Redondo Esplanade condos

Video Tour of Oceanfront Condos on the Esplanade in Redondo Beach

Oceanfront Condos on the Esplanade

When people envision living in Redondo Beach, they most often see themselves living oceanfront.  While the neighboring cities of Hermosa and Manhattan Beach have oceanfront homes on The Strand, most buyers are quickly priced out as those homes generally start in the mid $4.0M.  Not so in Redondo Beach with an abundance of oceanfront and ocean view condo options.  Ranging from studios to true oceanfront estates, Redondo has options for just about everyone.

Search the current condos for sale on the Esplanade in Redondo Beach

 

Condos Bearing the Brunt of The Hermosa Beach Foreclosure Market

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.

Below is a list of the current “foreclosure” listings in Hermosa Beach.

 

Of the 5 current “distressed” homes for sale in Hermosa Beach, 4 of them are condominiums with the other being a townhome.

 

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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North Redondo Beach Real Estate and Homes for Sale

Welcome to real estate in North Redondo Beach 90278

By Keith Kyle

Life in the Beach Cities of Manhattan Beach, Hermosa Beach and Redondo Beach has it all…..wonderful weather, great neighborhoods, proximity to the beach, award winning schools and more. Along with all of the wonderful aspects comes a lofty price tag as the demand for homes in the area, even in today’s market, remains high. The most affordable area in the Beach Cities is known as North Redondo. Redondo Beach is broken into the two main areas of North and South Redondo and the dividing line is generally along 190th Street. What makes the area more affordable is the abundance of different types of housing options not found as frequently as in other nearby areas. Home options range from single family homes on oversize lots, to a multitude of townhome options, to various condominum complexes.

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View current North Redondo Listings

Keith Kyle, with Vista Sotheby’s International, specializes in fine north Redondo Beach properties. Let us be your Golden Hills, Golden Triangle and TRW tract realtors and experience our impeccable service, knowlege of Redondo Beach and Torrance, and the South Bay.

Ideally located just east of Manhattan Beach and Hermosa Beach, the areas of North Redondo Beach offer more affordable housing options than it’s neighbors to the west while still offering excellent schools, proximity to the beach, and charming neighborhoods.

Located along some of Southern California’s finest beaches, Redondo Beach has something to offer everyone. Bordered by the Palos Verdes Peninsula to the south, Hermosa Beach to the north, and Torrance to the east, Redondo Beach offers great schools, proximity to the beach, and an abundance of activities. Some highlights include ocean activities and dining at King Harbor, great shopping in the Riviera Village, the Redondo Beach pier, and nature walks at Wilderness Park.

Current Homes for Sale in North Redondo Beach 90278

oceanview condos background

The Village Oceanview Condos in Redondo Beach 90277

Redondo Beach epitomizes the very best in beach living.  Much larger than neighboring Manhattan Beach and  Hermosa Beach, Redondo offers housing of every  type and just about every price. One of the most  affordable ways of living in Redondo Beach is  in one of the many condominium buildings in the  city. Condo options can range from the very inexpensive  Brookside Village to ocean front luxury of Seascape or the Villageand the oceanfront homes on the Esplanade.

View current Condos for Sale in Redondo Beach

Located  along some of Southern California’s finest beaches,  Redondo Beach has something to offer everyone.  Bordered by the Palos Verdes Peninsula to the south, Hermosa Beach to the north, and Torrance  to the east, Redondo Beach offers great schools,  proximity to the beach, and an abundance of activities.  Some highlights include ocean activities and dining  at King Harbor, great shopping in the Riviera Village, the Redondo Beach pier, and nature walks  at Wilderness Park. Some of the areas of Redondo  include North Redondo with anbundance of home options, South  Redondo, the Hollywood  Riviera , the resort living of The Village and Seascapeoceanfront  condos on the Esplanade and the Golden  Hills.

The Village or Seascape I, II, and III

There  are endless reasons that the South Bay and Redondo  Beach are great places to live, and without question  the proximity to the ocean is one of them. Redondo  Beach offers a wider variety of options than neighboring Hermosa Beach and Manhattan Beach as it’s zoned  to allow higher density housing in some areas…..meaning larger condo complexes. Some of the most ideal  complexes are located in South Redondo Beach just off of Catalina and are known as the Village or  Seascapes I, II and III. All of the Seascape Buildings are also known as the Village (they’re actually all on Catalina but the addresses are on The Village) All of the complexes have Homeowners Associations with relatively high HOA dues to cover the various landscaping, pools and some insurance, but if you’re looking for an affordable way to have a beach home, they may be ideal for you. All three buildings offer some fantastic ocean, Catalina, and harbor views and are centrally located just a short walk or bike ride to the beach, marina, restaurants and shops and parks. Keep in mind that some of my comments are just opinions on what is both good and bad about the buildings based on my observations and feedback from my clients.

Seascape I

Seascape One is actually located between Seascapes II and III and consists of 210-250 The Village. It was built in 1978 and is just east of King Harbor and the Redondo Beach pier. Many of the units have fairly unique windows that allow for plenty of light and breezes. The smallest units are 1 bedroom 1 bath with around 577 square feet with the largest units being 2 bedroom 2 bath with just over 1600 feet. Values depend primarily on the location and view as well as the upgrades that the owners have done over time.

Pros:  Location, location, location. Seascape I is central  to everything and you truly don’t have to get in the car on the weekends. It’s directly adjacent to the marina and the Redondo Beach pier and has a large grassy park just outside your door. Some of the units are very nicely remodeled and some have tremendous ocean views (although those unblocked view units rarely come on the market. This is an affordable way to live by the beach or use a rental unit. See additional pictures of an ocean view unit at 240 The Village.


Cons:
The complex is a little maze like and finding your way around isn’t always simple. The complex also has shared laundry with a laundry room near the elevator on every floor. Another negative is that there seems to continually be an assessment in addition to the HOA dues and currently all of the planters and ponds have been undergoing continual work. Unlike Seacapes Two and Three the complex is not gated (although the parking is)

Seascape II

Seascape 2 was built in 1980 and looks a bit more modern than Seascape I. The units are much larger with the smallest one bedrooms just a bit over 900 square feet and the largest condos having 2 bedrooms plus a very good sized loft (with an additional balcony) and just at 1900 square feet. Seascape 2 consists of the buildings with 100-160 The Village addresses and is the furthest north of the oceanfront/oceanview
buildings. The complex has a very nice pool area and is walkable to just about everything imaginable. Seascape 2 also has some townhome units with larger square footage and attached garages. Many/most of the units have been extensively remodeled and many have stunning ocean and harbor views.

Pros: Again the location is excellent with shops, restaurants,  gyms and the beach just a stroll away. The complex has a very nice vacation like feel to it and is ideal for those looking for a beach home, second home or just wanting a primary residence at the beach….without the price tag of many other oceanview properties.

Cons: There are often assessments and the monthly HOA is fairly high and currently around the mid $400s as of this article. It’s a fairly large complex and often a bit confusing to find your way around. Although the views can be stunning some of the units are a bit further back with a service road and a few buildings in front of the views of some of the lower units.

Seascape  III

Built in 1980 Seascape III feels very similar to Seascape II with a slightly more “vacation” type feel. The condos are fairly large with the smallest 1458 square feet and the largest being the penthouse 2 bedroom with an ocean view loft and separate patio with slightly over 2000 square feet. This is the furthest south of the Seascape buildings but still walkable to everything.

Pros: Again the location is just ideal and the complex has a great second home or vacation feel. Higher floor units have some tremendous views and many have been very nicely upgraded. As with all of the Esplanade and Village buildings, prices have come down considerably as they have had a very high second home ownership in the past and have suffered quite a bit with some foreclosures and short sales forcing prices down which makes for an ideal environment for buyers

Cons: As with all of the Seascape buildings the HOA is quite high and the age of the buildings, coupled with their environment of sun and salt air, often make for additional assessments. HOA is also fairly restrictive as to what can be done to the units, but this can also be considered a positive for many.

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Vista Sotheby's International

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

ADDRESS:

1801 S Catalina Ave, Redondo Beach, CA 90277

Phone:

310.251.2344

E-mail:

keith.kyle@vistasir.com

CONTACT AGENT

DRE#01712785

keith kyle

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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

The listing information set forth on this site is based upon information which we consider reliable, but because it has been supplied by third parties to our franchisees (who in turn supplied it to us), we cannot represent that it is accurate or complete, and it should not be relied upon as such. The offerings are subject to errors, omissions, changes, including price, or withdrawal without notice. All dimensions are approximate and have not been verified by the selling party and cannot be verified by Sotheby’s International Realty Affiliates LLC. It is recommended that you hire a professional in the business of determining dimensions, such as an appraiser, architect or civil engineer, to determine such information. Sotheby’s International Realty ® and the Sotheby’s International Realty Logo are service marks licensed to Sotheby’s International Realty Affiliates LLC and used with permission.