Market Trends

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

Are Foreclosure Opportunities a Thing of the Past?

As a short sale listing expert, I’ve tracked the number of foreclosures, meaning both short sales and bank owned homes (REOs) in the South Bay for the past few years. It wasn’t long ago that each month there would be consistently over 100 short sale homes listed in Torrance alone. That certainly isn’t the case any longer. As of April 10th 2013 only 29 short sales were on the market in the cities of Lawndale, Gardena, Manhattan Beach, Redondo, Hermosa, Palos Verdes, El Segundo, San Pedro and Torrance combined.

The chart above shows the number of active short sale listings, pending escrows and sold homes for each month in the cities mentioned above. The light green bar shows the active listings, dark green shows sold homes with the red line showing the pending or “in escrow” homes.

in Foreclosures, Market Trends 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

Real Estate Update in the Manhattan Beach Hill Section

The hill section of Manhattan Beach offers it all…..beautiful homes on quiet streets, stunning views, much larger lots than in other “sections” of Manhattan Beach, and luxury homes to take your breath away. All of this while still being west of Pacific Coast

Highway/Sepulveda Blvd and still walkable to the beach. It is specifically due to the larger lot sizes that the homes in the area are not as confined to certain sizes and designs to fit within the smaller lots of the sand section and tree section. The result are often truly custom homes with large square footage, not at the sacrifice of larger outdoor areas. It is simply the best of all worlds. The market has not been as active as some of the surrounding areas and cities with very low inventory and relatively low numbers of listings and sales. There have been 5 closed home sales in 2013 with an average sales price of $1.869M. Due to low number of homes sold in the area and the extreme pricing differences, these numbers can be drastically different over time. See a quick recap of the real estate market in the hill section of Manhattan Beach.


2 Active MLS Listings in the Hill Section
		List Price	ADOM	Selling Price	BR	BA	Year Built	SqFt	Lot SqFt
	Min	3,150,000	12	–	3	5.00	2002	3,695	5,502
	Max	3,695,000	41	–	6	5.00	2003	3,936	6,255
	Avg	3,422,500	27	–	5	5.00	2003	3,816	5,879
	Sum	6,845,000		–
2 Pending Sales
		List Price	ADOM	Selling Price	BR	BA	Year Built	SqFt	Lot SqFt
	Min	1,750,000	12	–	4	4.00	1995	4,405	5,200
	Max	2,997,000	54	–	5	5.00	2003	4,429	5,798
	Avg	2,373,500	33	–	5	4.50	1999	4,417	5,499
	Sum	4,747,000		–
1 Pending in Backup Offer Status
		List Price	ADOM	Selling Price	BR	BA	Year Built	SqFt	Lot SqFt
	Min	3,699,000	50	–	4	4.00	2006	3,447	4,191
	Max	3,699,000	50	–	4	4.00	2006	3,447	4,191
	Avg	3,699,000	50	–	4	4.00	2006	3,447	4,191
	Sum	3,699,000		–
5 Closed Sales Since January 2013
		List Price	ADOM	Selling Price	BR	BA	Year Built	SqFt	Lot SqFt
	Min	939,094		939,094	2	1.00	1952	782	4,377
	Max	3,577,000	152	3,525,000	5	6.00	2004	5,000	9,429
	Avg	1,893,019	32	1,869,719	3	2.80	1970	2,611	5,768
	Sum	9,465,094		9,348,594
Status: All
		List Price	ADOM	Selling Price	BR	BA	Year Built	SqFt	Lot SqFt
	Min	939,094		939,094	2	1.00	1952	782	4,191
	Max	3,699,000	152	3,525,000	6	6.00	2006	5,000	9,429
	Avg	2,475,609	33	1,869,719	4	3.70	1986	3,297	5,579
	Sum	24,756,094		9,348,594

Contact Manhattan Beach realtor, Keith Kyle for more information on any of the hill section homes for sale below.

[idx-listings community=”Manhattan Beach Hill” propertytypes=”516″ orderby=”DateAdded” orderdir=”DESC” count=”5″]

in Communities, Manhattan Beach, Manhattan Beach Hill Section, Market Trends, Ocean View Homes Posted by Keith Kyle

Hermosa Beach Real Estate – By the Numbers

The below chart offers a quick overview of the real estate market in Hermosa Beach as of March 4, 2013. The month of February saw 12 closed sales with 40 active homes for sale and 32 pending home sales in this small coastal community. Prices are definitely on the rise and is the case with neighboring Manhattan Beach and Redondo Beach, inventory is at near record lows while demand remains very high. Click here to view the recent Hermosa home sales by month, or the current MLS list of homes for sale in all areas of Hermosa Beach CA. The active listings averages and median home prices are skewed somewhat by the oceanfront home for sale at 2666 The Strand priced at $14,250,000.

12 February Closed Sales
		List Price	ADOM	Selling Price	BR	BA	Year Built	SqFt	Lot SqFt
	Min	$399,000	4	$ 345,000	1	1	1929	450
	Max	$4,975,000	1011	$ 4,600,000	5	5	2012	4,040	10,132
	Avg	$1,541,167	116	$ 1,476,667	3	2.75	1978	1,929	4,008
	Sum	$18,494,000		$ 17,720,000

40 Active Listings
		List Price	ADOM	Selling Price	BR	BA	Year Built	SqFt	Lot SqFt
	Min	$335,000		–	1	1	1920	439	973
	Max	$14,250,000	328	–	6	8	2013	7,000	43,536
	Avg	$1,819,950	62	–	3	3.2	1982	2,117	9,278
	Sum	$72,798,000		–

32 Pending Sales
		List Price	ADOM	Selling Price	BR	BA	Year Built	SqFt	Lot SqFt
	Min	$335,000	1	–	1	1	1924	440	1,007
	Max	$3,289,000	321	–	4	5	2013	3,700	59,585
	Avg	$1,025,369	64	–	3	2.61	1978	1,755	9,451
	Sum	$32,811,800		–

in Hermosa Beach, Market Trends 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

Are Foreclosure Opportunities a Thing of the Past?

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

Real Estate Update in the Manhattan Beach Hill Section

Hermosa Beach Real Estate – By the Numbers

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