Located just east of Hermosa Beach, the “Golden Hills” section of Redondo Beach offers great home values for the South Bay. The homes in the Golden Hills are affectionately known as the “tall and skinnies” and many offer great square footage for much less than in neighboring Hermosa and Manhattan. Redondo Beach offers great schools, proximity to the beach, and an abundance of activities. Home prices generally range from the low $700,000’s to over $1M for new construction and the homes are usually 3-4 bedrooms.
Your online resource for Redondo Beach, California homes and real estate. Find your home in the Golden Hills with our simple targeted home search or find all South Bay homes with our free MLS access. If you are looking to buy or sell a home or investment property in Redondo Beach….we can help. Find out why South Bay Brokers should be your Golden Hills Realtors®. From new construction, to “tall and skinnies” to townhomes and condos, we can help.
While we have been buffered a bit from the distressed home market, foreclosures and short sales are still an active part of the Hermosa Beach real estate market. Not surprisingly foreclosures and short sales in Hermosa Beach over the past 12 months have consisted primarily of condos. Why is this? From my experience there are several factors.
Starter Homes – In a very high end market such as Manhattan Beach and Hermosa Beach, it is inevitable that many of the homes that eventually find their way to the foreclosure process are considered “starter homes”. Many or most of these homes were attainable during the loose lending days and many were first time home buyers taking out adjustable mortgages or taking loans that were very aggressive compared with traditional standards
Moving up – Condos in towns such as Hermosa Beach are often considered “stepping stones” and although a good way to start the process of home ownership in a high end market, the intent is often to live in the home only long enough for values to go up, use the equity and buy up. This is a fine strategy if the market is going up.
Demographics – Condos are also often bought by young single people, or younger couples. Once again they are a starting point, and the plan is often to sell and buy up once there are kids involved. Again the challenge becomes trying to sell in a down market.
Shorter term owners – The other aspect that separates condos from single family homes is the relatively high turn over and therefore higher % of short term owners that bought at the peak. For some of the reasons above condo owners are generally shorter term and therefore many bought at the peak of the market and the decrease in home values impacted those owners far more than those that have owned for years and years.
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.
Just another typical July night in Hermosa Beach. This is a view north looking towards Manhattan Beach and the Manhattan Beach pier. Imagine this being your nightly view which is the reality for the ocean front homes of The Strand and Esplanade in Redondo Beach.
From spectacular ocean views to quiet family friendly streets, the neighborhood of the Hollywood Riviera has it all. Some neighborhoods lie right on the bluff with cool ocean breezes and a distinct beach feel, while others lie on tree lined streets and offer a sense of privacy and seclusion not common in the South Bay. Many homes have great views but there are no better views in all of the South Bay than the oceanfront homes of Paseo De La Playa
Experience the charm of dining and shopping in the Riviera Village, spectacular sunsets, and an abundance of outdoor activities in the Hollywood Riviera. With view protections in most of the area due to the “hillside overlay” this is one of the more unique areas in the South Bay with some assurance that the view the home has now will be the same view in the future.
Let us be your Hollywood Riviera realtors and experience our impeccable service, knowlege of Redondo Beach and Torrance, and the South Bay.
Current Hollywood Riviera Homes for Sale
The number of active listings, homes in escrow and sold homes for each month in the Hollywood Riviera.
Average price per foot of homes in the Hollywood Riviera
Average days on market as well as the % of how close homes are selling to their original list price.
Average list prices of the homes as well as the average selling prices of the homes.
Months of inventory on the market or how long it would take to sell all of the homes.
Manhattan Beach offers housing options from multi-million dollar mansions on the world famous “Strand” to wonderful cottages on tree lined streets. Manhattan Beach real estate is generally comprised of 5 very distinct “sections”. All of these neighborhoods are part of the award winning Manhattan Beach Unified School District but each has a very different atmosphere that appeals to people with varying priorities.
The sections are the Sand Section with many charming pedestrian only streets and the ever important proximity to the beach, the Tree Section with great family neighborhoods and tree lined streets, the Hill Section with breathtaking ocean views and breezes, the gated community of Manhattan Village, and the area east of Sepulveda Blvd known as East Manhattan. Click on each neighborhood to see what makes them different and to get valuable insight into the real estate options and benefits of each.Your online resource for Manhattan Beach homes and real estate. Find your home in Manhattan with our simple targeted home finder or search all South Bay homes with our free MLS access. If you are looking to buy or sell a home or investment property in Southern California….we can help. Find out why Vista Sotheby’s International should be your Manhattan Beach Realtors®. From townhomes in the sand section, to mansions on The Strand, to investment properties in El Porto, to estates in Manhattan Village, we can help.
Location: Starts at Homer Street on the South, and 45th on the North.
Lot Sizes: Typically 30’x90′ in size, East-West lots can be 33.3×100′; many other lots are half size (30″x 45′), particularly in EI Porto (Historically north of 38).
Height Limit: 30′, three stories, no decks on top story.
Strand Properties: Range in value from 6.5M to 25 Million, approximately 45 condos on the Strand. Most lots are 30’x100′ to 30’x150′.
Walk Streets 100 & 200 Blocks: South End Walk Streets: Flat, no view typically. Highly desired by families, no traffic on the sidewalk street. Yards require encroachment permits to provide low landscaping. Star at 4th and go to 10th. North End Walk Street: 15th to 20th Street. Ocean views.
Town homes: Range in size from 1900 to 2300 (look for basements now).
Gaslight Section: Between 21st Street and 24th Street; Blanch and Grandview. There are some gaslights on 400 block of Maine and 23m Street. Typically, 30’x90′ lots, two stories, 26′ height limit, so the new homes are smaller than the Sand Section and Tree Section.
