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.