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  • Redondo Beach / Area 151: Home Sales August 2013

    Posted on September 19th, 2013 acimetta No comments

    North Redondo Homes Sales August 2013

    Seventeen homes sold in August 2013 in Area 151 in North Redondo. This is 2 less than the number of homes sold in July, and 4 homes less than sold one year ago in August 2012. In most cases, it has continued to be a sellers’ market although buyers still have the advantage of buying homes at prices below the peak of the bubble and at low interest rates.

    New construction is still a good buy considering you can spend the same (and even more money, in some cases) and get a town home that is up to 7 years old. Most homes are still selling quickly… many within the first week. And this translates into offers coming in immediately followed by a couple of days of negotiations before an offer is accepted.

    One of the sales that really surprised me is 2144 Perry Ave. It’s a single family that had an addition. It does have a lot of square footage, but there is only a one car garage and it’s lacking in the quality department. this one sold for $1,115,000. This surprised me and many of my colleagues, but it showed that buyers are still feeling that desperation to get in the market and ultimately willing to pay a premium.

    Address Sq Ft. Lot Year B/B DOM Sold Price Original List Diff
    2219 Curtis Ave, #C * 1,060 7,499 1975 2/2 7 $464,000 $499,000 -7%
    1900 Voorhees Ave, #B * 1,471 1987 2/3 6 $553,000 $495,000 +12%
    2512 Gates Ave, #B * 1,610 7,526 1999 4/3 48 $667,500 $663,999 +.5%
    2811 Barkley Lane 1,064 5,872 1947 3/1 21 $669,000 $669,000
    2225 Mathews Ave, #C * 1,718 14,687 2000 3/3 8 $700,000 $649,000 +8%
    2223 Voorhees Ave, #B * 1,955 7,504 1981 3/3 8 $708,000 $700,000 +1%
    2415 Thomas Ave 1,590 6,550 1945 4/2 49 $722,150 $724,900 -.4%
    1918 Ruhland Ave, #B * 2,477 7,513 1987 3/3 0 $725,000 $725,000
    1921 Nelson Ave, #A * 2,054 7,480 1990 4/3 56 $750,000 $775,000 -3%
    2116 Plant Ave, #A * 2,050 6,655 1989 3/3 5 $817,500 $799,000 +2%
    2205 Nelson Ave, #B * 2,387 7,495 1986 3/3 34 $820,000 $769,000 +6.5%
    1913 Nelson Ave 2,180 1959 4/3 49 $828,000 $859,000 -3.5%
    2003 Curtis Ave, #A * 2,085 7,501 1990 4/3 9 $830,000 $779,000 +6.5%
    1914 Ernest Ave, #A * 2,300 7,500 2004 4/3 1 $910,000 $910,000
    2109 Plant Ave, #B * 2,357 7,504 2006 4/3 11 $930,000 $929,000
    2021 Gates Ave, #B * 2,508 7,481 2013 4/4 1 $959,000 $959,000
    2204 Plant Ave, #A * 2,500 6,645 2007 4/3 6 $959,900 $959,900
    2144 Perry Ave 3,134 7,509 1947 5/4 14 $1,115,000 $1,150,000 -3%

  • Taking the Real Estate Market’s Temperature: A Seller’s Market

    Posted on June 25th, 2013 acimetta No comments

    For the past several months in the South Bay, we’ve been experiencing a frenetic market where listings are sold in days, if not hours. If you blink, you miss them. Multiple offers on properties have effectively pushed prices up quickly. And there is no sign of a slow down yet. With that being said, this is a great time to be a seller. If you’ve been thinking about selling, you may want to take advantage of this climate: very little competition and desperate, aggressive buyers.

    If you wait too long and put your home on the market when everyone else does, then buyers will have their pick of their homes and prices will begin to stabilize. However, if you remain ahead of the curve, you will benefit from this buyer frenzy we are experiencing.

    If you would like to discuss your options in more depth, don’t hesitate to contact me at 310.542.9054.

    The chart above represents the Properties for Sale vs. Sold Properties vs. Properties in Escrow (pending) in North Redondo (zip code: 90278) for the time period of December 2012 – May 2013. You can clearly see that the number of homes for sale have not been able to keep up with the homes sold.

     

     

  • Testing the Strength of the Redondo Beach Market Part 2

    Posted on June 6th, 2013 acimetta No comments

    Redondo Beach Home Sales

    To follow up on my blog post on May 16th, the market is continuing to go crazy. All the listings that I earmarked 2 weeks ago: 2500 Ruhland, 2204 Plant, #A and 1933 Gates Ave, #B have all gone into escrow. 2500 Ruhland was on the market for a total of 7 days before it went into escrow. High tension wires not a deterrent; this home will sell for full price or over asking. 2204 Plant Ave, #A is in escrow after 24 days and 1933 Gates Ave, #B sold for $968,000 ($19,000 over asking). More and more 4 bedroom town homes in North Redondo are hitting the $900,000 and higher mark. We’re experiencing a quick and steep increase in prices. Hopefully, it will encourage more people to put their homes on the market in order to meet this pent up demand.

     

    New Listing in Redondo Beach

    1909 Morgan Lane, #A is another test of the market. This is a 4 bedroom detached town home (front unit) that came on the market today. It’s a clean 1992 build with some updates. It doesn’t have the beautiful detailing that some of the newer town homes have. And the bathrooms are not redone; they have the original tile counters. The sellers are asking $811,000. Are buyers so desperate that this second tier (in quality) town home will be bumped into the $800s? Or is there a limit to their madness?! We shall see.

     

    Home Buyers’ Frustrations

    What I can tell you is that many buyers are frustrated because they feel themselves being priced out of the market. I tell my clients who have missed out on a number of properties (and they have been aggressive in their offers) that they just need to stick with it. Everyone is feeling the pain; it’s not just them. It just takes time. The good news is that even though prices are going up, interest rates are still extremely low. And increase in price has less impact on your monthly payment, then an increase in price does. There is also the option to look for properties that may need some more work. You can buy something less expensive and then remodel it to your tastes. And these properties may have fewer people bidding on them since they are not turnkey.

     

  • North Redondo For Sale vs. Sold Aug 2012 – Jan 2013

    Posted on March 5th, 2013 acimetta No comments

    <iframe src=”http://post2web.trendgraphix.com/FactsAndTrends/Post2Web.aspx?FtId=22c74e07-ddee-4543-b9fd-549d95100924” width=”690″ height=”600″ frameborder=”no” scrolling=”auto”></iframe>

     

    In this graph you can see that inventory continues to dwindle. And in the past few months, the number of transactions that have closed actually out numbers the number of homes for sale. Buyers are desperate for properties. This could be a great time to put your home on the market, if you have been considering it. As I stated in an earlier post today, many properties are get multiple offers and the prices are being pushed up.

  • South Redondo Home Sales July – December 2012

    Posted on January 26th, 2013 acimetta No comments