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  • The Redondo Beach Market Continues to Rise

    Posted on March 5th, 2013 acimetta No comments

    Prices continue to go up in Redondo Beach. Case in point, 1625 Morgan Lane came on the market last week (brokered by KW). This is a 3 bedroom Tall & Skinny in the Golden Hills, close to Jefferson Elementary. It has been nicely remodeled. The kitchen has been redone, There are hardwood floors downstaris. And unlike most Tall & Skinnys, all the bedrooms are upstairs which is a huge selling point. The bathrooms were not remodeled, but are very clean. The biggest down side, in my opinion is that the living space (on the first floor) does not get much light. Anyway, it was priced at $759,000. In a few days, the seller had amassed 16 offers, going well over asking. I can reveal the final price once the property closes. This home is ultimately going to sell for more than it may even appraise at. However, the winning bidder may have removed the appraisal contingecny, eliminating this issue altogether.

    A few more examples are:

    1641 Ford Ave: Listed at $699,000. Sold at $720,000

    1517 Stanford Ave: Listed at $739,000. Sold at $769,000. This was my listing. I had 4 offers and the winning bidder was all cash, no appraisal contingency.

    1503 Stanford Ave: Listed at $759,000. Sold at $7990,000

    1610 Van Horne Lane: Listed at $825,000. Sold at $840,000.

    Buyers are being aggressive. If inventory continues to remain low, this marke could continue to rise. The question is are we creating another bubble?

  • Real Estate Advice: Low Appraisal for Refinancing

    Posted on January 29th, 2013 acimetta No comments

    You can always try again. It’s just going to cost you each time you have to order an appraisal. When an appraiser is assigned you should make sure that this appraiser is familiar with the area. if the appraiser is from out-of-the-area, then you can request a different appraiser. Also, you should pull comps that you can give to the appraiser to help them do their job. You can probably ask your real estate agent to do this for you. I have clients who call me all the time for this assistance.
    But keep in mind, appraisals for re-fi’s typcially come in lower than appraisals for purchases. One main reason is that when it’s a purchase the appraiser knows the purchase price and they just have to confirm if the price is above, below or at market value. When it’s a re-fi, the appraiser is not using any number to compare against. They have to come up with a number just based on the research they pull, and they are usually more conservative. For instance, I had clients who tried to re-fi their home. The appraisal came in at $1,100,000. But when we put their home on the market a few months later, I got it appraised at $1,335,000 (the selling price)..