Wednesday, October 10, 2007

Manhattan Beach-Beach Cities Real Estate: Good News... Bad News

The rumors are true.... there really are people buying homes and townhomes and condos in Manhattan, Hermosa, Redondo and El Segundo. There are people who actually qualify for loans and escrows are closing. That's the good news... The bad news is that the volume is definitely down.

Good News.. some properties are seeing multiple offers... Bad News.. buyers are very picky and won't consider anything that is not a good value. Good news.. many properties coming on the market are being priced to sell rather then to test the market... Bad News.. there are not enough of these properties on the market.. and the good ones are selling faster then some anticipated.

Good News... financial markets are beginning to settle down and credit is becoming easier to obtain..... Bad News.. rates are remaining on the high side... get used to it. Good News.. so far the Beach Cities are holding their own in the foreclosure wars... Bad News.. there will be more foreclosures hitting the market in the next few months. Good News.. prices may not fall as much as many have predicted... Bad News.. Prices are not falling as much as many had hoped.

Those who want to sell quickly in today's market need to price their homes aggressively. Nine homes have gone into escrow in Manhattan Beach since October.. which is about one per day. They are a mixed bag of prices, locations, styles and ages. The one thing most have in common is that they are either very sharp new construction in prime locations or well maintained and well priced older homes.

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