South Bay-Beach Cities: Sold July 2007

Manhattan Beach Walkstreet

What a difference a week can make. Had I posted Beach Cities: Sold July 2007 figures the first week in August I would have said that rates were low and the market was chugging along although at a slow rate. That was before August 4 and the collapse of American Home Mortgage and a number of other lenders.

Who would have thought Countrywide would possibly be on the verge of bankruptcy or that the FED might seriously be considering bailing them out. While I think Angelo Mozilo is a bit smarmy I also realize it would be a disaster if they went into bankruptcy at this time. They make 1 out of every 6 loans in the country so you can see what their demise would do to the fragile credit market. Brian Brady wrote an excellent post on The Bloodhound Blog about the problems with Countrywide going down in this market. It's worth a read.

At this time jumbo loans are hovering around 7%-8% depending on the lender and the amount of points. Lenders are dropping like flies as they succumb to the woes of the subprime market. It will be a few weeks before the dust clears and rates settle down after much hand wringing and blame tossed around by the major players.

Buyers with FICO scores over 720 with money for a downpayment who have jobs where they can document their incomes will be in high demand. While I suspect there will still be stated income loans the regulations on them will be significantly tighter. Sellers will need to pay a lot more attention to a buyer's qualifications when choosing the best offer to accept for their property.

North and South Redondo did better then the other beach cities in sales. They were close to June numbers. Inventory is also holding steady in both cities. Manhattan Beach had a surge in sales and closings toward the end of the month....however most of the sales were in the under $2 million range. Pendings since August 4, 2007 are definitely down in all cities but especially in Manhattan Beach. There were 44 properties that went into escrow since August 1, 2007 in all of the beach cities... 22 homes and 22 townhomes. El Segundo ..3 Manhattan Beach...7 Hermosa Beach.....3 North Redondo...... 14 and South Redondo...17

Beach Cities: Sold July 2007 (click on graph to enlarge)

South Bay-Beach Cities: Sold July 2006

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

SouthBay-Beach Cities: Sold January 2007

South Bay/Beach Cities: SOLD.... June 2007

The Strand in Hermosa Beach


No question the local real estate market is slowing but then sales always slow in the summer. Last year at this time the South Bay/Beach Cities market was stalled.. as buyers just simply withdrew. I'm not seeing that this year as buyers are still coming to open houses and I'm getting a lot of inquiries from my websites.

The market is in a real pickle right now as Buyers continue looking closely at prices and wondering if Sellers are going to stand firmon listing prices for their homes or if there might be a little leeway as we hit mid year. Sellers, on the other hand, are wondering if Buyers will finally step up to the listed price or will continue to be selective about price. I suspect they will meet somewhere in the middle.


I know there are a number of sellers who don't want to officially lower the asking price but are hoping someone will make an offer to get things moving. No one wants to make the first move.. Reminds me of teens at a middle school dance.. girls on one side of the room and boys on the other while the music plays and plays.. each one is afraid to be the first on the floor.

I've added a new feature as requested by a lot of readers... The Sold price per sqft next to the median sold price. In another post I'll track if for single family homes in Manhattan Beach and later for all the Beach Cities. for the last few years. I've added it to the inventory list in my newsletter for listings found in the Market Conditions Report.

Beach Cities: Sold June 2007 ( click on the information to enlarge graphic)




Beach Cities: Sold June 2006

Beach Cities: Sold May 2007

Beach Cities: Sold April 2007

Beach Cities: Sold March 2007

Beach Cities: Sold February 2007

Beach Cities: Sold January 2007

Staging: A New Twist on an Old Marketing Idea

If you are not familar with the term staging you soon will be...especially if you plan on selling your home in the near future. We all know that the first 30 days of marketing a home are the most important. If the home is well priced, in good shape in a good location this is when the most excitement is generated. Think of it like going on a first date. We want to make a great impression. We want to be seen at our best. This is the time frame when staging is most effective.

Anyone who has visited a new home tract has seen staging. Many people visit new homes to pick up ideas on colors, cabinetry, new trends, and ideas about furnishings. Until recently the model home appeal was only available to those in the trade, those with lots of money or who had connections. For the normal seller the cost of having someone come into your home was prohibitive and sellers relied on an experienced agent to help guide them on the best ways to spruce up their homes. An experienced agent can offer many valuable tips on marketing your home but we just don't have the resources of a good stager. My favorite stager has a vast array of accessories and furniture at her fingertips.

Today there are a number of stagers available for consultation with homeowners. The prices vary as to services offered and the needs of the job. If you just need furniture rearranged and better placement of pictures and decorating items prices are very reasonable. For larger projects that require new paint, landscaping and adding furnishings and decor the price rises based on the amount of services needed.

Whatever your needs obtaining the services of a good stager can add thousands of dollars to your bottom line.