realtors

So What’s All The Hype about “Off Market” Redondo Beach Listings These Days?

With the local real estate market so active, home inventory at near record lows and buyers in a frenzy to find homes, the buzz is all about “off market” listings. So what does that really mean and how can it benefit you? Off market listings can mean a number of different things which can include:

Exclusive listings – This is a situation in which a realtor has a signed listing agreement but the seller doesn’t want it on the MLS for some reason. This can sometimes be due to the home having tenants, can be due to sellers simply not wanting to go through the hassles of open houses, endless showings, etc. This usually will get the seller a lower sales price, but for many it’s well worth it. It’s great for home buyers to know about these listings as the competition can be far less fierce. Less competition can often mean better price and terms for the buyer
Upcoming listings – sometimes a home will be coming up for sale but just not listed yet. The usual reason is that the seller is getting it ready for the market. This can mean anything from doing major work/upgrading to simply cleaning it up. If you can get in early before the seller has spent money there is an opportunity to buy at a lower price.
Pocket listings – this is a situation in which someone (usually a realtor) knows of someone that “might” consider selling. As they usually do not have a listing agreement signed it’s tough to get much information from them. Agents often contact me with pocket listings and may give a street or a vague description but often not an actual address.

There are other opportunities as well with some sellers taking a “make me move” type approach in which the right price just may get them to consider selling. Other potential opportunities may include knowing which homes have a notice of default or notice of trustee’s sale, and they may consider doing a short sale (although most lenders require the home to be “on the market” for them to consider)

So how do you find out about off market listings? The best way is to find a local realtor that spends time networking with other agents and homeowners. Intimate market knowledge is critical as many top agents share listing information prior to it going on the MLS or being marketed to the masses. I generally hear of 10 listings or so each week that are off market or not yet listed and this can be a tremendous advantage in a market that is so competitive. Contact South Bay realtor Keith Kyle for information on off market listings and homes not yet on the MLS.

in Communities, Homes, Manhattan Beach, Market Trends, North Redondo Beach, Opinion, South Redondo Beach, Torrance Posted by Keith Kyle

Hermosa Beach Sand Section Home Prices Reaching New Levels

Although median prices in a luxury market such as the Hermosa Beach sand section can vary dramatically due to one or two oceanfront home listings on The Strand, the median home prices for active listings has reached record highs. The sand section of Hermosa Beach is the area closest to the ocean and is bordered by Manhattan Beach to the north, the streets of Valley/Ardmore to the east, and Redondo Beach to the south. There are numerous housing options ranging from magnificent Strand homes, to “walkstreet” homes with an alley in the back but a pedestrian only sidewalk in the front, to endless ocean view condos, townhomes and single family. In general prices are higher north of Pier Avenue.

According to local realtor and Hermosa Beach resident Keith Kyle with South Bay Brokers “the homes active on the market are almost all exclusively very high end luxury homes and we’ve reach a median home price never seen before.” The current median home price for all types of active homes is at $3,749,000. This in a town where the median prices have hovered in the $1.1M-$1.2M in general for the past few years. There are many factors at the moment including a number of ocean front homes including 2666 The Strand, an oceanfront estate priced at a whopping $15,900,000 (incredibly it was raised from it’s original $13,900,000), 718 The Strand at $6,300,000 and 5 other homes priced over $4.0M with 3 walkstreet homes for sale.

[idx-listings community=”Hermosa Beach Sand” propertytypes=”513″ orderby=”Price” orderdir=”DESC” count=”5″]

in Communities, Hermosa Beach, Market Trends, Ocean View Homes, Oceanfront Homes, Walkstreet Homes Posted by Keith Kyle

April 10, 2013March 9, 2023

Oh this crazy market……how home prices are getting out of control

I often tell my statistically driven friends and clients that although “trendlines” and Redondo Beach real estate trends statistical data can help explain what is happening and what may happen in real estate, it often overlooks a very key piece of the puzzle. Unlike other products people buy and sell, home sales are often driven by both emotion and perception. It was only a few months back when the perception was that prices would continue to be flat, or even go down slightly, and the biggest challenge I faced was convincing buyers that now was a good time to buy.

Oh how things have changed in such a short time. Very quickly the market shifted to favor sellers and as soon as buyers decided that they may miss their opportunity, things have quickly gotten out of control. Low inventory, low interest rates, short sale and REO “deals” drying up, and pressure from large investors buying and flipping everything they could find has made it almost impossible to buy a home. How quickly we forget all that created the bubble in the first place and buyers are now chasing homes, overbidding, paying too much, waiving the appraisal and just about everything else that once again appears unsustainable.

In my own personal experience the last 4 offers I have put in for homes in Manhattan Beach and Redondo Beach have required that my buyers waive their appraisal contingency….the sellers knowing full well that the home wouldn’t appraise. No doubt this is great for sellers, but again it appears unsustainable and will likely cause problems in the near future. We’ll likely continue to see this incredible turnaround until inventory and interest rates move away from near record lows. I’m looking forward to the days of a balanced market, in which well priced homes sell quickly and buyers have a chance of paying market value. In the mean time, if I were a South Bay home seller who had given some thought to list my home…..it doesn’t get much better than this.

in Market Trends, Opinion Posted by Keith Kyle

March 26, 2013March 9, 2023

Manhattan Beach Sand Section Market Update

Manhattan Beach Sand Section Homes Report

The sand section of Manhattan Beach offers the epitome of California coastal living. The sand section is the area of Manhattan Beach that is bordered by the beach and ocean to the west, and generally the streets of Valley and Ardmore to the east. What makes this area so desirable is the proximity to the beach and the ocean. The area offers a variety of housing options with oceanfront luxury homes on The Strand, beautiful “walk street” homes with a wonderful sense of community and often sweeping ocean views, townhomes just a few blocks to the beach, and multi unit homes of North Manhattan, known as El Porto. The market is always very active as the demand is always strong for prime beach real estate. As of mid March there are 9 active homes for sale in the Manhattan Beach sand section, 21 pending home sales and 18 closed homes sales as of February 1st. According to Manhattan Beach realtor Keith Kyle, “Incredibly low inventory coupled with very high demand since the beginning of the year is driving prices up quickly. There are many buyers looking in this luxury market, but there are very few listings and even homes priced at market value are often selling with multiple offers, over asking and with huge concessions by the buyers.” The current average sales price since the beginning of February has been slightly over $2,300,000. See the chart below to see the market by the numbers.

Active MLS Listings – Currently there are 9 active homes for sale in the Manhattan Beach Sand Section
		List Price	ADOM		BR	BA	Year Built	SqFt	Lot SqFt
	Min	1,179,000	2	–	2	2.00	1933	1,392	1,153
	Max	6,750,000	19	–	5	6.00	2013	5,000	3,772
	Avg	3,207,889	10	–	4	4.00	1990	3,012	2,216
	Sum	28,871,000		–
8 Pending home Sales – 21 Total “In Escrow”
		List Price	ADOM		BR	BA	Year Built	SqFt	Lot SqFt
	Min	975,000		–	2	2.00	1946	1,082	1,350
	Max	2,499,000	105	–	5	4.00	2009	2,989	5,885
	Avg	1,854,750	31	–	3	3.38	1982	2,040	2,855

13 Pending Sales in Backup Offer Status
		List Price	ADOM		BR	BA	Year Built	SqFt	Lot SqFt
	Min	925,000	5	–	2	1.00	1921	982	1,345
	Max	6,995,000	73	–	5	5.00	2007	5,000	4,930
	Avg	2,519,538	36	–	4	3.69	1988	2,602	2,577

18 Closed Home Sales since 2/1/2013
		List Price	ADOM	Selling Price	BR	BA	Year Built	SqFt	Lot SqFt
	Min	1,199,000		1,214,500	2	2.00	1927	1,350	990
	Max	11,500,000	449	10,995,000	5	5.00	2012	4,761	3,507
	Avg	2,409,278	78	2,362,350	3	3.72	1987	2,281	2,562
	Sum	43,367,000		42,522,300
Status: All (48)
		List Price	ADOM	Selling Price	BR	BA	Year Built	SqFt	Lot SqFt
	Min	925,000		1,214,500	2	1.00	1921	982	990
	Max	11,500,000	449	10,995,000	5	6.00	2013	5,000	5,885
	Avg	2,496,458	46	2,362,350	3	3.71	1987	2,465	2,549

in Manhattan Beach, Ocean View Homes, Oceanfront Homes, Walkstreet Homes Posted by Keith Kyle

January 17, 2013March 8, 2023

The Days Of Redondo Beach Short Sales May Be Winding Down

Although the South Bay and certainly the Beach Cities were fairly protected from the wave of short sales and bank foreclosures that plummeted prices in other areas of California, there were opportunities out there. As Redondo Beach is both larger than neighboring Hermosa and Manhattan Beach, and typically caters to more first time home buyers, it felt the foreclosure brunt the most and it wasn’t a challenge to find “deals” on such properties. Gone may be the days of short sale deals and homes selling below market value, as the inventory of both standard sales, and distressed home sales has continued to decline while demand has grown. The influx of investors buying up short sale and foreclosures added to the pressure. As of December 2011 there were 46 active short sales and foreclosures in Redondo Beach and just a year later the inventory was down to 9 distressed sales. This will likely lead to rising prices as these short sales were the driving factor behind the declining prices over the past few years.

in Communities, Foreclosures, Market Trends, North Redondo Beach, South Redondo Beach Posted by Keith Kyle

January 8, 2013February 17, 2020

Done the right way….we sell more than just houses….

With the dawn of a new year, it really got me thinking about what we do as Realtors and why, If done with the right motives, it’s so rewarding. In the stresses of an escrow, or in the challenges of a day of showing houses, it’s easy to lose sight of what selling a home can mean and for many it’s just another “deal”. But that’s not at all what this is about. I work with many first time home buyers and it is no exaggeration to think that this decision that I’m helping them make is nothing short of life altering. The home someone chooses is more than just granite counters, 2.5 bathrooms, corner lot, fixer or turn key….it is choosing a neighborhood, choosing neighbors, choosing schools, and even choosing a lifestyle. It’s about people…the people the home buyer doesn’t even know yet that may end up being friends for life.

Have you ever checked in on past clients years later and met the neighbors or school friends, or met the son or daughters best friend from next door? These are people that may be in our clients lives forever…and it was partially due to a decision we helped them make. Yes we sell houses, but it is so much more than that. Every client we have deserves to be treated with this understanding and not only will it likely help your business, it makes real estate and selling homes one of the more rewarding jobs imaginable in my eyes.

– Keith Kyle is a residential real estate specialist with South Bay Brokers in Manhattan Beach, CA

in Communities, Just for Fun, South Bay Activities Posted by Keith Kyle

So What’s All The Hype about “Off Market” Redondo Beach Listings These Days?

Hermosa Beach Sand Section Home Prices Reaching New Levels

Oh this crazy market……how home prices are getting out of control

Manhattan Beach Sand Section Market Update

Manhattan Beach Sand Section Homes Report

The Days Of Redondo Beach Short Sales May Be Winding Down

Done the right way….we sell more than just houses….

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