Redondo Beach Inventory Low and Prices are Up

Redondo Beach Contemporary in Golden Hills
Remember that B. B. King song, "The Thrill is Gone"? Buyers may soon be singing it. In unison. Redondo Beach housing inventory remains low and most of what does come on the market just isn't very exciting. Or interesting. Or a good deal even though these days for buyers a good deal quite possibly can be redefined as finding a property you want to buy and actually closing escrow.

As of this blog post there are 39 active North Redondo Beach listings (of which 1 is a mobile home and 5 are senior housing) and 47 in South Redondo Beach. If there were 85 in either zip code it would still be a seller's market.

I just did the rounds on Broker's Open (Thursdays from 12-2) as I do most every Thursday. To say I was singularly unimpressed by any new listings would be a massive understatement. And I wanted to come away being impressed and loving some of these. Here's why.

I've been clamoring for "contemporary", "modern", "architectural" homes in the South Bay for quite a while and I know I'm not the only one who really likes the Dwell design look and feel. Well we're finally getting some product and that's a good thing. As for price and what we're getting, that's something else all together.

Like many of you, I've been keeping an eye on the new construction on Reed in the Redondo Beach Golden Hills. The west side of Reed is one of my favorite streets because a) a number of houses are street to street lots meaning there is not a house behind you and b) some of the lots are larger than the usual 2500 sq ft lots found in Golden Hills.
I wasn't entirely surprised when I saw 1707 Reed (pictured upper left and below) come on the market for $1,389,000 a few days ago. It is an impressive looking 3 story new construction "Tall and Skinny". I really wanted to love this one, but alas, let down once again. It does have some extraordinary features, a 2 story living room and a great loft with city views. And lots of natural light. The interior style is exactly what I like. That's all the good news. On the other side of the equation, one of the downstairs bedrooms seemed too small to be very useful and the living room and dining room and well master bedroom for that matter, all seemed small as well. The MLS lists the house as 1970 sq ft and the lot as 2200. So possibly with less land to work with, the 1st and 2nd floor rooms are compacted and the open 3rd floor is where they make up some living space. I'm also struggling with a $300K premium over 1617 Clark Lane which closed escrow at $1,070,000. Clark is in a somewhat worse location because it is very close to the commercial buildings on Aviation. But it is a 4 bedroom, with all bedrooms upstairs and is larger. (There's a "sister" building on Clark that is in escrow - let's see what that one sells for.)

Onward and upward, or I should say further south to South Redondo Beach, I also previewed 2 brand new modern attached "modern" townhomes on Vincent just west of Prospect. Because these units, at 1104 Vincent sit on a corner and not one behind the other, they do not have the feel of most attached townhouses and represent a very clever use of the 6000 sq ft lot.

These 4 bedroom properties are listed at about 2500 sq ft but feel much larger than Reed listed at a little less than 2000 sq ft. The 2nd floor great room is spectacular, there is a ton of natural light and the kitchen is larger and open.

But there is something strange about the floor plan (at least to me). The master bedroom and 2 of the other bedrooms are on the main floor and the feedback I heard from other Realtors at the Brokers Open was kind of like living right on the street (or something like that). There is a 4th bedroom on the 2nd great room level. List price for each unit is $1,379,000.

Another contemporary project in the same vein by (I believe) a different builder is the new construction at 1810 Harriman in North Redondo Beach. These homes, are your standard 2 on a lot configuration with 4 bedrooms plus a bonus room in a 2500 sq ft layout and priced at $1,150,000. Both units are already in escrow (wow). I liked those better and at a $200K+ savings.