No question that the 4th quarter of 2008 has seen values decline across the board in all the Beach Cities. This month also saw a drop in inventory levels. Some of the drop is seasonal but not all. I think many sellers who could not find a buyer have taken their homes off the market. Some will give up the idea of moving for a few years while others will go the rental route until they perceive a change in the market.
November sales were off in Manhattan, Hermosa, Redondo and El Segundo. Pending sales are also down which means that low sale volume will continue into January of 2009. More stringent rules to obtain loans along with extremely high rates for Jumbo loans seem to be the main culprits. While prices have declined in our area they are still very high compared to other parts of Southern California.
If you are looking for a jumbo loan then bigger seems to be better as Wells Fargo and Bank of America have money for those loans. If you open an account with Wells you can get a very good deal on a loan. According to Craig Filson of Wells Fargo, if you have a FICO over 720 you can get a 30 year fixed rate jumbo from 6.75%-6.85% with an LTV of 70%-75% depending on how large an account you open with them. You might also consider contacting some of the local banks in the Beach Cities as amny of them did not get caucht up in the recent loan debacle and are in great shape with money to lend. Again most of them may require you to have a banking relationship with them.
South Bay-Beach Cities: Sold October 2008
South Bay-Beach Cities: Sold September 2008
South Bay-Beach Cities: Sold August 2008
South Bay-Beach Cities: Sold July 2008
South Bay-Beach Cities: Sold June 2008
South Bay-Beach Cities: Sold May 2008
South Bay-Beach Cities: Sold April 2008
South Bay-Beach Cities: SOLD March 2008
South Bay-Beach Cities: Sold February 2008
South Bay-Beach Cities: Sold January 2008
South Bay-Beach Cities: Sold November 2007
South Bay-Beach Cities: October SOLD 2007
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 2007
South Bay-Beach Cities: Sold January 2007
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