Tuesday, May 02, 2006

North Redondo Townhomes are the Hot! Hot! Hot!

The hottest property in the Beach Cities seems to be rear units of 2 on a lot townhomes in North Redondo. In some of the newer projects the front units also have a private yard and these are moving quickly. Buyers who have been priced out of Manhattan and Hermosa Beach love these units. Most have a good sized private yard which appeals to families with small children. The hottest sellers are units that are 4 bedrooms or 3 bedrooms with a family room, 2000+ square feet and built after 1997. Most of these are priced under $935,000 depending on age and square feet. New townhomes are selling from $995,000 to $1,300,000 for units over 2600 square feet. Many of the new projects are selling the rear units prior to completion. Units built prior to 1997 if they are clean and have been updated are also selling well.

Units that are priced right and very clean are selling within a week of listing with multiple offers. The trick is pricing them right. Buyers know their inventory and even pricing $10,000 over perceived value can mean the difference in selling fast... perhaps over list..... or being on the market until the price is reduced to market value.

Much of the appeal lies in the type of property. There are just two units. Often the homeowner associations are inactive with each owner paying for their own gardener, insurance and maintenance. They are good size; usually over 2000 square feet. The newer units have many features found in more expensive single family homes as granite counters, hardwood flooring, crown molding, luxurious master suites and pre-wired for security and the internet. North Redondo is close to the 405 and 105 freeways which appeals to those who work out of the South Bay. The school district has seen major improvements in school scores with most elementary schools joining the California Distinguished Schools list.. Jefferson Elementary has scores over 900 which is at Manhattan Beach levels. Madison and Lincoln are catching up fast with scores in the high 800's.

Front units without a yard are lagging on the market. A front unit without a private yard will sell for significantly less then it's counterpart with a yard. Front units also remain on the market for a longer time. Correct pricing is critical to quickly market a front unit.

Also lagging are rear units that are not in move in condition. Most of the prospective purchasers for these units are young, busy professionals that spend a lot of time working and don't have the time to do major revamping to a home. Buyers are willing to paint and carpet but they are not ready to take on major renovation on these units. They must be in good condition. A unit that is not clean will stay on the market.

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