First, while inventory is still constrained and there are a lot of buyers in the marker, unless homes are priced attractively and/or have highly desirable features, as a seller don't expect to see the price increases we did last year at this time when we were still coming off a low. Meaning price realistically at or slightly below the last comparable sale and you will be happy with the outcome. If you get too far ahead of the market you may be sitting for a while or have to do a price reduction in to sell.
As a buyer, get used to this environment because it is not likely to change anytime soon. You'll see a trickle of new listings each week but the good ones will have fierce competition and the others, well you'll have to wait for the sellers to be willing to meet the market and not the other way around. Patience is your best strategy right now. Decide what you really want and be prepared to jump in when it becomes available.
2011 Farrell Av Unit A (pictured above and left) is a great example of a newer 4 bedroom detached 2 on a lot townhouse in a great location that just came on the market this week priced at $979,000. this is the standard floor plan with the first level living room and kitchen opening up to private rear yard featuring a combination hardscaped - landscaped with a gas outlet for BBQ. Maple hardwood flooring in living room plus fireplace and crown and base molding. Gourmet kitchen boasts granite counters, stainless steel appliances, and custom cabinetry. Sky light above stairway. Spacious Master Suite features 2 walk-in closets, vaulted ceilings, sitting area and Travertine fireplace. Master bath with tub spa. Laundry room with sink & cabinets. You've seen this before, just a nicer newer example here.
Priced slightly less at $899,000 (and older, built in 2004) is 1911 Dufour Unit A. Same basic 4 bedroom layout, but currently tenant occupied (doesn't show as well).
Here's a tip to buyers when you are looking at a property that needs updating. Don't estimate the cost and deduct that from the price ( as I know you all like to do), add the cost back to price and determine if that puts you at or below market value if it was updated.
Let's take Harriman as an example. If I bought it for $800K and put $50K into it, how does it compare to what else I could buy for $850K? You then have to also ask yourself if a) you have the time and inclination to have the work done and b) do you have the available funds? If you are a 20% down buyer that delta is really $40K out of pocket. But you'll have a lower mortgage payment and tax base.
Here's what I would do for $50K to any of these 2000 sq ft (+/-) properties: engineered wood floors and carpets, paint, reface cabinets, new kitchen counter tops and appliances, and other miscellaneous updates (ie roll up garage doors). That budget goes pretty quickly!
Since April 1, 2014, there have been 9 closings of detached 2 on a lots in North Redondo Beach. The highest priced sale was for a 5 bedroom that went for $960,000 and the lowest price was a 3 bedroom townhouse just under 2000 sq ft that sold for $730K. Here they are: