North Redondo Beach Real Estate Sales November 2011: Prices and Values for Condos, Townhouses, and Single Family Homes
During November there were 30 home sales in North Redondo Beach as reported in the MLS. Of these 17 were single family houses, and the balance were either attached or detached townhouses which as we point out quite often are, in fact, all zoned "condo" from a legal perspective as there are CC&Rs, a HOA association (either active or not) and common areas.
What's hot in Redondo Beach Real Estate? The sub $500K price point and particularly sub $400K homes are selling and selling quickly. Anything in the Jefferson Elementary School area is highly desirable as is new construction or "turnkey" properties. While there is always a market for "fixers" truthfully, many sellers are over pricing these homes. if you have a townhouse to sell, you are in better shape if it is detached or at least an end unit and unless there are special amenities, buyers are looking for low HOA dues.
MLS Area 152 (South of Artesia Blvd) continues to be very desirable with 10 homes sold. Area 151 (North of Artesia Blvd) had 6 sales as did El Nido. There were 8 houses sold in the Golden Hills (Area 154) which was a very strong month for Area 154.
There were 4 bank owned foreclosure sales (REO) and 2 short pay (short sales). This is consistent with the recent trend we've seen of 20% of real estate being sold in North Redondo Beach categorized as "distressed". The 4 REO sales refelct the growing inventory of bank owned properties which has steadily grown over the last year (see chart below). In fact the bank currently are carrying enough homes in their inventory to satisfy almost 2 months of sales! Fortunately for equity sellers, all these properties are not being placed on the market simultaneously.
Here's a recap of some properties that interested us because they were great deals, bad deals, or for some other reason. Scroll down for a list of all the sales for November.
oversized street to street lot with no rear neighbors. The unique floorplan features 4 bedrooms upstairs, and one bedroom/office downstairs. Large open kitchen and family room offers a great entertaining space along leading to a large patio with fireplace, water feature, and grassy backyard. 5 bedrooms, 2.5 baths, 3200 sq ft lot, 2470 sq ft house. Listed by Shorewood Realtors.
Natural maple cabinets in kitchen and bath, hickory distress hardwood floors in living and stairs. Kitchen and bath finished with travertine and marble. There is a second bedroom adjacent to master bedroom which makes this townhouse floorplan a lot more useful than the standard 3 bedroom with only 1 bedroom upstairs. It was originally listed for $689,000 which was considerably over priced considering how far east it is located. This townhouse eventually sold for $620,000 after 195 days on the market. If you are looking for new construction, this MLS "quick search" should be useful:
North Redondo Beach New Construction Townhouses, Condos and Single Family Houses for Sale
FORECLOSURES - REOs and SHORT SALES
As noted above, homes in some state of foreclosure, either short sale or bank owned REO, accounted for 20% of the properties sold in Redondo Beach during November. Probably the best deal in this group was the REO at 1922 Gates Ave Unit A. This detached townhouse just 1 block east of Manhattan Beach was built in 2005 and measure an incredible 3020 sq ft. At a sale price of $675,000 that's $223.51 per sq ft.
We also liked 609 Meyer Ln Unit 3 which is a 3 bedroom townhouse measuring 1479 sq ft. Unlike other units on Meyer, all the sq ft was above ground and included in the tax rolls. The kitchen needs a major update but the master bedroom was quite large and has an ample walk in closet. The property features a large living room with a real wood floor. That townhouse unit sold for $395,000 and was purchased for all cash so maybe it is going to be used as an investment property (possibly grossing $30K plus per year). The sub $400K price point remains very, very hot real estate in both North and South Redondo Beach. North Redondo Beach REO Foreclosures - Townhouses, Condos and Single Family Houses listed in the MLS.
The short sale at 1104 Harkness was a great deal for the buyer at $299K. Wow. The location is excellent, and with a reverse floorplan having the bedrooms downstairs, this unit does not feel "apartmenty" (yes, we know that's not a word) and has a usable upstairs great room, terrace, and fireplace. There are a number of short sale opportunities right now in North Redondo Beach and it is easier to get this files approved than previously if the agent is experienced and the seller cooperates.
North Redondo Beach Short Sales - Townhouses, Condos and Single Family Houses listed in the MLS.
We've long maintained that detached townhouses (2 on a lots) in Redondo Beach remain some of the best values in Los Angeles County. Many of these properties have inactive HOAs (no dues) and homeowners are free to arrange for their own insurance (including earthquake), gardening, and other services. While 90% or more share common driveways, there are some corner units having no common driveway (and the need to have joint liability insurance for the common area). Both varieties are for all intents and purposes (almost) single family houses) and many lenders and FHA are less stringent in their requirements re: HOA cert in order to approve loans.
We really liked the sale at 1813 Belmont Lane Unit A. Here's why. It is a front unit with both a front and back yard, 4 bedrooms, over 2400 sq ft, built in 1999, upgraded with Brazilian hardwood floors and all the bells and whistles and within walking distance to Jefferson Elementary School. About the only downside is that it is on the north side of the street - a sunny backyard would have been a nice touch. The detached townhouse sold for $789,000 which we thought was a great deal for the buyer. The listing agent was Shorewood Realtors. Here's some others: North Redondo Beach MLS Listings - Condos, Townhomes and Single Family Houses for Sale $600,000 - $800,000.
SINGLE FAMILY HOUSES
717 Amy Lane, Redondo Beach, CA: This 5 bedroom, 4.5 bathroom, 3301 sq ft single family house on a 5000 sq ft lot has all the bells and whistles you would expect for a home built in 2000 and sits on a "private" street. Granite, maple, stainless steel, 3 fireplaces, marble, frameless showers, etc. While some buyers might not choose this location as their first choice, try to find another 5 bedroom of this size and age in this condition in North Redondo. You won't.
1824 Harper Av, Redondo Beach, CA: Also built in 2000, this Golden Hills single family residence (SFR) sits just a few lots removed from Manhattan Beach and from this location you can walk or bike to the beach in Hermosa. This is your standard Golden Hills tall and skinny and was updated just last year. Harper is a very desirable location sitting on the border of both Hermosa and Manhattan Beach. A few steps in either direction and the price would be considerably higher.
REAL ESTATE FORECAST
The shadow inventory of bank owned REOs that are not currently on the market has been above 50 in North Redondo Beach for the past few months. With about 33 homes per month being sold (on average) during 2011, this means that there is about a month and a half of inventory backlog just from the bank's REO inventory alone. If the banks only place a few of these on the market at any given point then, like maybe 3-4 per month, it would take a year just to clear the current inventory.
If you want to buy Redondo Beach Real Estate and can wait, time is on your side if you are willing to put up with the hassles of buying a REO. If you want to sell Redondo Beach Real Estate, work with an agent who will set your expectations reasonably, study the data carefully and price your home to sell. There is no "testing the market" right now and you do not want to see your equity eroded as one of the bank owned REO foreclosures hits the market.
Prices in some segments and neighborhoods will continue to decline, possibly as much as 3-5% this year, while other home prices will stabilize.
If you've been tracking MLS sales as reported by CRMLS using the zip code 90278 only, the report indicates that there were 31 properties sold during November. Actually, this mistates the sale at 18219 Grevilea which is in the El Nido area having a Redondo Beach mailing address and Torrance services.
MLS "QUICK SEARCHES"
North Redondo Beach New Construction Townhouses, Condos and Single Family Houses for Sale
North Redondo Beach New MLS Listings - Condos, Townhomes and Single Family Houses for Sale
North Redondo Beach Short Sales - Townhouses, Condos and Single Family Houses listed in the MLS
North Redondo Beach REO Foreclosures - Townhouses, Condos and Single Family Houses listed in the MLS
North Redondo Beach Recent MLS Price Reductions - Townhouses, Condos and Single Family Houses for Sale
North Redondo Beach MLS Listings - Condos, Townhomes and Single Family Houses for Sale less than $600,000
North Redondo Beach MLS Listings - Condos, Townhomes and Single Family Houses for Sale $600,000 - $800,000
OTHER BEACH CITIES REAL ESTATE WEBSITES
Hermosa Beach Real Estate: www.90254realestate.com
Manhattan Beach Real Estate: www.90266realestate.com
South Redondo Beach Real Estate: www.90277realestate.com
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