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.
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.
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.
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
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.
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
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.