doors on the 4th bedroom. I also like the location in the 1800 block as it makes it an easy bike ride to the beach. As for price, it's fair but not at any great foreclosure discount.

Redondo Beach CA Brokers Open Houses and New Listings Week of 4.8.2013

If you are a buyer in the market for a North Redondo Beach CA detached 2 on a lot 4 bedroom townhouse, the market has exploded this week with a number of new MLS listings. If you are a regular reader of this blog or know me as the "Redondo Beach Townhouse Guy", my assertion that these detached townhome-condo units represent some of the best values not only in the South Bay Beach Cities but LA County in general.

I previewed a number of units this week at the Brokers Open House Tour. Before I discuss the properties, a few observations.

There was a time when I seemed to be the only Redondo Beach agent bringing clients to the Broker's Opens. Now, not only are many agents doing that, but I'm seeing buyers showing up on their own sans agent. Maybe they figured out this is a great way to get a leg up on the market or maybe they're seeing the open houses listed on Redfin, but this is definitely a change that seems to be befuddling some listing agents. My take is that if a buyer can get off work and wants to see these properties, the more the merrier. But, it definitely changes the agent vibe for sure.

And, in large part you can't really blame buyers. I over heard more than one listing agent mention today that they already have offers on properties that were listed just yesterday. Nine in one instance.

I've also noticed that where it used to be customary to see new listings come out on Tuesdays, now try Thursday AM. The reason is always that the listing agent didn't have pictures. Whatever.

So, here's what I saw today and what I liked.

2418 Gates Ave Unit A, Redondo Beach CA 90278: Bright and spacious Mediterranean design townhome. Beautiful living room with fireplace and gorgeous hardwood floors. Large gourmet kitchen with granite counters and big center island. All 4 bedrooms are upstairs with vaulted ceilings, as well as a large loft area for a den or playroom. Huge master bedroom, walk-in closet, fireplace and a sitting area with balcony. Lovely sunny backyard with room for kids to play. Separate laundry room. Attached 2 car garage with direct access to the home. Sought after front “A” unit with front and back yards. MLS SB13062888. Listed for $834,995. 4 bedrooms, 2.5 baths, 2316 sq ft. built in 2003 and still in great condition. My favorite today in terms of quality, build, location, and value.

2509 Harriman Ln # B, Redondo Beach CA 90278: The exact same floorplan as 2418 Gates, much further south and a block east. Built in 2004 and 2261 sq ft. Priced at $815K so also at about $360 sq ft (the new normal). A few of my clients have had trouble with this builder's homes and I don't think the quality is as good as other similar detached two on a lots. The listing agent states "All the bells and whistles included in this 4 bedroom, detached two on a lot. It feels like home at last from the minute you step inside to the cool travertine flooring and the spacious living room with a big corner fireplace and wide open doors to a beautiful back yard.  This traditional floor plan features a cook's sized kitchen with granite counters, stainless steel appliances and a rarely seen, huge center island. MLS SB13063756. 

2204 N Phelan LN, Redondo Beach 90278: I actually saw this one just before it was in the MLS. Not sure if this is a new trend, Brokers Open before it's active, but nice home none the less. Unlike the first two, this is the 2 on a lot format with no shared driveway found on corner lots and the north-south streets. Basically a SFR on a small lot zoned as a condominium. 

This townhome is very large - there were a lot of rooms, at 2621 sq ft and is priced at $799,000 which is $304 sq ft. I'm assuming it will sell for more. MLS SB13064456.


2301 Nelson Av Unit, Redondo Beach CA 90278: Nice listing and a great price but I didn't quite get the reverse floorplan which is usually found in attached 3 on a lots. Three bedrooms were downstairs and the master, living room, dining room, and kitchen were all upstairs plus a nice outside south facing deck. And the hedged in front yard. Built in 1992, 2212 sq ft, 4 bedrooms, no shared long driveway and priced at an affordable $779,000. MLS SB13063774.

 

2311 Harriman Ln Unit A, Redondo Beach CA 90278: Based on some of the comments I was hearing, a lot of agents weren't getting what this listing is about. At $724,900 it is a great deal for a detached front two on a lot townhouse built in 1996. It could use some updates and refreshing but is certainly priced very well at $337 sq ft compared to other options on the market. Very nice deck out back and lots of possibilities. MLS SB13063676.

1740 Carlson Ln Redondo Beach CA 90278: This 4 bedroom is NOT a townhouse. It's a Tall and Skinny single family home in the Redondo Beach Golden Hills. It has a very unique floorplan with all 4 bedrooms upstairs and the living area downstairs. Most of the newer Tall and Skinny SFRs have the reverse floorplan similar to the attached 3 on a lots with the living area upstairs. Quite frankly, this floorplan makes a lot more sense to me because the backyard is accessible from the living room and dining area which makes a lot more sense for entertaining. This home was built in 2004 and shows like it is new. Probably my second favorite viewing today. It just down the block from Jefferson Elementary School, measures 2045 sq ft and is priced at $925,000. MLS SB13063277.

These are all great new listings and should be open this weekend. It's a great time to be looking for a 4 bedroom to buy, but if you blink, these may be gone!

Redondo Beach CA 90278 Home Sales March 2013

During March 2013, 34 home sales transactions were completed in North Redondo Beach CA 90278.  This compares to a staggering 49 homes in South Redondo Beach CA 90277, 16 in Hermosa Beach CA 90254, and 42 in Manhattan Beach CA 90266 or collectively what we refer to as the "Beach Cities".

It's only speculation, but I believe that North Redondo Beach home sales would have been significantly higher if more inventory was available (492 homes sold in 2012). Almost every new listing that was priced right quickly received numerous offers over the asking price and most buyers found themselves in multiple offer negotiations. Often, throughout the month there were less than 30 active MLS listings in North Redondo Beach. Anytime when the available housing inventory for sale falls below the monthly sales transaction run rate we are in a severely constrained environment.

Only 10 of the North Redondo Beach homes that sold were Single Family Houses with the balance being townhouses or condos. Only 2 of those were truly what we think of as condos, single level flat apartment like units, and those 2 were in the senior complex at 2750 Artesia Blvd. The other 22 condos were what we categorize as "townhouses" although the exact legal description is actually condominium. Of the townhomes, only 2 were detached stand alone units. Buyers, please note that many listing agents are now listing units attached at the garage with no common living walls as "detached" units although they are, in fact, attached.

There were two REO bank owned foreclosure sales and two Short Sales none of which were spectacular deals in my opinion. The "deal" for buyers these days is securing a property you want to live in before the prices go up further. For sellers, it's selling now while the conditions have been more favorable than at any time since 2006.

Here's what sold in North Redondo Beach during March ordered by price followed by a neighborhood by neighborhood deeper dive and analysis.

MLS AREA 154 GOLDEN HILLS

The Golden Hills remains one of the most sought after and highly desirable neighborhoods in North Redondo Beach, CA. You can walk to the beach )or easily bike) from many properties in the western most streets and you are centrally located to almost everything in the South Bay. Prices seem to have escalated very rapidly and if you are in the market for or selling a "Tall and Skinny" that is over 1800 sq ft and relatively new or updated, the price point going forward is very likely to be above $850,000.

During March there were 4 homes sold in the Golden Hills ranging in price from $765,000 to $976,000. Three of the homes sold for above asking price and one at list price. Three of the sales were also of "Tall & Skinny" SFRs on 2500 sq ft lots and one, 1725 Speyer Ln was a traditional home on a 5000 sq ft lot.

Of the 4 homes that sold in Golden Hills, 1741 Carlson Ln (pictured left) was by far my favorite for a number of reasons. First, it was built by one of the best local builders, Craig Casner in 2006 making it a not very old home. Second, it has a standard floorplan with the living room and dining room downstairs and the bedrooms upstairs. This makes the (small) backyard found in Tall & Skinnies more useful as an extension of the living room and also allows for 4 bedrooms upstairs as opposed to only 3. Additionally, this home features the (rare for North Redondo Beach) rooftop deck with a nice panoramic view of the Golden Hills and lastly but not least, from this adress on Carlson, certainly walkable if you are fit enough down 190th to the Strand in Hermosa Beach. (Of course walking back up that hill is another matter entirely, lol). So, while this home looks like your typical Tall and Skinny from the outside it is anything but.

MLS AREA 153 El NIDO

This is a great neighborhood of primarily single family homes that is often over looked by many buyers. There were five homes sold in El Nido during March and 4 were Single Family Residences. One was a 3 on a lot which you don't find too often in that neighborhood.

Right now, I'm finding better value in single family houses in El Nido than going across 190th to West Torrance. Buyers should not write this neighborhood off.

MLS AREA 152 VILLAS SOUTH

This remains a hotbed of activity, particularly with buyers looking for entry level and value priced properties found in the 3 streets south of Artesia Blvd, Vanderbilt, Carnegie, and Rockefeller and on Grant Ave as well. For March, 14 of the homes sold were in this neighborhood. That's a little bit over 40% of the entire homes sold for the month in North Redondo Beach. All but one of the sales were townhomes.

An example of good value found here would be 1835 Rockefeller Ln Unit A (pictured). This front unit of a 3 on a lot townhouse is just down the block from a park, around the corner from a Starbucks, only a 10 minute drive from the Manhattan or Hermosa Piers. The floorplan is the standard 2 bedroom downstairs, living room dining room and master bedroom upstairs, terrace off the living room, with a direct access 2 car garage. This particular unit had real wood floors and was facing south and west providing tons of light. While the kitchen could have used some updating, at a final price of $550K, this one really cost less to own than to rent.

Please note - the first two homes below are condos in a Senior building. Don't get too excited about the price unless you are the age.

The most expensive home sold in this neighborhood during March was 2315 Harriman Ln which is a front unit of a detached 2 on a lot (townhouse). While the price may be a bot of an outlier right now, in 6 months it will be totally in line. The price per sq ft of $350 more or less reflects the lack or stainless steel appliances, roll up garage door etc. But those are easily updated and prices right now are a runaway train.

It is curious that there was nothing sold in the $700's. We jumped from $690K to $820K in this neighborhood. Expect to see some of the prices smooth out next month.

Buyers, please note, some of the homes in Area 152 are in the boundaries of Jefferson elementary and some Birney. There are a number of homes right around Jefferson on Belmont, Morgan, etc that offer an alternative to the Tall & Skinny SFRs found in Golden Hills.

Expect to continue to see a lot of sales activity and increased home prices in this neighborhood.
 
MLS AREA 151 VILLAS NORTH

This is the neighborhood bound by Aviation Blvd on the west, Inglewood Blvd on the east, Artesia Blvd on the South and Manhattan Beach Blvd to the North. Think of it as East East Manhattan Beach.

For a long time this was the most sought after area in North Redondo Beach, particularly for buyers who were renting in Manhattan Beach and making a home purchase. You also can't beat it for Freeway access and proximity to (2) Trader Joe's, movies and the restaurants on Rosecrans. There are also 2 good schools and a park. I think many of the homes here may be currently undervalued. There are a number of amazing single family houses (pictured) selling at a huge discount to the same home just across Aviation Blvd in Manhattan Beach.

The "TRW Tract" of single family homes is found in the North East corner of this quadrant. There are many 2 on a lots of all ages as well as townhouse complexes found throughout. Pretty much something for everyone, but no Tall and Skinnies and very few 3 on a lots.

During March, 11 homes sold in MLS Area 151. All the sales were townhomes except for one single family home on Robinson.

So based on this data, the "average" home in North Redondo Beach is about 1757 sq ft has 3 bedrooms and 2 baths and sells for around $635K. Sounds about right to me!

If you are interested in this kind of data for other Beach Cities neighborhoods, check out www.90254realestate.com for Hermosa Beach homes, www.90266realestate.com for Manhattan Beach Real Estate, and www.90277realestate.com for properties in South Redondo Beach.

Redondo Beach CA Top Real Estate Brokers: RE/MAX, Shorewood Realtors, South Bay Brokers, Keller Williams

So, which Real Estate Brokers are selling the most homes in North Redondo Beach, CA 90278?

Hint, not who you think it is.

 The major "known" players, RE/MAX, Shorewood Realtors South Bay Brokers, and Keller Williams make up about 42% of all sales. Including Merit Real Estate (Amir Amiri) the Top 5 get to just over 46% of all transactions. The "other" Brokers make do over 50% of all the sales. So, who are these "others"? Some names you'll recognize but many you may not. Let's look further down the list.

A quick word about what we are looking at here.

Each Real Estate sale or transaction counts for 2 "sides" in this data: Listing and Selling. In the arcane vernacular of real estate agents, the agent representing the buyer is considered the "selling" agent, while the listing agent or broker is the person representing the seller. To make matters more confusing, in CA Real Estate practice the listing agent can also represent the buyer if it is disclosed to all parties. Lastly, any Broker can sell the listing of any other Broker. Got all that? OK, let's move on.

So, looking at let's say RE.MAX. we see that over the past 12 months they did a total of 176 sides or units representing 16.2% of all sales. That was further broken down to 101 listings and 75 buyers.

By comparison, Shorewood Realtors did 169 sides or units of which 86 were listings and were 83 buyers. Truthfully for any given time frame measured, Shorewood and RE/MAX could easily flip flop between 1 and 2 in this particular market.

After the two dominant players, there is a huge fall off with South Bay Brokers having less than half the transactions of Shorewood and KW Beach Cities having a little more than half again of South Bay Brokers. Keller Williams numbers are rather surprising because they have one of the most successful powerhouse agent teams in the South Bay working at there Brokerage (Hoffman-Murphy).

Merit Real Estate (Amir Amiri) is also included in the top five but their business is somewhat different in that they specialize in new construction 2 and 3 on a lot townhomes and do an exceptional job of it. Their new construction townhome projects sell almost immediately and are highly sought after. In fact some buyers even refer to "Amir Amiri" as a style of townhouse!

The reason I love data is that numbers don't lie. What I find most surprising about the home sales over the past year in North Redondo Beach is how poorly Redfin has done considering that almost every buyer I run into is walking around with their mobile app. If we were judging success on technology adaptation, Redfin would be far and away number one in North Redondo Beach, CA. But we're lokig at real time real estate results and quite frankly Redfin's 4 buyer sides is fairly anemic all things considered. I personally outsold Redfin and Zip Realty in North Redondo Beach! Someone should tell their CEO that buyers really don't like their business model even if they love their technology. And for those who want a buyer credit or rebate, there are many agents who will do that including yours truly and provide a much higher level of support to say nothing of experience.

Another really interesting data point is that if you notice, most Brokerages sold their listings pretty close to list price. The myth that any particular agent or broker can list and sell your house for more is simply an urban legend or a self serving component of the agent's listing presentation. What an experienced agent can do is to make sure that your transaction goes smoothly, that you avoid pitfalls and if you are a seller, that you never have a problem after the close of escrow or if you are buying a home that there are no surprises that weren't uncovered during the inspection periods.