Gated community of Fusion South Bay

Fusion and 360 South Bay Hot Real Estate Markets

With inventory continuing to decline the condo and townhome markets in the Hollyglen communities of 360 South Bay and Fusion South Bay have continued their torrid pace.  Both complexes are located along Aviation Blvd in the area of Hawthorne known as Hollyglen.  Fusion South Bay was completed in 2007 and 360 South Bay began releasing units in the past 2 years, so both offer a very affordable way of getting new or newer construction in the area which is very rare in the South Bay.  According to Manhattan Beach realtor Keith Kyle “many home buyers in the area often start their search looking for homes in Redondo Beach and find that in the mid $400K -$550K range what they can afford is much older and smaller.  Fusion and 360 offer a similar location, great schools and a much lower price point.  Simply put you get much more for your money.”

The market has been very active with 8 resale units currently in escrow.  360 is still currently releasing new construction units and most are not on the MLS so there are a number of additional sales not noted below.  As of March 13th there are no active condos or townhomes for sale in Fusion but click below for the latest list of homes for sale as it’s continually updated.

Keith Kyle realtor for sale sign

Want to Know Why You Can’t Find a South Bay Home?

If you’re like many South Bay home buyers, you’re probably experiencing theKeith Kyle realtor for sale sign frustration that so many others are….there are no homes to buy.  With this incredibly low inventory the few homes that do come on the market don’t last more than a few days and often sell for prices that would have been a major challenge just a few months ago.  It might be temporary, but back are the days of multiple offers, conditions favorable to the sellers, offers over the list price and a number of cash buyers to compete with.  Inventory just keeps going down with fewer and fewer available homes to by.  If it’s hard to picture just what’s happening the chart below couldn’t be clearer.  The light green bar shows the number of active homes for sale in the cities of El Segundo, Gardena, Harbor City, Hawthorne, Hermosa Beach, Lawndale, Lomita, Manhattan Beach, Palos Verdes Estates, Palos Verdes Peninsula, Rancho Palos Verdes, Redondo Beach, Rolling Hills, Rolling Hills Estates, San Pedro, Torrance.  The teal columns show sold homes and the red bar shows the pending home sales.

717 Avenue D Redondo Beach CA

October 2012 Median Home Prices In Redondo Beach and South Bay

October 2012 South Bay Median Home Prices and Sold Homes

Keep informed on the price of Redondo Beach  homes and know what direction the real estate market is heading. See below for the median price of South Bay Homes in October and see the change in average home price from 2011. Average home prices based on one month of information can vary quite a bit based on a number of factors but the information can show an overall housing market trend in Redondo Beach.

City Homes Sold October2012 Median October2011 Median Yearover Year % Change
Carson 56 $286,500 $300,000 -4.50%
El Segundo 11 $648,000 $348,500 85.94%
Gardena 58 $299,250 $260,000 15.10%
Harbor City 14 $337,500 $300,000 12.50%
Hawthorne 51 $360,000 $328,500 9.59%
Hermosa Beach 15 $835,000 $1,000,000 -16.50%
Lawndale 10 $252,500 $315,000 -19.84%
Lomita 13 $450,000 $392,500 14.65%
Long Beach 341 $302,750 $282,000 7.36%
Manhattan Beach 36 $1,137,500 $1,222,500 -6.95%
Marina Del Rey 36 $652,500 $590,000 10.59%
Palos Verdes Estates 31 $1,282,500 $1,000,000 28.25%
Playa Del Rey 16 $344,750 $335,000 2.91%
Rancho Palos Verdes 45 $870,000 $922,000 -5.64%
Redondo Beach 97 $700,000 $623,750 12.22%
San Pedro 55 $330,500 $345,750 -4.41%
Torrance 121 $467,000 $447,500 4.36%
Westchester 43 $627,000 $561,750 11.62%

South Bay Median Home Prices on the Rise

Year over year median home prices increased in most South Bay cities for September 2012.  12 of the 18 cities we track saw increases in median prices from September of the previous year.  Manhattan Beach real estate along with Hermosa and Torrance saw double digit increases while Redondo Beach had an increase in home values of only 1%.

Click here to view the sold homes listed per South Bay city for the month of September.  To see charts and information on real estate trends visit our market trends section.

 

City Homes
Sold
September
2012 Median
September
2011 Median
Year
over Year % Change
Carson 54 $270,000 $277,500 -2.70%
El Segundo 16 $595,750 $550,000 8.32%
Gardena 44 $310,000 $279,000 11.11%
Harbor City 19 $215,000 $238,000 -9.66%
Hawthorne 40 $383,500 $327,500 17.10%
Hermosa Beach 23 $1,037,500 $905,000 14.64%
Lawndale 15 $241,000 $285,000 -15.44%
Lomita 13 $410,000 $407,000 0.74%
Long Beach 286 $295,000 $285,500 3.33%
Manhattan Beach 29 $1,300,000 $1,125,000 15.56%
Marina Del Rey 30 $706,000 $611,250 15.50%
Palos Verdes Estates 31 $1,085,500 $1,100,000 -1.32%
Playa Del Rey 14 $405,000 $522,500 -22.49%
Rancho Palos Verdes 47 $950,000 $893,000 6.38%
Redondo Beach 73 $659,000 $652,500 1.00%
San Pedro 44 $372,500 $310,000 20.16%
Torrance 123 $462,000 $403,000 14.64%
Westchester 39 $625,000 $659,000 -5.16%
Oceanview balconies at 620 The Village

October 2012 Home Sales in the South Bay

October saw some strong indicators in the local South Bay real estate market with low inventory and continued price increases.  Click any South Bay city below to see the homes sold in October 2012 or see our market trends  pages for information on the real estate market in Redondo Beach.
 October 2012 Home Sales


El Segundo
Gardena
Hawthorne
Hermosa Beach
Hollywood Riviera
Lawndale
Manhattan Beach
Palos Verdes Estates
Rancho Palos Verdes
North Redondo Beach
South Redondo Beach
San Pedro
Southwood, West & South Torrance

Fusion South Bay Bearing the Brunt of the Foreclosure Wave

While much of the South Bay has been somewhat immune to the wave of foreclosures and short sales that have been so prevalent in much of Southern California, unfortunately the townhomes of Fusion South Bay haven’t been so lucky.  Of the 6 homes that are on the market, or currently in escrow, 5 are either short sales or bank owned which is an unheard of ratio in the area.

ML# Status Address Price Br/Ba Year Sqft Type
P831850 Active 5403 149TH PL #3 $            364,900 2/3.00 2007/ASR 1410 REO
V12041598 Pending 5412 149th PL #7 $            345,000 2/2.00 2007/ASR 800 Short Pay
V12063595 Pending 5511 149th PL #7 $            348,100 2/2.00 2006/ASR 800 Short Pay
S12090059 Pending 5506 149th PL #8 $            385,000 2/2.00 2007/ASR 1067 Short Pay
S12055041 Pending 5404 149th PL #12 $            499,900 3/3.00 2008/BLD 1790 Standard

So why is Fusion impacted so much more than surrounding areas.  Unfortunately it’s the perfect storm for foreclosures and is due to a number of factors.

  • Timing – The project was built in 2005 and 2006 so the original home buyers bought at the very peak of the market, and just before the bubble burst.
  • Owners – Most of the units were purchased by two types of buyers.  Many units were purchased by first time home buyers with access to loose lending and somewhat risky loans.  In addition many buyers purchased in Fusion as a “stepping stone” with no intention of remaining there for long.  The other primary buyers at the time were investors thinking they would make good rentals (which they have) but as they were second or even third homes they were also more susceptible to the downturn.
  • Self fulfilling prophecy – Just as the specter of the “shadow inventory” has many buyers and sellers concerned, this actually is the reality in Fusion.  As there have been so many short sales and foreclosures, it has driven the price down considerably leading to additional short sales and foreclosure.  Prices have dropped considerably and until the wave of distressed sales is resolved there is no clear turn around in sight.
  • Litigation – for all of 2011 there was pending litigation due to what the HOA considered builder defects.  While the issue was being resolved there was no lending available which limited any sales to cash buyers only which hammered prices even further.

Fusion is a great option for buyers looking to be near the beach, with good schools, in a gated community and very new construction for the area.  Prices are now favoring buyers looking to get in at the right time.  Unfortunately there are 2 sides to every issue and as I’ve sold numerous Fusion condos to some wonderful people, the “great deal” that Fusion has now become isn’t so great for everyone.

 

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Vista Sotheby’s International Realty is one of the top real estate brokerages in the South Bay and Southern California with offices in Redondo Beach and throughout the South Bay

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Welcome to Sotheby's International Realty representing buyers and sellers of fine South Bay and Southern California properties

Redondo Beach Real Estate & Homes. All rights reserved. Information deemed reliable but not guaranteed

Keith Kyle – Licensed Realtor – Vista Sothebys International Realty – DRE#01712785

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