Because it shouldn’t be any other way!
RSS icon Home icon
  • Testing the Strength of the Redondo Beach Market

    Posted on May 16th, 2013 acimetta No comments

    Inventory in Redondo Beacn (as in all the Beach Cities) is still low. Multiple offers are running rampid. Prices are being pushed up. The question is how high will they go – or in other words, how desperate are buyers? There are certain properties that test the waters for us – that show that buyers have gone a little crazy, and the market is getting over-inflated. One of those properties is 2500 Ruhland. It’s a beautifully remodeled town home. It has 2800 sq feet with 4 bedrooms and 3.5 baths. With these stats alone, I absolutely agree with the price point of $899,000 in our current market with the most recent sales as comps. But the location is two doors away from the high tension power lines, locating it in the eastern most part of North Redondo. If this town home sells close to or above asking, I believe we’re experiencing an inflated market that will later be referred to as another bubble, albeit, a smaller one. Another town home that’s pushing the envelope is 2204 Plant Ave, #A. It’s an attached town home built in 2007. With 2500 sq feet and 4 beds, 2.5 baths, it’s a nice property that shows well. It’s potential downside is that it’s located across from Lincoln Elementary. The street gets congested with the loading and unloading of kids every day. Again, I like this property; It shows wells. But keep in mind, it sold in May 2008 for $830,000 and now they’re asking for almost a $100,000 more at $924,500. We’ll see if they get it, and if it is, this market may really be out of wack. There is always the possbility of sustainability in the market, but I think that the current pressure buyers are feeling right now are and the low supply is propelling the market at a much faster rate than what the industry experts were expecting for the next several years. One last property to earmark is 1933 Gates Ave, #B with the asking price of $949,000. I will keep you posted as additional data becomes available and I can further analyze which way this market is trending.

    Leave a reply