January Real Estate Update - New Listings, Sold Homes, and Pendings

During January 2011, 37 new homes came on the market for sale in North Redondo Beach (90278). During the same time, 25 homes closed escrow and 33 properties were placed into escrow (either pending or backup status). At the end of January, there were 113 homes for sale in North Redondo Beach. In normal times, this would be considered a fairly balanced market with approximately 4.5 months of inventory on hand. However, with the much stricter mortgage underwriting standards and the difficulty in obtaining condo financing (remember townhomes are technically zoned as condos), a number of properties are lingering on the market as qualified townhouse buyers negotiate harder and push prices further down. FHA financing is still available for single family homes requiring loan amounts less than $729,750.

Of the new listings, one is a bank owned foreclosure (REO), 8 are short sale listings, 1 is a probate listing and the balance were standard sales. The lowest priced property listed for sale was $355,000 and the highest price was $915,000. Twelve of the new listings were single family homes while the balance were condos and townhouses. Eight of the condos and townhouses for sale were detached. Following are some new North Redondo Beach home listings we like because they either represent good value or are unique properties. (We are not commenting on listed short sales relative to value as the list price is meaningless.) Whether you are thinking of buying or selling in Redondo Beach or are just interested in home prices, remember to sign up for our "Market Snapshot". CLICK HERE and follow the directions. You'll have your report in 30 minutes or less. Guaranteed.

2400 Clark Lane, Redondo Beach 90278: This corner lot detached townhouse is over sized for the area and boasts 2706 sq ft. It has 4 bedrooms, loads of curb appeal, no HOA dues, central A/C (btv), and high quality construction.  The spacious floor plan includes an inviting foyer leading to the living room w/vaulted ceilings and plantation shutters, formal dining area, gourmet kitchen, great room with fireplace & wet bar and access to the secluded backyard, patio & hot tub. Granite, travertine, marble, wrought iron railings, sconces, light fixtures and more. Definitely a great alternative to other corner two on a lots we've seen and more desirable than a smaller 4 bedroom with a shared driveway. If this was zoned SFR, you would add a few hundred thousand to the price. Listed for sale by Broker Coldwell Banker - PV.

1206 Rindge Lane, Redondo Beach 90278: Wow, Wow, and more Wow. We really like this one. Luxurious detached townhome, private driveway with additional guest parking spot, built in 2005. Private south facing backyard. Over sized gourmet kitchen with professional grade appliances and large working island with an additional sink, custom cabinets and two large pantry's makes this kitchen great and a true chefs dream. Formal living with fireplace, dining room PLUS a family room with an additional fireplace. Over 2600 sq ft with 5 large bedrooms and 3.5 baths. Master suite with a fireplace, large walk in closet and his and hers vanity/sinks area. separate laundry room. This home is full of natural sunlight, and is in great shape a true must see to appreciate. Home listed for sale by Shorewood Realtors.

We also like these homes - but lower the List Price!

1806 Belmont Lane Unit A, Redondo Beach 90278: Listed by Shorewood Realtors this is a unique front unit that is fully detached with a great indoor outdoor flow. It includes a built in barbecue and the sellers will leave the hot tub (time machine not included). It is a traditional floor plan with all three bedrooms upstairs. Real wood floors downstairs and two fireplaces. Two of the upstairs bedrooms are a little small by today's standards but the downstairs is bright and open. Jefferson Elementary School which is a huge plus. It is listed at $639,000 which is just a little too high. We'd like to see it listed for $619,000. A good deal on this one would be $599,000. Incidentally, Casner is building a new single family home next door which will certainly enhance the neighborhood.

2302 Grant Ave Unit 2, Redondo Beach, 90278: Just a little bit more high end finish work and construction than you typically find in recent construction 3 on a lot townhomes. Also 4 bedrooms which is a major plus. But even with 4 bedrooms, Brazilian Cherry floors, upgraded cabinetry, crown molding, etc. the list price should be $619,000 and a good value would be $599,000. This unit was built in 2004. A REO foreclosure unit on Carnegie built in 2005 with approximately the same square footage, 3 bedrooms but a backyard just closed escrow for $544,170. So, assuming the backyard cancels out the 4th bedroom, and considering that standard sales are more pleasant that REOs (no bank addendum), and the unit on Carnegie needed to be painted plus new floors/carpets, this one is just "OP". Listed by Peninsula Sothebys.

These Homes Sold During January and were good DEALS!

1907 Morgan Lane Unit A, Redondo Beach, 90278: Listed for sale by Shorewood Realtors - sold by Redfin. This front unit 3 bedroom 2 bath townhouse condo in the heart of the Jefferson School District was highly updated and customized about 10 years ago by the seller. Although all the work was top of the line and first class, whenever a property is highly customized, the seller runs a risk. This unit was also punished by the fact that the garage was detached and the living room is small by today's standards. Other than that, at $485,000 the buyer got a great deal and the seller had the opportunity to at least enjoy the remodel for many years. Too often we see an owner put the work in right before they want to list and sell a home and miss out on the personal enjoyment factor.

1812 Harper Av, Redondo Beach, 90278: This single family home in the "Golden Hills" was also listed for sale by Shorewood Realtors and sold by Redfin. Maybe that's becoming a Redondo Beach Real Estate trend (lol). The property is 1539 sq ft and a 3 bed, 2 bath on a 2250 sq ft lot. It sold for $562,000 with a $5000 credit from the seller. As we know, Redfin also gives a commission credit to their clients so even considering that the buyer used FHA financing which includes an upfront PMI premium, there still was a lot of money to work with. For our buyer commission credit special CLICK HERE. Unlike other newer homes in the Golden Hills, this one had all three bedrooms upstairs. Excellent location on the last block before Hermosa Beach and Manhattan Beach adjacent.

1755 Dixon St, Redondo Beach, 90278: Also in the Golden Hills. This 3 bedroom, 2 bath single family home was a short sale and proof that sometimes it pays to wait. Unlike other Golden Hills "Tall & Skinny" properties, this home has 2497 sq ft not the usual 1881. The extra space is found in a third level below the first floor (which while not common you can find). We really like the high exposed wood ceiling on the upper level. The exterior could use some updating and possibly new windows, but this was a real find. Listed for sale by RE/MAX Redondo Beach and sold by Northwest Realty. Manhattan Beach adjacent and you could probably walk to the beach from Dixon. Or at least ride your bike. C'mon this is southern California after all.

1701 Clark Lane Unit A, Redondo Beach, CA: Very high end unique two on a lot detached townhome with a roof top deck which is rare in this neighborhood of Redondo Beach (Area 152) and property type. All four bedrooms are upstairs including a open den/playroom with cherry hardwood floors. Huge master suite with fireplace and large master bath including a spa/tub and walk-in closet. Rooftop deck with sweeping city and mountain views. Deck has electric gas, intercom and water sink. Listed by Shorewood Realtors and sold by Coldwell Banker - Palos Verdes for higher than list price. In this market. Yes! Home sold for $780,000.

Tips For Sellers

If you want to sell a home in Redondo Beach, here's what you need to know about the current Real Estate Market conditions.

Price your home as close to or below the recent comparable home sales as possible. Buyers are armed with more data and statistics than ever before and know all the comps before they walk in the door. No one is going to offer a penny more than the most recent comp sold for. You are competing against bank owned foreclosures (REOs) and short sales which may or may not be listed at realistic prices. Pay particular attention to price per square feet because even if your buyer doesn't, an appraiser will.

Clear out the clutter and stage your home to sell. Make sure you show off any features that make your home stand out in both the marketing material and the presentation. Remember that what you liked about the home and neighborhood is what will attract the new buyer. Conversely what you didn't like will also be a deterrent.

Make sure that your Real Estate Agent understands the financing game. Not all buyers can get a mortgage and you don't want your home off the market while prices may still be declining. Condos and townhouses are particularly tough these days. FHA financing may not be available on many of these units which has depressed prices.

For more tips on how to sell a home in Redondo Beach, CLICK HERE.

Tip for Buyers

If you are thinking of buying a home in Redondo Beach, your timing could not be better. Interest rates are near historic lows, many properties are sitting on the market and sellers want to sell. We have seen some outrageous deals over the past 6 months. Buyers need to be both patient and reasonable. When the right one comes along, don't wait. There's no guarantee that you will get a better price or lower interest rates.

Here's the most important tip we can share with anyone who wants to buy Real Estate now. Get a pre-approval letter from a direct lender. That means a bank such as Wells Fargo, Chase or Citibank or a mortgage banker who can fund loans directly. We have also seen some good deals from Credit Unions. 

All sellers want to know that the buyer can perform, i.e. close escrow. So, unless you are fortunate enough to be paying all cash for your new home, get your financing straight first. If you are putting down 20% or more, you are in a very strong negotiating position. 

For more buyer tips and to learn how to get cash back at close of escrow, CLICK HERE.

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