Redondo Beach Townhouse Guy Sells Tall & Skinny SFR in Golden Hills

If you live in North Redondo Beach, you've driven this house a million or so times. It sits almost at the corner of Aviation and Grant (Ormond) right across the street from the 7-11. Mu buyer clients closed escrow on this Tall & Skinny Single Fanily House in the Golden Hills last week. As things are going, this one actually turned out to be quite a deal.

1600 Wollacott is, as mentioned, a Tall & Skinny in the North Redondo Beach (90278) neighborhood of the Golden Hills. Unlike other similar homes that typically are about 1800-1900 sq ft on a 2500 sq ft lot, this property has 3 levels and 4-5 bedrooms depending on how you count them and is 2394 sq ft. At a sales price of $800,000, this home sold for far less than other similar properties at a remarkable $334 sq ft when the "new normal" in the neighborhood is $400 and over.

My buyer clients were fortunately able to see past some of the surface problems and blemishes and we calculated that even if they spent $100,000 in further upgrades and remodeling, that would only add about another $41 per sq ft to the cost and they would still be well within and under my benchmark of $400 sq ft plus everything would be done exactly as they want it. This home was an excellent example of you can't judge a book by its cover and there was a lot more here than meets the eye. Fortunately for my clients, others missed out. This was my 3rd Golden Hills SFR sale in the past year. This particular home sits in the sub neighborhood often referred to as the Golden Triangle.



But, just to keep in the spirit of things, let me also tell you about my two most recent townhouse sales in Redondo Beach.

I also just sold  1835 Rockefeller Lane which is a middle or "B" unit of a 3 on a lot townhome building. What it had going for it is an amazing contemporary remodel creating an almost "art gallery" effect, great location, and a better elementary schoold (Birney) than some of the units located further east in MLS area 152.

3 on a lot townhomes are in high demand and have seen substantial price improvements of late. As prices of 2 on a lots, particularly newer or updated 4 bedroom units, have escalated to over $800K, 3 on a lots have become hotter commodities. Most in demand are rear C units with exclusive use backyards followed closely by front or A units. The 4 bedroom floorplan, which was a tough sell as recently as last year at this time, has increased in demand because many families with young children prefer to have an extra bedroom upstairs until such time as the child can move to one of the downstairs bedrooms.


I initially listed the1835 Rockefeller Unit B for $649,000 and we had offers almost immediately. It sold for $665,000 and the sellers also were able to retain possession (free rent back) for an additional 30 days. Wow, talk about a seller's market, lol.

I also just sold 1506 Perkins Ln in North Redondo Beach. It is a 4 bedroom attached 3 on a lot townhouse on a north-south street so there is no common driveway, only one common wall and a front and rear (side) yard. While it is a reverse floorplan, there are 2 bedrooms upstairs (including the master bedroom) and 2 downstairs making this an excellent floorplan for growing families and those with younger children.

This sale is an excellent case study of what buyers (and their agents) may sometimes have to do in order to get a home in the current market. This townhome hit the market just as prices started an unprecedented spike recently.

It was initially listed in the MLS for $639,000 on 7/28/2013 and received 17 offers. Not a typo, there were 17 offers. The MLS listing did state that the sale was contingent on the sellers finding an upleg which is fairly common these days. What it did not state was that the sellers also wanted a leaseback, 60 day escrow with the option to extend another 60 days and just for kicks the new normal, "no appraisal contingency". I have to assume a number of buyers dropped out just in terms alone.

My clients were very enthusiastic about the propetty as it ws in impeccable condition and move in ready. I was confortable that I could get an appraisal of at least about $650K and if they could risk the difference, that was reasonable under the circumstances. As for the extended escrow period and seller contingency, I felt very confident that the listing agent from RE/MAX, who I had worked with before, was not wasting her time and that she would find a new home for the sellers. Guess what, that's how it played out and escrow closed about 30 days after acceptance more or less. And as for that leaseback, turns out it's only for about 10 days or so and the sellers are paying my client's PITI (principle, interest, taxes, and insurance), in other words their carrying costs. And based on current sales trends, the final sales price of $685K is a pretty good deal. Oh, and it appraised for the sales price. How do you like that> So all's well that closes! MLS SB13141013.

On a different topic, I'm up to 31 5 Star Zillow reviews (and counting). The latest one was from the buyers of 1600 Wollacott St.

Read more about my recent sales at www.ellisposner.com or like socalistings on Facebook.