What is interesting, at least to me, is how fractured the market has become relative to absolutely inconsistent pricing and marketing of properties. Or, as I've been known to say, there's just enough data available to the public for buyers and sellers to become totally confused.
Let me start out with the 2 on a lots we saw and then I want to make some comments about 3 on a lots.
A property I really liked is 2206 Huntington Lane Unit A (pictured above). It is your standard detached late 80's floorplan with three bedrooms upstairs. There is both an eat in area in the kitchen and a dining room. I have seem this floor plan nicely remodeled with the kitchen opened up to the dining room creating an even greater open area. There are three decent sized bedroom upstairs and the master has a fireplace (in addition to the fireplace downstairs). This unit is in nice move in condition and faces south. It is priced 1917 sq ft and priced at $759,000 which seems reasonable out of the gate. But when I went back and looked at some comps, not so sure.
|Recent 90278 3 Bedroom Townhouse Sales|
So where this gets confusing for the public is when you see attached 3 on a lots selling for higher than the detached 2's, or at least listed for more. A good example would be let's say 2222 Rockefeller Unit B (pictured) which is listed for $735K, It is a 3 bedrooms, 1792 s1 ft, middle unit. So more density, no yard (or terrace), but newer. In fact I can think of a number of 3 bedroom 3 on a lots that have sold for higher than these detached 2's (including some of my own sales).
Right now when comparing newer 3 on a lot 3 bedroom townhomes to older 2 on a lot 3 bedroom townhomes you have to factor in the cost of updates. On an approximately 2000 sq ft property you could easily spend $20K on (very) nice engineered hardwood floors. A full kitchen remodel can easily run another $30-50K. So to bring these older properties up to comparable condition to a home built after 2000 can easily be a $50,000 investment (or more).
For those buyers who think the market is slowing down, here's what's going on.
As of today, there are 55 North Redondo Beach listings but only 22 of them have been on the market for less than 30 days and only 9 new listings the last 7 calendar days. So far this month, there have been 18 closed escrows. I'm expecting a flurry of activity over the remaining 10 days this month including 4 of my own sales to close in North Redondo Beach but I would be very surprised if we got much over 50 sales this month meaning that we're still running at about a month or so of inventory. Unfortunately the absorption rate is somewhat misleading because as indicated above 60% of the listings are over 30 days old and 19 (34.5%) are over 60 days old.
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