Saturday, August 02, 2008

South Bay-Beach Cities...Affordable homes... they do exist.

Affordable is a term that changes depending on who, where and how the term is used. When used in conjunction with the word housing it can take on a slew of meanings. When I use the word affordable I mean a price where an owner can make the monthly payments without worrying about having to declare bankruptcy. An affordable home could be $400,000 or $4,000,000 depending on your financial situation. In Manhattan Beach an affordable home townhome is usually thought to be under $1 million. In Hermosa the range is about the same. In South Redondo and El Segundo the range is $700,000 or less; while in North Redondo it's generally homes under $600,000.

Sometimes it seems as if nothing affordable in the South Bay-Beach Cities but the fact is that the inventory of affordable homes is growing. Entry level homes, townhomes and condos in all the Beach Cities in good shape are selling... although the market time in Hermosa, Redondo and El Segundo is longer then in Manhattan Beach.

Entry level properties are selling.... A little one bedroom REO on Manhattan Beach Blvd found a buyer in 6 days with a list price of $320,000. A 2 bedroom townhome on 12th Street went into escrow after a week at a list price of $575,000. A 2 bedroom on Manhattan Beach Blvd at $569,000 went into escrow on Friday and a 3 bedroom on Manhattan Beach Blvd at $585,000 is still looking for a buyer.

In North Redondo there are 42 properties priced under $600,000. 16 are single family homes and 26 are townhomes. Prices start at $425,000 for a 3 bedroom 1 bath home near the Galleria. In South Redondo there are 41 properties under $700,000... 6 single family homes, 28 condos and 7 townhomes. In El Segundo there are 16 properties under $700,000. 3 are single family homes and 13 are condos and townhomes. The least expensive is a 1 bedroom 1 ba unit on Imperial priced at $339,900. In Hermosa Beach there are 18 properties under $ million... 9 single family homes and 9 townhomes/condos. The least expensive is a 1 bdrm 1 ba in the Victorian on prospect listed at $399,000. In Manhattan Beach there are 25 properties under the $1 million mark. 15 are single family homes and 10 are townhomes/condos. Prices start at $585,000 for a 3 bedroom 2 bath condo on Manhattan Beach Blvd.

If you are interested in a beautiful unit with a peek of the ocean and a great PV view take a look at .....222 S. Irena in South Redondo ( $617,500). This is a lovely unit that has had a number of upgrades including a new kitchen and hardwood floors. It has had offers but there was a timing issue for the escrow period. Now that the issue has been resolved and I expect it will sell soon.

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