Category: Search for Homes
Big Views in the Hollywood Riviera
The Hollywood Riviera offers some homes with great views but a view this good is still rare and the oversized lot makes this home even more of an opportunity.
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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
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 stories
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.
New Ocean Front Strand Townhomes in Manhattan Beach
Newly listed on September 19th, two newer construction townhomes have become available on the famous oceanfront walk of The Strand in Manhattan 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.