News and Updates Redondo Beach Real Estate: Week of 10.6.2014

How does 5-5-5 sound? That's the number of new listings, closings, and pendings this week in North Redondo Beach CA.  Ironically the number of expired, withdrawn, cancelled, and held listings was higher than the new listings: 8-5. What's going on?

As I've been writing about the last few posts, it seems that the market for home sales in North Redondo Beach is slowing as we head into the the winter holiday season. Also as I've mentioned before, things are not slow for me. I currently have 4 N Redondo Beach listings in escrow. Here's what is going on.

Many Sellers are still trying to push the prices up and Buyers are pushing back against any and all over pricing. In other words, business as usual.

This doesn't mean that if you have a home to sell with some unique features and amenities that you can't get top dollar. For example, I am selling a few Casner townhomes that are each unique in their own way and bringing top dollar for resales in this market. But not every property will get that response and as a seller you have to price your listing at or below the market and not "test the market".

Speaking of which there were also 3 price reductions which only means one thing - no takers at the previous price because it was either too high or there is something else wrong. As of today, 60 active MLS listings in N Redondo Beach, 59 in escrow but only 34 sold over the last 30 days. So, more or less we're creeping up to 2 months of inventory on hand. Do I hear more price reductions anyone?


Redondo Beach New MLS Listings Week of 10.6.2014

Interesting new entires between $600K and $930K. Probably the $799K price point is about right for 1980's Golden Hills Tall and Skinnies these days. The floor plan with only 2 bathrooms, ie the "master" is shared with guests on the second floor has been a tough sell as of late as has the first block in from Aviation of late. The other Golden Hills listing at 1608 Lomax I don't get at all for $849K even though it has been very nicely updated and you can walk to Jefferson. Views or not,  it is less than 1500 sq ft and only two baths. On a positive note, at least with a smaller footprint house you have a little larger back yard.

1805 Harriman Unit A is an older variation of my listing at 2117 Huntington: 2750 sq ft attached front unit 2 on a lot townhouse with 4 bedrooms. Harriman is just old enough that it needs updates (the gold hardware and trim in the bathrooms, white appliances in the kitchen). I think $899K would have been more accurate pricing even though it does have A/C which considering how hot it has been this October is a good thing!

SOLD WEEK OF 10.6.2014

So as previously mentioned, there were five closed sales last week. Okay, it was first week of the month but that would put us considerably off the yearly pace. The closed sales reflect the market 30-60 days ago and here's what we have:

These Redondo Beach listings closed escrow last week
1701 Morgan has been an interesting listing (other than the sideways picture). It started out too high. Way too high at $949K (with a 2%, less than standard, commission for the selling agent). Its your reverse floor plan Golden Hills 19080's Tall and Skinny with the extra half bath. Lowered to $849K, it sold.

2512 Spreckels is your typical "El Nido" 19050's 3/1/ SFR remodeled and went for $695K. Interesting pricing going on right now just north and south of 190th. If we put this house over in West Torrance it may have gone for $50K - $75K more more. 90503 has become one of the hottest zip codes in the South Bay for SFRs. Inventory is very low and multiple offers are common. Anyway back to Spreckels. Nicely remodeled and updated and listing by Nordine. You may know that name from when Leo was the REO king a few years ago but that market has dried up for sure.

Quick pricing guide.

Expect to pay low to mid $8's for a decent 1980's Golden Hills Tall and Skinny with some updates. New homes built in the '90s or this century can bring in the $9's and with any extra amenities, ie a loft or a 4th bedroom or standard floor plan, expect to pay high $9's or break $1M. That being said I totally don't get the Amir Amiri contemporaries on Clark.

Newer detached 4 bedroom 2 on a lots are selling low $9's to over $1M. Older properties mid to high $8's and about $850K is the new normal for attached remodeled units.

The 3 on a lot market is all over the place with 4 bedroom units being in high demand particularly if they are larger and newer. Of course everyone wants the "C" unit with the backyard. Recently I sold a  C Unit 4 bedroom for a little over $800K. Meanwhile older and smaller 3 bedrooms can sell in the $600's. Some newer B units are listed close to and over $700K. Good luck with those unless they have exceptional features or are very new.

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