Tuesday, November 13, 2007

South Bay-Beach Cities: October SOLD 2007

El Segundo Craftsman Home

As we enter into the 4th quarter sales are still very sluggish. Inventory is moving upward slowly... mainly because not much is selling and old overpriced inventory continues to sit. After some very slow months... townhomes in North Redondo are beginning to move as a number of units seem to have found the magic numbers to entice buyers. Townhomes in Manhattan Village also saw a surge in sales after sitting around for most of the late summer and fall.

Price doesn't seem to be the factor as much as perceived value. In Manhattan Beach and Hermosa Beach there are are a number of homes selling well over the $3.5 mark while others from $1.9- $2.5 seem to languish with no end in sight to their plight. There are a few foreclosures and short sales hitting the market but they don't seem to be generating any overwhelming urge to buy from most potential buyers. Buyers are looking for value and when they feel it is there they will purchase.. often finding themselves in a bidding war for the right property.

Interest rates are good and another rate reduction will probably happen in December at the next FED meeting. As is often the case at this time of year I'm seeing property quietly beginning to move. Townhomes with yards in North Redondo that have been on the market for months finally found buyers once the price went below $800,000. There are a few homes in the trees in Manhattan Beach beginning to move as are some of the homes east of Sepulveda in the Mira Costa area. Hermosa is seeing more homes selling.. especially in the Sand section. There is a lot of new construction and upgrading going on along the Strand in North Hermosa. South Redondo is finally seeing a pick up in sales in the townhome market. There are a number of pending sales in El Segundo that should close escrow before the end of the year.

Beach Cities: October SOLD 2007(click on graph to enlarge)

Sellers who want to close escrow by the end of the year are ready to deal. Meanwhile back in the Manhattan Beach tree section there are a number of homes that appear to be moving into the New Year at the same old price. A little advice... If it hasn't sold in a year at the existing price... it probably won't sell in the next 6 months at that price either.

South Bay-Beach Cities: September SOLD 2007

South Bay-Beach Cities: August SOLD 2007

South Bay- Beach Cities: July Sold 2007

South Bay-Beach Cities: Sold June 2007

South Bay-Beach Cities: Sold May 2007

South Bay-Beach Cities: Sold April 2007

South Bay-Beach Cities: Sold March 2007

South Bay-Beach Cities: Sold February 2007S

outh Bay-Beach Cities: Sold January 2007

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