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  • 405 S Gertruda Ave, Redondo Beach – Real Estate Analysis

    Posted on March 14th, 2014 acimetta No comments

    405 S Gertruda Avenue in South Redondo Beach has been on and off the market over the past few years. It’s a lovely home with a lot to offer. And yet it hasn’t had an offer that has sealed the deal. This gives us an opportunity to look at one property over 3 distinct time periods in the South Redondo Beach real estate market.

    Here’s the history: The home was purchased in September 2005 for $1,480,000. As we all know, this was a market on an upswing. Sellers could do no wrong. Homes sold themselves and prices climbed quickly. Then in January 2010, the homeowner put the home on the market for $1,765,000. It was on the market for approximately 3 months. It didn’t sell, and not surprisingly. The market had pretty much come to a stand still, and in many cases prices had dropped back down to 2005 levels. There was no way this home would sell for $300,000 more than what it sold for in 2005 – not in this market. And it wasn’t going to sell at $1,685,000 later in the year when it was put back on the market again.

    Fast forward three years, and the home was listed for sale in July 2013 for $1,875,000. This was in the middle of a very hot market. But it’s also been a fickle market. Buyers have gone gangbusters on many properties and activity is rather subdued on others. And South Redondo seemed to languish behind North Redondo, Manhattan Beach and Hermosa Beach. After four months the listing was canceled. And now, in March 2014, it’s back on the market for the same price.

    Is there going to be anything different this time? One of its neighbors, 413 S Gertruda, sold in October 2013 for $1,700,000. It’s newer but smaller by about 500 sq feet. If 405 S Gertruda ultimately sells close to its asking price, then we are still in a very upward mobile market. But based on this recent comp, I would deduce that the value is below the $1.8 mark and not above it.

    405 S Gertruda shows very well. The views are gorgeous and the roof top deck is extremely usable. I’m not a fan of all the spiral staircases. (Loved them when I was a kid… could run up and down them all day long. But now I just get an awesome case of vertigo.) The neighborhood views are also picturesque. The kitchen is beautifully updated. The master bathroom is lovely. This house gives you a lot of space on a great street with great views. But it’s my feeling that it’s going to need to come down in price before someone is ready to step up to the plate. With that being said, there have been plenty of people stepping up this past year, setting new benchmarks. Only time will tell.

  • 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?