August 28, 2010
A few days ago, the local papers were reporting some negative headlines with regard to the national real estate market. A potential buyer came to me with a counter offer and referenced this headline as a way to back up his low offer. The very same day, as I made my way through the paper, there was a regional real estate article which highlighted the positive increase in median sales and sales volume comparing 2009 to this year. I guess you can pick and choose the news article that can back up your approach.
The national real estate market is irrelevant in my view. I prefer to use data from the MLS (multiple listing service) . I also reference the article from the August 25, 2010 Daily Breeze page A 15 that notes that in Redondo Beach (this does not include all the Riviera), the median home price is up 5.4% from July 2009 to July 2010.
To be more precise, the MLS data shows that the Hollywood Riviera tracks average sold prices up 2% this year from 2009. Also in the Hollywood Riviera: there has been a 38% increase in the number of homes sold this year over last year in the first half of the year.
With the large number of homes in escrow in the Riviera right now, we are on track for a dynamite year in homes sales in 2010!
Everyone has a different point of view huh?
August 12, 2010
Are you around this weekend? It is a bit cold to go to the beach. Why not go see some GREAT Hollywood Riviera Homes for sale this weekend?
160 Vista Del Parque is a wonderful home and a terrific new low price of 999K! It is open both Saturday and Sunday from 1 to 4pm and has 5 bedrooms, 3 bath and 2286 square feet! It is backed up to wonderful El Retiro Park so it feels like you live near acres of green space!
422 Camino Del Campo is open both Saturday and Sunday from 1 to 4pm and is one level with large all useable lot and pool! $1,239,000!
And the gorgeous 127 Calle de Andalucia is open Sunday from 1 to 4pm with it’s gorgeous remodled style and pool! 3 beds, 2 bath and listed for $939,000!
August 8, 2010
Compare Your Home to this Recent Sale in the Hollywood Riviera – What would your home sell for if you live in the Hollywood Riviera? You’ve got to compare it to recent sales in the area to come up with an approximate value. Remember, this is not a science, but an art.
Most recently sold we have – 248 Via Los Miradores – sold on July 30, 2010 for $1,155,000. It’s original list price was $1,195,000 and it was reduced to $1,165,000 before it went into escrow and sold for $1,155,000. It was on the market for a total of 76 Days and then closed in less than 30 days (that’s a fast escrow!)
248 Via Los Miradores Sold for $1,155,000
248 Via Los Miradores was a pretty house with great curb appeal. The interior was updated and well decorated. The backyard was very small but well planned with a patio off the family room/kitchen area and a putting green made of the artificial turf for easy maintenance. There were 2264 sq ft in 3 bedrooms and 2 bathrooms. The kitchen was open to the living areas which seems to be a popular type of floor plan these days. And this home had a nice view of the ocean, city and mountains from the main living areas plus the master bedrooom. One of the downsides to this house was its location. It was on a busy section of Via Los Miradores right where it comes up off of Calle Mayor – the street is tight there and parking is minimal. During the school year that street gets busy with parents heading up to the elementary school to drop off their kiddies.
Desirable Open Floor Plan
July 20, 2010
Sometimes clients and salespeople think the closing is going to be the easiest part of the deal, but these days, entering into a contract is only the beginning. According to the National Association of Realtors recent Realtors Confidence Index survey, between 10% and 14% of pending transactions do not close. Another 20% are delayed but eventually close.
Setting realistic client expectations is essential to do up front at the beginning of the transaction or even while you are listing the clients home or out showing property. Going through the list of hurdles that often delay or prevent a closing – they fall into three categories: Loans & Appraisals, Title, and Home Inspections. It’s no surprise that these are also the categories in the purchase contract that include “contingency periods.” One has to be realistic up front with their clients as to what these contingency periods mean and how the contingencies are actually removed and what happens when those contingencies are removed.
Loan and Appraisal Contingency – it is more critical than ever for the borrower to make sure they are financially qualified for the purchase. It is important for the buyer to be aware that their income and assets will be and need to be verified by the loan broker and by the selling party. Knowing where the down payment is coming from is crucial and will be highly scrutinized by the underwriter, thus needs to be scrutinized by the selling party/listing agent as well or be prepared for a surprise at the end when you’re supposed to close and can’t. Hopefully, you’ll just experience a delay and not a cancellation. Appraisal – be prepared as the listing agent to prequalify your appraiser before they show up. Make sure they know the area your listing is located in, especially if that area is a micro-area that has its own nuances that only a local would understand. This can kill a deal immediately if the appraisal does not come in at sales price. Make sure they buyer is aware of any issues that might come up with an appraisal if you are worried it might not come in.
Title Issues – When we take a listing we open a title search to check for possible liens that the seller may not be aware of. Those need to be cleared prior to closing and delay a closing. A preliminary title search can reveal a whole array of problems from unpaid taxes to land-use restrictions. Short sales and REO’s (Real Estate Owned – Bank Owned) sales are particularly prone to title problems.
Home Inspections – It’s not just about getting an inspection and finding out what is wrong with a house (if anything) that causes a problem or delay. It’s the negotiations that happen after that inspection between the buyer and seller regarding which party will pay for repairs and or who will get estimates that often delays a transaction. A good way to avoid “surprises” to a seller is to go through the property with the seller prior to the listing and go over what does and doesn’t work. Careful visual inspection by a listing agent can often reveal what ‘may’ come up during an inspection and keep the seller aware that this is going to come up during the transaction. Making a seller aware of what happens during the inspection helps them understand the process and being ready for the worst case scenario is better than being surprised by the whole process. Sellers don’t necessarily have to fix problems, but knowing what they might have to spend might help them price the house.
The bottomline – allowing for more time during the escrow period – 45-60 days vs 30 days – may keep the transaction closing on time in the first place.
July 1, 2010
Goats Come to the Hollywood Riviera! – Yes, believe it or not, Goats have come to help with the overgrown hillsides in Torrance and they are now helping out the Hollywood Riviera section of Torrance. You can see them as you come up Vista Montana. They are hanging out chomping up all the overgrown grass and weeds that would be very difficult to mow on that steep hillside. That hillside is no match for the “goat employees.”
The Goats have been hired to help with vegetation control by the city of Torrance. They can make quite a difference in a two week span! During their visit here to the city of Torrance they even had a baby goat join the crew! There is a goat herder on staff full time as well if you were curious who’s in charge!
June 18, 2010
The Riviera Summer Festival is coming up – June 26th & 27th, 2010. This is an exciting anual event – back in the old days we called it “Frontier Days.” ( That was a long time ago.) It’s remained pretty similar. They close the streets and people hang out everywhere in the Village enjoying all the neat vendors/artists booths up and down Catalina Ave & Ave I. There is lots of good entertainment, a beer garden and a fair with rides for the kiddies! Don’t miss strolling down Catalina next weekend!
May 26, 2010
Opportunity Knocks if you want a Queen’s Necklace View in the Hollywood Riviera – We have a new listing in the Hollywood Riviera with a nice Queen’s Necklace Ocean View! It’s got 4 bedrooms and 2 bathrooms + living and family rooms with fireplaces. View is from the upper/main level. The main level has the dining and living rooms plus the kitchen as well as 3 bedrooms and 1 bathroom. The living room has a fireplace and door out to the patio where you can enjoy your nice Queen’s Necklace View. The lower level has a 4th bedroom and full bathroom plus a family rooom with door out to the back where there is a pool. This property being that it needs a lot of work – pretty much everything – is available for the opportunistic price of $999,000! There is also a gorgeous front courtyard that has so much potential!
I know what I would do to this place. I’d start with opening the kitchen wall to the view while completely remodeling the kitchen of course. I’d put in french doors off the living room out to a brand new larger patio off the back. I’d actually fill in the pool most likely and have a backyard, but for someone who wants a pool this could be a good opportunity to re-do the pool and add a spa to it. There are so many things one could do!
Come make this wonderful home yours today. Here is a preview of the view from today.
May 12, 2010
April 13, 2010
Sold – Over Asking??? – Yes, it’s back to multiple offers again here. I opened up my “hot sheet” in the MLS today. The Hot Sheet is a “status update since the last time I checked – which was this morning by the way’ of my selected areas of interest – which would include pretty much everything in the South Bay from El Segundo down through Manhattan Beach, Hermosa Beach, Redondo Beach, Torrance, and ends at Palos Verdes (including all of PV – Rolling Hills Estates, Palos Verdes Estates, Rancho Palos Verdes, and Rolling Hills.)
So, I hit my “Hot Sheet” button tonight to see if there are any new properties listed, what’s gone into escrow and what has just SOLD since the last time I hit the button. This is something I do several times a day usually by the way. Well, tonight I run the Hot Sheet and it’s just overwhelming to me that I see 4 of the SOLD properties that have all sold “over asking price,” which to me means there were multiple offers.
Here are the 4 properties – and they are in all price categories by the way. Click here to see them.
1) 331 11th Street in Hermosa Beach – list price was $899K and SOLD price was $900K. 11 days on the market – 2 bedroom, 2 bathroom 2001 townhouse in the “Sand Section” of Hermosa Beach with ocean views.
2) 707 S. Juanita in South Redondo Beach – list price was$749K and SOLd price was $759K. – cute little 3 bedroom, 1 bathroom single family residence that over a matter of one month started at $799K and then they reduced the price to $749K and then ended up selling it over asking. The magic of the “right price” even done a little bit late!
3) 2100 Via Acalones, Montemalaga section of Palos Verdes Estates – list price was $2,195,000 and SOLD price was a whopping $2,280,000 – even in this price range we see homes selling OVER asking! – 4 bedroom, 2 1/2 bath on a huge 28,000+ sized ocean view lot!
4) 4515 Deelane, West Torrance – list price was$639,000 SOLD for $645,000! 3 bedroom, 1 bathroom remodeled charmingly – perfect starter home that clearly many wanted to get started in!
April 5, 2010
Hollywood Riviera 1st Quarter 2010 Sales Statistics -
Here we are with our first quarter 2010 over already – it sure has gone by fast if you ask us. So far market activity has been brisk with the number of sales up 80% over this time last year. The average price is holding steady with less than a 1% decline. You can see the numbers overall have come down since 2006 (which is not shown but was used in the % change Y over Y column for 2007) average price of $1,221,927 a total of 16.7%.
Our market has also been affected by the number of Short Sales and REO’s as well especially in 2010 – the “Pending” sales show that 5 of the 14 homes in escrow are in some sort of distress position. From what websites like www.ForeclosureRadar.com report we will be seeing a lot more of that activity in coming months. It’s too bad that the banks who benefitted greatly by our tax dollars can not be more flexible with people who are struggling from job losses and cut backs. There is a lot of money out there available to people for loan modifications, but sadly that does not mean it’s easy to obtain.
Will be curious to see what the 2nd quarter brings. Only time will tell.
