How Much do you think your Redondo Beach Townhouse is Worth?

As I often do on Thursdays from 12-2 I was out and about previewing the new Redondo Beach listings at what we call "Broker's Open Houses" which in 90277-90278 is on, you guessed it Thursdays from 12-2.

There were a few listings I liked, I'll get to those in a second after I write about one I liked but that was just at a not be believed price. High, that is. A little background. The property itself is in a great location, much larger than the competition, and was generally desirable (other than the price). There was no listing agent, or any agent for that matter, there. A neighbor was hanging around and chatting with agents as they came and went. As I was coming down the stairs I hear him on the phone with the owner telling him that he was getting feedback from the agents that the most likely selling price would be $850K (which I agree with). He then added that the only reason agents were saying that was because they wanted a "quick sale".

I introduced myself and shared with the neighbor that I couldn't help but over hear him but that I agreed, having just listed a property in the same neighborhood that is now in escrow for $849K that that was most likely a realistic selling price. I also pointed out to him to let the seller know that he was listing his home at about the price new construction is selling for (and the subject property is over 15 years old). To which he replied (again) that agents are just saying this to get a quick sale. So other than my personal feeling regarding how the public perceives us, I share this story with you, my readers, as a good indication of what is wrong with the housing market right now.

Many Sellers are a) entirely unrealistic about the value of their homes and b) unwilling to listen to professional advice.

Not a good combination.

I'm not inferring that every Buyer or Seller should blindly follow and adhere to whatever their agent tells them. There's lots of bad agents and even good agents sometimes give bad advice. But those of us who specialize in certain neighborhoods, look at a lot of properties, and do a fair number of transactions really do know what these homes will sell for. And no buyer these days is going to pay over $125K more than the most recent comp. Last tidbit on this one before I move on. The "listing agent" is out of area (OC) and the seller is handling all the showings. Great and great. Another time I'll write about my aggravation with out of area agents listing Redondo Beach homes too high and I'll just bet you can't wait to read that one!

On to other business.

Buyers demand for Redondo Beach Golden Hills homes continues on. I saw more than one agent bringing their buyers with them to today's Broker's Opens in Golden Hills.

My favorite new Golden Hills listing is 1127 Stanford Av priced at $879,000 which is pretty much right on the money. I really respect listing agents who are pricing homes about where they are going to sell instead of playing games to get multiple offers and boost their stats. 1127 Stanford is your standard Tall and Skinny reverse floorplan with 2 bedrooms downstairs and the living room, dining room, kitchen and master bedroom upstairs. It was built in 2004 and is in like new condition. It is highly stylized with hand painted tiles and stonework throughout. I remember seeing this one when it was new and actually like some of these features better today than I did 10 years ago. This property shows well and has a great feel to it and is in a great location. The listing Broker is Hill and Associates. MLS SB14080945.

Other newbies in MLS ARea 154 "Golden Hills" are 1728 Herrin St for $739K, 1638 Spreckels for $749K, and 1206 Stanford for $949K. 1749 Wollacott is back on the for $849K.

Three on a lot townhomes of all ages remain a staple of the North Redondo Beach inventory. This week we have 2 new listings on Mathews at 2602 and 2221. They are both listed by Shorewood Realtors although with different listing agents. I think they are both underpriced and good deals. When was the last time you heard me say that?

2602 Mathews was built in 1999 and is a bright and open rear-unit with 3 spacious bedrooms, 2.5 baths, 1,710 sq. ft. and private backyard. It is the standard reverse floor plan featuring a living room with high vaulted ceilings and a fireplace, leading out to a spacious deck. The elegant dining space is open to the kitchen with ample counter and storage space. The master suite features vaulted ceilings, and spacious bath with roman tub. The private yard lawn is landscaped and well maintained with wonderful fruit trees. Other features include: EcoWater Total Home and reverse osmosis water filtration system, freshly painted rooms and living spaces, new carpeting. It is priced at $659K although I have seen rear units (on Grant no less) sell for substantially more. All I can say is that maybe the listing agent, who is quite good,  is concerned that it is too far east to command over $700K or that backing up to commercial buildings on Artesia will be penalized. Could be, we'll see.

The other 3 on a lot is a front unit in the 2200 block (near the post office) and is a front unit just a few years older. Smaller and priced higher at $689K. Very interesting.

I didn't see 2114 Farrell Unit A because it isn't being shown until this weekend. It is priced at $849,900 which sight unseen seems about right to me. As I mentioned, my listing at 2114 Huntington Ln Unit A, which was slightly smaller and 2 years newer, sold for about this price. This home offers 2631 square feet of living space and was nicely updated in 2007/2008. Large Eat-In kitchen features newer cabinets and Caesar stone counters. Owner added wood floors to the formal dining and living rooms at that time as well. Living room has built-in window seat that overlooks the front lawn and vaulted ceilings. Family room off kitchen has fireplace and French Doors which overlook private patio area perfect for entertaining and barbeques. Upstairs are all 4 bedrooms. Large Master suite includes vaulted ceilings, fireplace, walk-in closet and a private balcony. Master bath has double sinks, jetted spa tub and separate shower. All three secondary bedrooms are large and have good closet space. So as I said pretty similar to my recent listing. Listing Broker is Berkshire Hathaway HomeService (which I think is about the worst name for a Real Estate company I've ever heard).

Which brings me back to the beginning of the post.

Why would a seller think their very similar property, even if it is 10 years newer and a slightly larger, would sell for over $125K more? Buyers have never had more access to information or been more informed than they are currently. And that's a good thing!