Redondo Beach 90278 Homes for Sale: Sales Activity Week of 9/1/2014

There was a crush of new listings in North Redondo Beach (90278) last week with 16 properties hitting the MLS, one of which went into escrow after 3 days for a net new of 15. Additionally 7 more properties either were re-listed, had price reductions or increases or were otherwise "churned" somehow showing up with new listings. Some of this burst of activity was no doubt due to properties that were held off the market the previous week due to the long Labor Day weekend.

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
The eight properties that closed escrow ranged in price from $475,000 for a 2 bedroom, 1.5 bath at 2413 Carnegie Lane up to $1,019,000 for a 4 bedroom 3.5 bath detached 2 on a lot townhouse built in 2012 at 2222 Bataan Road in MLS Area 151 "Villas North". The median price was $874,500 and the average price was $812,487. Average days on market (DOM) was 39. MLS Area 151 "Villas North" recorded 5 sales while there were 2 in "Villas South" of Artesia (MLS Area 152) and one in Golden Hills. No sales in "El Nido".

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
1811 Goodman in the Redondo Beach Golden Hills was initially priced at $859K. My humble opinion $849,000 would have been a better price out of the gate. It was subsequently reduced to $849K and then sold for $839,000 after 44 days on the market. Surprising to me considering how hot Golden Hills Tall & Skinny SFRs have been.

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
Of the six homes that went into escrow, 4 had already had price reductions and 3 were on the market for longer than 56 days including 2700 185th St which was listed for a whopping 167 days. Ouch. That 3 bedroom 1 bath 1034 sq ft SFR on a 5449 sq ft lot in the El Nido neighborhood started at $619K and you know what I think of that pricing methodology. It really should have been at $599K to start. Most recent list price was $574,900. We'll see what it finally sells for. I'm guessing less.

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
Speaking of newer and nicer, I always liked 2620 Robinson (pictured left) which was just built in 2012. It is an almost 3000 sq ft (per the builder) Craftsman style 4 bedroom (including one on the main floor) SFR in the TRW tract neighborhood. Priced at $1,399,000 on a 5158 sq ft lot and expect it all including a great open floor plan, quartz counter tops, distressed hardwood, center island kitchen, tankless water heater, backyard, stamped concrete driveway, and ready for A/C (my new theme).

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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