South Redondo Beach Home Sales February 2011: Condos, Townhomes, Single Family Residences

Whether you want to buy or sell a home in South Redondo Beach (90277), or are just interested in home values and the real estate market, the best analysis of local prices is not found in the national media or Case-Schiller, but in the study of recent sales in the neighborhood.

Per the MLS there were 21 home sold in South Redondo Beach (90277) during February. The lowest priced sale was $214,000 for a 214 sq ft studio in The Village, and the highest price sale was a 2,379 sq ft single family home in Hollywood Riviera with a Queen's necklace view. Single family homes accounted for 8 of the 21 sales, 6 condos were sold, and 7 townhomes. Please note - "townhouse" or "townhome" are not legal descriptions, they are all technically condos. From a lender perspective, that currently means a slightly higher interest rate in most cases and approval of the HOA in addition to the property and borrower.

The median home price was $623,000 for a 2 bedroom 1430 sq ft attached townhouse on Irena. More important,  The average price across all home categories was $665,338 and the price per square foot was $515.12. Furthermore, 20 of the sales were under $1M and 10 were under $600K. The average days on market was 102.

Based on this data, South Redondo Beach real estate has never been more affordable and home prices are still trending down.

For further price and value analysis, follow this link for our interactive market snapshot report which will provide additional data on price reductions, days on market, neighborhood information, historical sales and much more.


SINGLE FAMILY HOME SALES

There were 8 single family home sales ranging from $500,00 up to $1,399,000. 409 S Guadalupe sold for $500,100 which is land value for a 5100 sq ft lot. (The house was 576 sq ft, probably scraped by now.) Another one which went for land value was 223 S Juanita Av which sold for $708,500. We can be pretty sure that one went for land value because the listing agent (Beach City Brokers) marketed it as "Extra large R2 lot, plans already submitted to the city and approved by planning, soils and survey complete and should be ready to build within 90 days. Possible ocean and PV views from second story." A third one which may, or may not, have gone for land value was 1302 Palos Verdes Blvd. This huge 7100 sq ft lot has a 1550 sq ft house sitting on it that the agent categorized as a complete fixer with potential mold problems (where do I sign?). That one was the lowest priced sale at $500K which was $50K higher than it was listed for. So, expect to see some much needed new construction homes in South Redondo Beach soon. Can't wait? Click here to see all homes for sale in South Redondo Beach that were built since 2010. This may shed some light both on why the lots have such high value and why we need new construction homes.

There were two short sale single family home sales that we think represented good values. The first was 848 Calle de Arboles in the Hollywood Riviera which sold for $850,000 after being listed for sale for $799,000. The home has 3 bedrooms, 2 baths and is approximately 1500 sq ft on a 6200 sq ft lot (see picture on right). As also noted in the MLS, the agent credited $15K back, both to the seller's note and the buyer's closing costs. But why not? (The listing agent did double pop this one.) This home was remodeled and really was quite stunning. We've seen other homes on this block (which backs up to Palos Verdes Estates and the walking trail) recently sell for a whole lot more. Incidentally, this one sold for more than the list price. We are seeing more and more negotiators coming back and asking for more to close short sales. You can expect that trend to continue as they all try to stem the losses and hang onto their jobs!

The other short sale we liked (but not as much) was 116 Camino de las Colinas, also in the Hollywood Riviera. This one was listed in the MLS at $949,000 but sold for $875,000. The property has three bedrooms, 2.5 baths and is 2,176 sq ft on a 6070 sq ft lot.

Also of note, and again in the Riviera, was 404 Via la Selva which was the highest priced sale at $1,399,000. This 3 bedroom, 2.5 bath 2,379 sq ft single family home has panoramic ocean views and was remodeled in 2007. What caught our attention was that it was marketed as a corporate owned REO. Truthfully it looks as is an entity called the Via la Selva Trust 404 picked this up for a little over $1M in September of 2010 and did a nice flip to the sale price. There is money to be made!

To find single family houses listed for sale in the MLS in South Redondo Beach, click here or follow the links below to search for other South Redondo Beach houses for sale.

South Redondo Beach single family houses for sale under $1,000,000
South Redondo Beach single family houses for sale $1M-$2M
South Redondo Beach single family houses for sale over $2M
South Redondo Beach single family houses for sale with 3 bedrooms+


TOWNHOUSES

There were 7 townhouses sold during February. The prices ranged from $590,000 for a 3 bedroom 1778 sq ft unit on Giadalupe with ocean and PV views  to a high of $960K for a detached REO townhouse on Calle Miramar (that we have written about previously on this blog). Of the 7 townhouse sales in February, 3 were listed as detached and 4 were attached. We are now seeing a number of townhomes in South Redondo being sold at prices that previously would have been good deals in North Redondo. Curiously, many buyers are now gravitating towards 90278. We are not sure if that is a function of commute time or the price of gas but it is an interesting flip flop.

We continue to see that any view even a glimmer of blue water is either commanding a premium or just plain selling (which is a win with the number of homes listed for sale in the MLS). Even Palos Verdes views are commanding a premium. And "turn key" townhouses remains king. Along those lines, 122 S Guadalupe, which was extensively remodeled (very nice job) and had the standard configuration of 3 bedrooms, 2.5 baths and 1772 sq ft sold for the list price of $649,000 in 44 days. Here's how much upgrades can be worth. The front unit in the same building sold for $590,000 but needed work.

To view all the townhouses listed for sale in South Redondo Beach MLS, click here or follow the links below to search for other South Redondo Beach homes for sale.


South Redondo Beach townhouses listed for sale under $600,000
South Redondo Beach townhouses listed for sale $600K-$800K
South Redondo Beach townhouses listed for sale over $800K 
South Redondo Beach townhouses with 3 bedrooms+

CONDOS

Why pay rent when beach close condos are selling as low as these in South Redondo Beach?

During February 6 condos sold. Four were in "The Village" and 2 were on The Esplanade. Prices ranged from $214,000 for a studio with an ocean view to $510,000 for a 2 bedroom on the Esplanade. OK, most of these complexes do have rather high HOA dues, so it's not quite rent, but you get the drift.

As we've noted before, legally, there is no difference between a condo and townhouse. As the terms are used locally, condos refer to single level "apartment" like properties while townhouses are the multi- level attached or free standing units. If you want to buy a condo or townhouse, bear in mind that currently most lenders will not offer the same interest rate as on a single family house. You might pay up to a half a point higher for a loan on a condo or townhouse.

To search all the South Redondo Beach condos listed for sale in the MLS, click here.

Here's some other popular MLS searches to find homes for sale in South Redondo Beach:
New Listings - Homes listed in the MLS for less than 10 days
MLS Listings with Price Reductions
Bank Owned REO Foreclosures Listings
MLS Short Sale Listings