Redondo Beach Real Estate: Short Sale Update - Closed Escrows in July

During July, 63 properties sold in 90277 and 90278. Of those, 8 were short sales (pre-foreclosure). That's about 12-13% of the sales. Based on what we see in the pipeline as far as mortgage lates and NODs, we're expecting that number to soon be above 20% going forward. As everyone is expecting short sales to play a larger role in the market throughout the balance of 2010 and into 2011, we were curious as to whether the current sales represented particularly good value for the buyers and were worth the wait and other inconveniences associated with a short. Our conclusion is "sort of, sometimes".

Here's our take on some of the transactions:

2301 Pullman Lane - Big Thumbs Up for the Buyers. This one was a gorgeous 3000 sq ft corner lot detached townhouse that we remember showing as new construction! The listing agent described it as follows: This home offers 4 bedrooms & 4.5 bathrooms with 3,003 sf living (per Builder Data), 2 story town home. Unique open floor plan with all bedrooms located upstairs. Fabulous kitchen with granite counter tops, center island & breakfast bar; formal dining room off kitchen and family room. Distress hardwood, natural stone tile and wall-to-wall carpet. Formal family room, spiral staircase to second floor, leading to wonderful airy and breezy open floor plan. Each bedroom has its own private bath and balcony. Front yard and private back yard with a patio; three fireplaces; this is not your typical/average RB townhome We basically agree. It was initially listed at $899,000 but closed escrow at $865,000 146 days after it hit the market. We know it was well worth the wait for the buyers. We think that as a "standard sale" it may very well have sold closer to or possibly over $900K. Instant equity. Congratulations.

 2407 Grant Unit A: Kind of a deal, but not a steal. Initially hit the market at $575K which would have been a steal or a deal, take your pick. There must have either been multiple offers or possibly the BPOs came in higher because this one closed escrow at $610K after a 124 day wait. Meanwhile during that time, 2 other properties on the same block of Grant, same side of the street closed for as well. They were both also front units. 2419 Grant which was slightly smaller and older sold for $620K and the one right next door sold in the $680's (newer and larger than 2407). All in all a nice property described by the listing agent as: Beautiful French Chateau!!" This home has it all! First floor 10' ceiling & 8' solid doors. Full bath upstairs and downstairs, plus half bath in halway. Laundry room & a two car garage. Inviting entryway with slate flooring & dark distressed wood on the stair way & living area upstairs. Over size base boards & crown mouldings, casing around the widows. On the second floor formal dinning room, dream kitchen with slate flooring, solid granite tops, & stainless steel appliances. Living room with vaulted ceilings, beautiful dark distressed wood flooring fireplace (pre-wired for flat screen TV above & pre-wired for surround sound) sliding doors that lead to large deck that has the gas, electric & water hook ups. Master Bedroom with large master bath. Cat 5 wiring & pre-wired for computer networking. Close to shops, cafes, freeway, airport, beach, great schools & parks. A MUST SEE!

1716 Huntington Lane B: Not sure we would have waited for this one. Yes, it's big, but at $650,000 sales price (initially listed at $615K) and attached, we've seen detached, newer, properties a little further east in area 152. Under marker, but only slightly (although the location is excellent even if the condition isn't.) 

So, what do you think? Are these short sales deals and worth waiting for or would you rather avoid the delays and hassle and buy an equity property?

If you would like to see the current inventory of available pre-foreclosure and short sale properties in North and South Redondo Beach, click here.