Monday, February 01, 2010

360 South Bay: Home Prices

About a month ago I wrote a post on the return of the housing development at 360 South Bay.  The project was scheduled to open sometime this month but  it may take them a bit longer  with all the rain we have been having in the last few weeks. 

In my last post I speculated about the possible pricing of these units.  I believe one of the reasons the project had such a tough time last time around was that the units were priced too high for the location.  A reader was kind enough to send me some information posted by the company in November about the prices the company was projecting upon the re-opening of the project. 

There are 3 phases to the project.  If all goes well the development will take about 3 years from re-opening  to completion.  The Flats and the Courts  will be offered for sale this year.  The Lofts and The Rows in 2011 and the Gardens  in 2012.   The prices above may not be the asking prices on the units when the project officially re-opens, but these are the prices the company was posting in November on the company financial information .

The prices for the Flats and The Courts appear to be fairly close to the  prices the last time around in 2007-2008 and we know they didn't generate the interest that William Lyon Homes  had hoped to see.   You can't help but wonder what they are  thinking... $495,000 for a  studio condominium in Hawthorne by the 405 Freeway in today's market seems rather pricey...especially when you can buy a 2 bedroom 2 bath unit at Fusion for less. 
I'm hoping the above prices are higher then the actual asking prices will be when the project officially re-opens.  I would like to see the project succeed as we don't have much in the way of newer affordable housing in our area. However at  roughly  $500,000-$790,000 for the first phase  these units may not be affordable for most of the folks who would like to live there.   $790,000 will buy a nice rear unit  townhome  in North Redondo....

The three rules of real estate are location, location, location... it will be interesting to see if folks are willing to pay these prices for new in this location.


Anonymous said...

There have been construction crews on-site since last week. Interestingly, they are in the process of tearing off the exterior of one of the model units. I can only conjecture that the unit may not have been finished and the extensive rain may have caused damage to the infrastructure.

Fair warning to anyone buying that unit in the future. :)

Kaye said...

Anon 1:32,

Or they may be updating exteriors as the concept is "old" after 3 years.. I haven't been over there for a few weeks so have no idea what they have been doing.

Land for Sale Doreen Victoria said...

Nice Posting.........

Diane said...

Hello Kaye,

William Lyons will get laughed out of South Bay if those prices are the ones offered this month.

I'll probably be priced out of buying there, even for one of the Flats floorplans. But I'll probably wander over there to oogle.

It will be interesting to see what their HOA fees are too.

Kaye said...

I suspect that you will see price reductions fairly soon if there are few takers for these units at the higher prices. I would bet that the company doesn't want to hold onto this property any longer then they have to... they have been sitting on it for a long time.