Redondo Beach real estate trends

Distressed Home Inventory Continues to Decline in Redondo, Hermosa and Manhattan Beach

Distressed home sales and listings continues to go down with both REO andRedondo Beach foreclosures short sale opportunities fading. The number of short sales and bank owned homes in Manhattan Beach, Redondo Beach, and Hermosa Beach have always been relatively low compared with other, more inland, areas and communities, but it appears that the inventory of these homes is at a several year low and looks to remain that way. The days of finding a “deal” in these cities may be a thing of the past. Redondo Beach, due to both the size of the city and the entry level price point options, has far and away the greatest concentration of distressed sales between the 3 cities but numbers decline there as well.

The chart below shows the most recent number of active, pending and sold short sales in Redondo, Hermosa, and Manhattan Beach.

Redondo Beach foreclosures

Palos Verdes Ocean View Short Sale Condo Opportunity

**Please note that this post was from 2012.  Click here to see the current foreclosures, short sales and distressed listings in the South Bay

If you’re looking for an home with a nice ocean view in one of the South Bay’s best locations….this could be it.  Located in Rancho Palos Verdes near Trump National and Terrenea, this beautifully remodeled condo is agressively priced as a short sale and likely won’t last long.  Contact us at 310-251-2344 or homes@KeithKyleHomes.com for a private showing.  Listing agent information is below.

Redondo Beach foreclosures

And then there were two…..short sales a thing of the past in Manhattan and Hermosa?

With the low inventory and high demand, the few short sales that appear on the market don’t seem to last long.  We’ve tracked the Manhattan Beach and Hermosa Beach short sale and foreclosure market for the past few years and we are now at a several year low with only two “distressed” sales currently active on the South Bay MLS.  In recent months the few short sales and foreclosures in these areas are generally pricing and selling closer to market value.  Below are the two current foreclosures, one each in Manhattan Beach and Hermosa Beach.  The condo in Hermosa Beach is located in the condo/hotel The Beach House Hermosa Beach and is unusual due to it’s condo/hotel aspect which only allows owners to stay a total of 90 days a year.  This challenge makes financing almost impossible which is partially responsible for the past and current short sale situation.  The other is located in the El Porto area of the Manhattan Beach sand section.

Keith Kyle is a licensed Realtor, short sale specialist and Top Producing agent with Vista Sotheby’s International in Manhattan Beach.  He serves his clients throughout the South Bay and his websites KeithKyleHomes.com, Redondo Beach Real Estate , Torrance Real Estate, Manhattan Beach Luxury Real Estate offer the most comprehensive real estate destinations in the South Bay with free MLS access, current home listings, open houses, recent home sales information and more.  Keith can be reached at 310-251-2344 or by email at info@KeithKyleHomes.com.

 

Redondo Beach foreclosures

South Bay Short Sales Not the “Deals” They Once Were

It wasn’t too long ago that most buyers had heard all of the horror storiesRedondo Beach foreclosures involved with short sales and wouldn’t go near them.  In many conversations I explained to buyers that if they were looking for a “deal” a short sale was definitely the way to go.  Unfortunately that just doesn’t seem to be the case any longer as short sale inventory is almost non-existent.  According to Keith Kyle, a South Bay short sale specialist, “it’s a combination of lower inventory and a much more streamlined short sale process in which most short sales are going through.  No longer are buyers overly cautious about potential short sales taking 6 months or more like they had in the past.”

While short sale may not be the bargain they once were, they still are the likeliest source of well priced homes if and when you can find them.  For a current list of foreclosures visit either our Redondo Beach foreclosures site, or our South Bay foreclosures and short sales listings.

The above chart shows the “for sale” distressed homes in light green, sold homes in teal, and pending sales in red over the past 10 years.   Needless to say there’s certainly not an abudance these days.

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.

 

golden hills redondo

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.

golden hills redondo

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

ARE YOU INTERESTED

IT'S TIME TO DISCOVER

redondo beach

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

Top Producing Realtor

ENQUIRE

Sotheby's International

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.