South Bay-Beach Cities: Sold September-October 2010

As the holidays approach sales are slowing down in the South Bay- Beach Cities of Manhattan Beach, Hermosa Beach, Redondo Beach and El Segundo.

Pending sales seem to holding strong with 64 pending sales in Manhattan Beach, 31 in Hermosa, 67 in North Redondo, 40 in South Redondo and 15 in El Segundo.  However as we near the middle of the month closed sales are on the low side. 

Hermosa Beach, South Redondo and El Segundo had about the same number of closed escrows for the last two months.  Manhattan Beach and North Redondo saw roughly a 25% reduction in the number of sales from September to October.

Seasonal  sales are usually down this time of year and continue to be slow until March when the Spring selling season begins.  This year however we have seen a number of regulation changes from the Feds  in July and there are new changes scheduled for December .  These changes along with tough lender requirements   have affected home loan  financing on conventional ($729,750-) and jumbo loans.   The best jumbo loans (over $729,750) are still usually found with direct lenders.  Interest rates continue to decline and are expected to remin low as long as the FED infuses cash into the system. 

Lender and appraisal issues are still the main reasons homes fall out of escrow.  Folks are buying homes but banks are making it difficult for them to close escrow.  Buyers and sellers have to be  very patient  especially with the holidays coming up.  If you are considering a purchase and have to close before the end of the year you really need to be on top of every request from the lender and get the paperwork moving quickly.

Manhattan Beach Open House Sunday Nov. 14, 2010: 1450 Manhattan Beach Blvd.. New Prices.. Open 1-4 pm

Check out the new new prices!

1450 Manhattan Beach Blvd.... Unit C and Unit  D,  Manhattan Beach CA:

 Open House Sunday November 14, 2010  from 1-4 pm..



Don't miss these  2 terrific condos listed under $550,000 in Manhattan Beach, CA.  Both units have been updated and show like new.  Each unit has a private 2 car garage, large storage room and a separatre laundry room.




1450 Manhattan Beach Blvd #C...Manhattan Beach CA... $539,000






1450 Manhattan Beach Blvd # D Manhattan Beach CA ... $549,000

Manhattan Beach: Point of sale retrofits are on the way!

On Tuesday, November 16, 2010,  the City of Manhattan Beach will decide whether or not they are going to require point of sale retrofits for toilets.  What this means for residents is that when you sell your home you would have to either prove that you have installed a new low flush toilet ( 1.28 gallons vs current 1.6-3.5 gallons per flush)by showing a signed permit from the city or if you have not installed a new low flush toilet you would need to do so before the property closes escrow.

The interesting thing about the proposed ordinance is that the City may not be making a new toilet a requirement if you remodel a home only if you sell... which doesn't make a lot of sense.  If the goal is greater conservation of water then it would seem to me that any remodeling project should also require new toilets.  They are required for new construction.

I would imagine that if this requirement is approved the city will also soon implement requirements for other water saving devices at point of sale similar to those required in Santa Monica and the City of Los Angeles.  

Currently Manhattan Beach is the only City with this requirement under consideration but you can bet if it goes through other local cities will also require point of sale retrofitting.  The cost would likely be about $100 for a permit + the cost of the toilet and the cost to install it.  I'm thinking it would run about $300-$400 per toilet.

I don't disagree with the idea that we all need to conserve more water.  However I think the requirement should  be part of any interior remodeling project and not just limited to point of sale if the goal is to conserve water and not a new way to raise money.  If you have concerns than you should show up at the City Council meeting next Tuesday and let them know how you feel.