Eight properties closed escrow this week (remember that Monday was a legal holiday and nothing happened) and 6 homes went into escrow (MLS status "backup or pending").
As of this blog post there are currently 73 homes listed for sale in North Redondo Beach CA. This compares to 76 in South Redondo Beach, 35 in Hermosa Beach, and 60 in Manhattan Beach. For North Redondo Beach this is the most inventory I've seen on the market in quite a while.
Let's take a deeper dive into the recent sales activity.
REDONDO BEACH HOMES SOLD WEEK OF 9.1.2014
|North Redondo Beach Sales Week of 9.1.2014|
But here's the analysis you really need whether you are buying or selling.
Four properties sold above the asking price, 3 of which were below the average or median sales price. Another four sold below the listing price and all of those were above the average sales price. So what should that tell you? Basically that prices will tend to gravitate towards the median or average.
The 2 bedroom on Carnegie that was the lowest priced sale was listed at $469K and sold for $475K for cash (assume investor) in 11days. 2512 Curtis #4 was listed for $599K and sold for $607,000. 1916 Marshallfiled Unit A was listed for $699,900 and sold for $719,000 and 2112 Bataan Rd Unit B was listed for $899,999 and sold for $910K.
These four are excellent examples of my advice to sellers: price your home just below the relevant "comps" and if possible within the top half of $50K search quadrants and "the market" will bid the price up. You DO NOT have to price higher than you really will accept (yes I know you want as much as possible) to "leave room to negotiate".
Let's look at the 4 that sold for less than the MLS list prices.
|Townhouse Sold for over asking price|
2302 Vail was listed for $959K and sold for $949K after 48 DOM. This property was advertised as a SFR but is in fact a detached 2 on a lot townhouse (LA County property tax records show use as "condominium".)
These last 2 listings support my notion of NOT going $9-10K over a search bracket; ie list at $749,000 not $759K.
2110 Gates was originally listed for $999K and sold for $950K after a price reduction to $975K. That one really was a 2460 sq ft SFR on a 7504 sq ft lot.
And 2222 Bataan sold for $1,019,000 after 43 days as I mentioned. That listing started at $1,049,000.
IN ESCROW N REDONO BEACH WEEK OF SEPT 1st
|These listings went into escrow this week|
Another one with bad pricing was 2219 Rockefeller Unit B which originally started at $685K and was lowered to $665K. And its a SHORT SALE. Price it at $599K, not the retail price. Short sales are supposed to be "deals".
Here's an example of how sometimes numbers lie and as I am known to say, there's just enough real estate information available on the internet to get the public totally confused.
2321 Vanderbilt originally was listed for $675K on May 16th yet it only shows 17 "days on market". How could that be. It was put on hold numerous times before it was finally reduced in price to $560K. It is a probate sale and this one requires court confirmation which is not for the uninitiated or feint of heart. Particularly if you are a a first time buyer.
NEW 90278 MLS LISTINGS WEEK OF SEPT 1st
As I started out mentioning, a flood of new inventory here. There's a few properties I really like.
2004 Harriman Ln Unit B has one of my favorite floor plans for detached 2 on a lot townhomes. This is the layout with the extra bonus room at the top of the stairs on the second floor. Expect the usual crown molding, plantation shutters, coffered ceilings, stucco arches, double ovens, and everything else jammed into these mini mansions. This particular property has A/C which I think is becoming more and more useful these days and while it was built in 2004, has had numerous updates and upgrades including new stainless steel appliances. Priced at $980K which is where the newer, nicer, detached properties seem to be heading these days.
|Resale SFR built in 2012|
An interesting property is 1204 Mackay Ln priced at $729,000. It reminds me of the before of 1506 Flagler which had been heavily remodeled and they just couldn't seem to give away. Flagler was much further west but possibly that one was a marketing snafu. 1204 Mackay is a 1388 sq ft SFR on a 2502 lot. It's not a Tall and Skinny but does have 3 bedrooms and 2 baths (even if they do need some updating). It is listed by Hoffman and Murphy who usually price their listings to sell very quickly the first week. I can't expect that they expect to get multiple offers over the asking price on this one but who knows these days.
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