South Bay-Beach Cities: Sold March 2009

The Avenues... South Redondo

Sales are looking slightly better... March numbers were an improvement over January and February but as noted in the Daily Breeze... sales and prices are down this year compared to last year. April figures are looking better then March... with 146 homes and townhomes/condos going into escrow in the Beach Cities since April 1, 2009. There are 15 in El Segundo, 35 in Manhattan Beach, 18 in Hermosa Beach, 37 in North Redondo and 41 in South Redondo.

While these numbers are not even close to the heady figures of 2004, 2005 and 2006 they are an improvement on the numbers posted over last 4 months. However improving sale numbers do not mean the market is reaching the bottom... in fact just the opposite. In the current market sales are looking up for 2 reasons... lower interest rates and declining prices. The properties that are selling are in the entry to lower middle price range for each of the Beach Cities. The upper end of the price spectrum seems to be stuck in a rut with few sales in the offering.

Buyers with cash are hanging tough on what they are willing to pay. There is still a big difference between what buyers will offer and the number sellers want to see. Until those figures get closer sales will continue to be slow.

South Bay-Beach Cities: Sold March 2009

South Bay-Beach Cities: Sold February 2009

South Bay-Beach Cities: Sold January 2009

South Bay-Beach Cities: Sold December 2008

South Bay-Beach Cities: Sold November 2008

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 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

55+ Information: Communities and Sales Activity January - March 2009

South Bay 55+ Communities....



Take a quick tour of a few of the communities located in the South Bay.





I've been receiving a number of calls asking for information about 55+ Communities in the South Bay. There are a number of communities and more being built. While most are located in Torrance there is one completed in Redondo ( Breakwater Village) with another on the way (Montecito). One was recently completed in Rolling Hills Estates and there may be more on the Hill in the future. There is also a lovely Mobile Home Park in San Pedro in South Shores. I will add more information on the park later. I'll be posting information on 55+ communities on a quarterly basis. You can find more 55+ related information on my website.





This is a list of all the communities in the South Bay:

SUNSET GARDENS:
This complex is located on Crenshaw Blvd. It is across from the Cross Roads Shopping Center. At least one resident must be 55 years old. These units are mostly 1 bedroom and are the least expensive of the three complexes.It has an indoor pool, shuffleboard area, putting green and other amenities.

NEW HORIZONS:
This lovely complex is on Nadine Circle and is close to Del Amo Mall and the Civic Center. One resident must be 55+ to purchase in the complex. Units are mainly 1 and 2 bedrooms. There are a few 3 bedrooms. The complex has many amenities including a 9 hole executive golf course and two pools. Take a quick tour...

PACIFIC VILLAGE:
Construction was completed on this 55+ complex in March 2003 . It is on Maple off Sepulveda and is close to the Del Amo Mall. The complex consists of 1 and 2 bedroom units.


TRADE WINDS:
Newer complex completed in late 2003-early 2004. The complex is on Sepulveda west of Crenshaw. The complex has a pool, library, community area with kitchen, exercise room and courtyard. One owner must be 55+ and other owner at least 45.


THE GABLES:
Newer construction(2006)for those who are 55+ featuring studio and one bedroom units. The complex is on Torrance Blvd just east of Hawthorne Blvd. This is a great location close to shopping and restaurants and Little Company Of Mary Hospital....

VILLAGE COURT:
Newer Construction (2006)for 55+ with many amenities including a gym, pool and community room. There are seven floor plans ranging from one bedroom one bath units to three bedroom two bath units. The units are located on Hawthorne Blvd between Torrance Blvd and Carson Blvd. This complex is also close to shopping and Little Company Of Mary Hospital...Take a quick tour


THE MERIDIAN At CABRILLO:
Newer Construction( 2006). There are three plans.. 1 bdrm/1 bath units, 1 bdrm/1 bath + den units and 2 bdrm/2 bath units.


Courtyard Villa Estates:
Newer construction(2007). Very nice units with a lot of detail. They feature large rooms are have more of the feeling of a home.

Blue Rose Court: I would love to see more of these around the area. These are newer construction(2007) and have 2 bedroom 2 bath units with an attached private garage. They also have small patio areas with grass. These feel like small townhouses.

Breakwater Village: Newer development (2008) in Redondo Beach. Scott Anastasi .. who also built Village Court is the developer. These are 1 and 2 bedroom units and are similar to the units at Village Court. Take a tour...

Parkview Court, Torrance: This is located on Jefferson off Crenshaw across from Wilson Park in Torrance. The units are 1 bedroom 1 bath, 1 bedroom 1 bath with a den, and 2 bedrooms with 2 baths. The complex has a gym and a small courtyard but no pool or spa. The garage is subterranean and gated. Take a quick tour


Rolling Hills Villas, Rolling Hills Estates: These are one and two bedroom units near The Peninsula Shopping Center. I haven't reviewed the complex but plan to go u p soon and take photos for a tour.





55+ South Bay Communities: January-March 2009

South Bay-Beach Cities:Mortgage Loan Changes for Townhomes/condos

Wouldn't you know it.. just as the California real estate market starts to show a few signs of stabilizing... the Feds throw a wrench in the works. Fannie and Freddie, in their infinite wisdom, have made some major Mortgage loan changes for townhome/condominium buyers who are looking at properties with loans under $729,750.

In the South Bay- Beach Cities that means entry level properties in Manhattan Beach, Hermosa Beach, Redondo Beach and El Segundo. It will hit buyers of 55+ units in Redondo, Torrance and Palos Verdes who are looking for a loan. It will affect people buying entry level ( $725,750 or less) townhomes/condominiums in all the South Bay. Want to buy a small unit as a vacation property along the Esplanade... it will cost you more. How much more depends on a number of factors.


So just what have the powers that be been doing.... The basics are that you will need higher FICO scores, you will probably need a larger down payment then you did last month unless you are looking at FHA financing. Your appraisal fee will be higher and must be paid upfront and you will be paying higher upfront fees from .75% to as much as 3% to get that government backed loan. However if you are looking for a jumbo loan on a higher priced property... say one of those spiffy townhomes with great views in Manhattan or Hermosa... then it's business as usual.


I understand the idea behind these changes is because of the numerous problems with large condo projects in other states that went down the drain. However in most of California, townhomes/condominiums are our form of affordable housing. I'm not sure how these changes will affect buyers in the South Bay as we don't have a lot of large developments.... but I expect we will soon find out. It wouldn't surprise me to see an easing of some of the new rules once the administration realizes that this may not be the best move in a housing crisis.

South Bay-Beach Cities: Buying in a Buyer's Market

While the media argues about where the California real estate market is headed and rumors of massive foreclosures are whispered about on blogs; there are actually a few folks who are buying homes. Over the last few weeks in all the South Bay-Beach Cities escrows have been opened and sales have closed.

Two factors are fueling the slight rise in sales... price and interest rates. In 2006 a lot of folks dropped out of the Beach Cities housing market and have been quietly sitting on the sidelines waiting for the market to turn. Others sold homes a year or two years ago and have been renting. Some are tired of renting and want a home of their own. Others got married, divorced or had a new addition to the family. Contrary to popular opinion they have excellent credit and they didn't lose a lot of money in the stock market crash.

So just who are these intrepid souls who are venturing forth in Manhattan, Hermosa, Redondo and El Segundo? They are not flashy speculators or risky flippers. They are conservative buyers. They are looking in all price ranges. They have cash for a large down payment. They are looking for a home not a retirement account. They are planning to live in the home for at least 10 years or more. They are buying below what they can afford. A few are willing to buy cosmetic fixers at the right price. They understand that the market values may decline more but believe the safety of a long term fixed rate loan will work in their favor.

They are careful and patient. They will wait for the right house. They have determined upfront how much they will pay for a property. They will pay more for a home that meets their exact needs... but they won't overpay. They will bargain and are not afraid to negotiate. They will walk away and find another house if the price isn't right. They aren't interested in "old inventory" at "old prices". They don't necessarily believe that an REO or short sale is a bargain... unless it is. They are pre-approved and have shopped lenders for the best rate and terms.

Since April 1, 2009 they have opened escrow on 9 homes and townhomes in El Segundo, 30 in Manhattan Beach, 15 in Hermosa, 26 in North Redondo and 22 in South Redondo. Most of these escrows will close on time.

Manhattan Beach: Market Snapshot April 14, 2009

Days on Market: April 2009

It looks as if Spring, lower prices, lower interest rates and more loan products have coaxed some buyers back to the Manhattan Beach real estate market. Inventory has dropped a bit and pending sales are looking better then they have in 6 months. That said, sales volume is still low and prices continue to decline across the board.


According to the MLS, March saw 23 homes and 5 townhomes close escrow*. Currently there are 178 homes and 44 townhomes for sale in Manhattan Beach. There are 39 homes and 11 townhomes in escrow.

The Sand section seems to be the main point of activity this month with 15 homes and 8 townhomes going in escrow. 9 of the 15 homes are priced over $2 million and 7 of the sales went into escrow after April 1, 2009. The big question will be how many actually close escrow. As buyers get smarter about what they need to have in order to qualify and as more loan programs open up I suspect we will see a larger percentage of pending sales close escrow.

At the other end of the spectrum there are 10 properties in escrow under $1 million. A number of these homes sat on the market for months before finally going into escrow. You can expect to see more price reductions and homes selling in the $600,000 range in east Manhattan. A home on the corner of Marine and Aviation closed escrow at $480,000 in March.




Manhattan Beach: Market Snapshot April 14, 2009




Manhattan Beach: Price Ranges April 14, 2009





Manhattan Beach: Market Snapshot March 14, 2009


Manhattan Beach: Market Snapshot February 10, 2009

Manhattan Beach: Market Snapshot January 19, 2009

Manhattan Beach: Market Snapshot December 4, 2008

Manhattan Beach: Market Snapshot November 8, 2008

Manhattan Beach: Market Snapshot October 13, 2008

Manhattan Beach: Market Snapshot September 15, 2008

Manhattan Beach: Market Snapshot August 19, 2008

Manhattan Beach: Market Snapshot July 17, 2008

Manhattan Beach: Market Snapshot July 7, 2008

Manhattan Beach: Market Snapshot June 20, 2008

Manhattan Beach: Market Snapshot June 5, 2008

Manhattan Beach: Market Snapshot April 29, 2008

Manhattan Beach:Market Snapshot April 14, 2008

Manhattan Beach: Market Snapshot March 31, 2008

Manhattan Beach: Market Snapshot March 13, 2008

Manhattan Beach: Market Snapshot February 26, 2008

Manhattan Beach, CA: Market Snapshot February 11, 2008

*There are a few more sales and pending sales not on the MLS that are not included in the graphs.

Manhattan Beach : First Quarter Price per Sq ft 2007-2009

Walk Street East of Highland

After posting on Manhattan Beach home prices for First Quarter Sales from 2007-2009, I was asked about the price per sq ft for the same time frame. I'm not overly crazy about price per square foot as a reliable measure of value as it is so easily skewed depending on whether a number of big or small homes sell during a particular time period. However I will add it to the graph in the future when I post information for quarterly values. For now I'm posting the information separately.

There are three graphs....All of Manhattan Beach PPSF first quarter sales from 2007-2009... West of Sepulveda (WOS) PPFS 2007-2009 and East of Sepulveda(EOS)PPFS 2007-2009. As with median prices the biggest changes in home prices are for homes west of Sepulveda.

Manhattan Beach: First Quarter PPSF 2007-2009

Manhattan Beach: WOS First Quarter PPSF 2007-2009

Manhattan Beach: EOS First Quarter PPSF 2007-2009

Manhattan Beach: First Quarter Sales... 2007-2009

Polliwog Park.. Manhattan Beach

Last week I was asked to provide year over year information for 2009 first quarter home sales in all areas of Manhattan Beach. It was not a big surprise that the volume of 2007 sales was significantly higher then either 2008 or 2009. Nor was it a surprise to see that 2009 prices compared to 2008 prices are down by about 24%. However there were a couple of surprises that I didn't expect.

Surprise #1... The median price for 2008 was higher then the 2007 figure by about 8%.
Surprise # 2...The 2007 median price and the 2009 price difference shows a 12% decline ...
Surprise # 3... The number of sales in the 1st quarter of 2008 compared to 2009 is only off by 10 sales.

I broke the numbers out for West of Sepulveda and East of Sepulveda. The picture that emerges is very interesting. While West of Sepulveda seems to have been hit far harder then East of Sepulveda. While the volume east of Sepulveda is down prices have actually held fairly steady. West of Sepulved however got trounced in 2009. Median prices have taken a nose dive compared to 2007 and 2008.

Inventory is up west of Sepulveda. There has been a rather large increase in the upper end homes over $4,000,000 and not many sales. There are 143 homes and 28 townhomes for sale west of Sepulveda. In east Manhattan there are 47 homes and 20 townhomes on the market. That's a very big difference in inventory.

March saw 21 sales per the MLS... 16 homes and 5 townhomes. Pending numbers look a bit better with 43 properties in escrow... 33 of them in March. 4 homes and 2 townhomes have closed escrow since April 1, 2009 . While these numbers are better then February, sales are still slow. It will take a little time to see if the return of Jumbo loans at lower fixed rates makes a difference in sales.

Manhattan Beach: 1st Quarter home prices 2007-2009:

Manhattan Beach: West of Sepulveda 1st Quarter home prices: <

Manhattan Beach: East of Sepulveda 1st Quarter home prices:

UPDATE: 04/06/2009

There was a question that came up on Manhattan Confidential about the sale numbers for West of Sepulveda. I checked the information on the tax record and have amended the information I posted. As I have noted before I only use information from the MLS... which doesn't show non-MLS sales or recorded items that are not sales. I also only use homes and townhomes. When reporting information from the MLS sales there can be a hitch early in the month with sale dates being posted to the system that may be at odds with tax information.

This is a breakdown of the difference between my original number of 24 sales West of Sepulveda and tax information showing 41 sales.

1. 3 sales show in the MLS as closing after April 1, 2009 but were actually recorded as of 3/30/2009. ( I added these to data)

2. 1 sale was from outtside the local MLS and did not show up on records ( I added this sale)

Using the above changes I'm now showing 28 sales for WOS for Quarter 1....

3. 3 properties were residential income properties and are not part of the data

4. 4 sales were not for properties that were not on the MLS

5. 2 are not sales and appear to be financial transactions or changes in percentage of ownership.

The 28 amended sales and the 9 other items not equal the 41 sales noted on the MLS..