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  • New Listings in North Redondo Testing Market’s Upward Trend

    Posted on March 20th, 2014 acimetta No comments

    A couple of new listings that came on the market this week in North Redondo Beach have set price tags that are pushing the envelope. It will be a great litmus test to see if the market is in deed still climbing at a steady pace as we move into the heart of 2014.

    2022 Warfield Ave, #1 is a corner, detached townhome. These corner units are extremely popular because they feel like single families with their own, private driveway and what feels like a defined space, separate from your neighbor who shares the lot with you. The townhome on Warfield has a lot of space. The floor plan is not cookie cutter, and the kitchen has been updated. On the other hand, there is carpet throughout instead of hardwood (albeit, new carpet), and the bathrooms are original. This is a 1990 build. No other corner townhomes, built from 1988-1995 with less than 2600 sq feet have sold for more than $836,000, according to the MLS. This was the sales price for 2509 Phelan Lane which sold in October 2013. However, 2023 Nelson Ave, also a corner 1990 build, went into escrow after 12 Days on Market with an asking price of $899,000. This townhome also has an updated kitchen, but bathrooms.

    Then we have 2114 Huntington Lane, #A. This is a detached front townhome that was built in 1990 as well. It has the older floor plan with the living room, family room, formal dining room and breakfast nook. The bathrooms haven’t been updated in this one either. The kitchen has granite counters, and laminate floors were installed  throughout the downstairs. The home does have a nice feel. It gets good light. The seller is asking $849,000. The last attached townhome that sold with similar condition and square footage was 1908 Havemeyer Lane, #A which sold for $830,000 in June 2013.

    The trend is becoming clear. Buyers are spending more money and getting less. If you want to buy a newer townhome or one with an upgraded kitchen and bathrooms, you will be easily pushing $900,000. Case in point, 2517 Huntington Lane, #A is a 2005 built, detached townhome. It shows very well with some nice upgrades. However, it’s only two blocks from Inglewood Avenue. This property still got 7 offers, at least a few of them were over the asking price of $899,000.

    If inventory stays as tight as it has been, prices will continue to rise. What you could buy for $905,000 today could be $935,000 a few months down the road.

    Once this listings close, I will circle back around to this analysis and confirm if the trend is still moving on up.

  • New Listings in Hermosa Beach on Brokers Open

    Posted on March 14th, 2014 acimetta No comments

    Brokers Open today in Hermosa Beach had a strong showing. There were a handful of great properties that just hit the market and are sure to fly off the shelf. My favorite was 1018 17th Street in the Hermosa Hills. It’s a townhome built in 2005. I’m dying to know who the builder is because it has a unique look and feel rather than the typical cookie cutter floor plans and generic finishings. There is a master bedroom and 2nd large bedroom on the entry level. Two more bedrooms and bathroom and are located on the lower level. Then on the top floor you have the Great Room. It’s all open but you feel like each area gets its own space rather than all being jam packed next to each other. Well placed skylights keep the room light and airy. The balcony offers an intimate setting for outdoor entertaining with new ocean views.

  • North Redondo Area 151 Wrap Up for 2013

    Posted on January 29th, 2014 acimetta No comments

    2013 proved to be a good year for real estate. Listings received multiple offers, prices increased rapidly, buyers got historically low interest rates.

    Here are some specifics for the North Redondo Beach Area 151:

    A total of 184 homes sold this year.

    176 of the sales were on the MLS.

    8 of the sales were off market and/or pocket listings.

    The average Days on Market was 51.

    The average List Price was $725,000.

    The average Sold Price was $722,150.

    There were a total of 14 short sales and 2 REOs.

    2013 was a strong market. Many homeowners gained equity in their homes due to rising prices. The number of distressed sales decreased immensely from the two years prior when they represented approximately 15% of the market. Prices continued to climb and buyers continued to pay those prices.

     

    Highest Priced Single Family Residence
    2210 Robinson Street: 5 bedroom new construction with 3,078 sq. feet.

    Sold $1,325,000.

    The record is still held by 2615 160th Street which sold for $1,500,000 in 2011. This was an off-market sale which may not accurately represent market value at that time. The next highest sale was 2110 Ruhland Ave which sold for $1,450,000 in 2008. 

    Highest Priced Townhome

    1931 Nelson Ave, #B: 4 bedroom with 3,580 sq. feet. Built in 2005.

    Sold $1,079,000

    The record is held by 2023 Dufour Ave which sold for $1,275,000 in 2007.

     

    The pace at which prices are climbing has slowed down, but inventory is still low. For the most part, sellers are getting their asking prices and a little more. As homeowners gain equity, we may see more inventory hit the market in 2014. But until then, there’s enough demand to continue to bolster prices.

    If you’re a seller, the lack of competition makes this a great time to sell. With few choices, you can garner more money for your property.

    As a buyer, you should be as aggressive as possible. Buyers are competing with each other because inventory is low, making it very easy to chase the market up. For example, if you were buying a 4 bedroom town home built in the 90s in North Redondo in the beginning of 2013, you would pay approximately $775,000. Now, a similar town home would sell in the mid $800s. A newer townhome typically sold for mid to high $800s a year ago. Now, they are selling for low to mid $900s and closer to $1,oo0,000 for the larger ones.

     

    I sold this home for $26,000 over asking for $775,000. It received three offers in three days.

     

  • Upcoming Listing in Redondo Beach

    Posted on October 8th, 2013 acimetta No comments

    I have a listing coming up in North Redondo. 2215 Curtis Ave, #A is a front unit on a two-on-a-lot. It will be on the market the first week of November.

    It’s an adorable 3 bedroom detached townhome built in 1984 with 1923 sq. feet. There are hardwood floors throughout the downstairs. The kitchen has newer stainless steel appliances and granite counters. There is a breakfast nook, separate dining area and living room. When you walk in, you feel like you’re in a traditional single family home. All the bedrooms are upstairs. The master bedroom has been remodeled. There are all new interior doors. There is a large upstairs deck, front balcony, a back patio and a fenced front yard.

    This home is located in the Madison Elementary school district. It’s walking distance to Anderson Park and it’s located in a great neighborhood.

    Photos coming soon!

  • Redondo Beach Brokers Open Favorite Listing

    Posted on September 19th, 2013 acimetta No comments

    Redondo Beach Brokers Open Today

    Of all the listings I saw today, my favorite was 520 N Guadalupe, #C in South Redondo. I’ll be honest… I wasn’t crazy about climbing all the stairs to the front door, but it will be easier from the garage. This town home has nice ocean views from the master bedroom. But what it also has is tons of space. This home feels substantial. And the back patio is lovely with stone and a fountain. The kitchen is great too. This home needs some updating, but it is, without a doubt, move-in ready.

  • Chasing the Real Estate Market

    Posted on July 24th, 2013 acimetta No comments

    Typically when Realtors talk about “chasing the market”, we are referring to a seller who has priced his home to high. The property sits on the market for some time without offers, and then the seller decides to reduce the price. This new price may have been attractive when the house was first listed, but now the market has changed – prices have dropped further, and even though the property is sporting a new, lower price, it’s ultimately still overpriced. This can happen again and again… price reduction, wait, price reduction, wait… but with each price reduction the seller never seems to catch up with the changing market, and he ultimately chases the market down hill. This trend is what drives Realtors to recommend to their sellers to price the home right at the beginning. They may be asking for less than what they would like to get for their home, but it will be more money than what they will ultimately make if they start too high.

    But these days “chasing the market” can also be applied to buyers. There has been such high demand in so many markets with extremely low inventory that competition has spiraled out of control. Buyers lament that they went $20, 30, 40 thousand over the asking price and they still didn’t get the house. And after missing out on property after property, they learn their lesson. On the next listing, they come in like gangbusters, make the offer of the century, and blow everyone else out of the water. Ultimately, each home that is sold sets a new benchmark. And the next listing can start at the new level and go up from there. The sooner a buyer gets super aggressive the better, because she will secure her home and get out of the race while prices continue to go up. The buyers that continue to hem and haw and make conservative offers will chase the market up and possibly price themselves out of the market or pay a great deal more money than they would have had to pay just a few months prior.

    As a Realtor, I don’t enjoy having the conversation with my buyer clients that they need to make an offer over the asking price. I’m much happier when my clients feel like we did a good job negotiating and they got a good deal. But not all markets work that way. And when you find yourself in a market that has rising prices, the sooner you are aggressive, the better.

     

    Redondo Beach, CA 90278

    For instance in North Redondo, the price of a 4 bedroom, upgraded town home was selling in the mid to high $800,000s at the end of 2012 and into early 2013. They are currently selling for low to mid $900,000s, and in a couple of cases close to $1,000,000. It’s a big price swing in a short amount of time. If a buyer was aggressive back in January, he could have purchased 2109 Huntington Lane, #B for $829,000 or new construction at 1905 Plant Ave, # B for $859,000. (These are sold prices.) In the past 6 weeks, buyers have paid $998,000 for 1906 Morgan Lane, #B, $960,000 for 2208 Warfield Ave, #B, and $950,000 for 2118 Pullman Lane, #B.

    The key to buyers “chasing the market” is that at any time it can stop. Once buyers decide enough is enough and they feel prices are too high,  they will pull back and prices will come back down again. But until then, the competition is stiff and sellers are in the driver’s seat. And for once they are not the ones chasing the market.

     

     

     

  • Listing of the Day – Redondo Beach

    Posted on June 27th, 2013 acimetta No comments

    204 N Lucia Ave, #B in South Redondo just came on the market. I previewed it today during Brokers’ Open. This Cape Cod style rear unit townhome has a cheerful, lovely ambiance from top to bottom. Dark wood floors and white walls give it a crisp, clean look. You just want to make yourself at home!

    There are ocean views from the deck off the top floor family room. There is a cute, manicured backyard accessed off the main living level. It doesn’t feel like a typical townhome. It’s nicely upgraded and I’m sure this one won’t last long. It’s my favorite listing of the day!

  • 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.

     

     

  • South Redondo Surprise

    Posted on June 13th, 2013 acimetta No comments

    723 N Paulina in South Redondo Beach is still on the market after two months. It was originally priced high in the $3.2 ballpark, but was reduced to under $3 million and will be reduced again shortly. This property offers a rare opportunity in this crazy market to get a deal. The home is beautifully appointed; the details are exquisite. The layout uses the 4,200 sq. feet exceptionally well. But what makes this home special are the views from both the first and second levels. And it gets even better from the rooftop deck. Because of the incline on the 700 block of North Paulina, these homes are a walk to the beach, but still enjoy views that would make Malibu residents jealous. This is a not-to-be missed home.

    Spectacular view from the living room on the 2nd level. The view actually extends to PV all the way to Santa Monica.

  • 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.