Only 2 Active Foreclosure Listings in All of Redondo Beach

By Keith Kyle

The distressed home and foreclosure market was never a major factor in the Beach Cities as the coastal communities were always buffered a bit from the huge price drops after the real estate bubble burst.  Some of the outlying South Bay communities did see a large increase in bank owned homes and short sales but the closer the community was to the ocean, the less impact we tended to see.

That being said there were still a healthy (or unhealthy depending on what side of the process you were involved with) number of distressed homes for several years, but that’s virtually come to a trickle.  From a high of 130 active foreclosure listings back in 2010, which does not include the number of homes in default, to only 2 active foreclosures in Hermosa, Redondo and Manhattan Beach combined.  Hermosa Beach and Manhattan Beach were always very limited in the distressed market with the bulk of the foreclosure listings being in Redondo Beach.

Redondo Beach Foreclosures on the Rise?

By Keith Kyle

As the market has had so much momentum over the past 2 years, short sales and foreclosures have slowed to a trickle. Even most of those homeowners that had found themselves underwater and hanging on have taken advantage of skyrocketing prices as homes have moved above and beyond previous peak levels.

What’s unusual is the recent increase in these rare “distressed” sales as of late. As of this post, there are now 7 foreclosure homes on the market in Redondo Beach. 3 of the homes are bank owned, or REOs (real estate owned) and 4 are short sales. This is one of the higher numbers of distressed homes that we have seen in a while. While they can still be an opportunity and may be priced a bit below market value, these foreclosures don’t quite present the deals that they once did. Contact us or visit our South Bay foreclosure homes for sale for more information or to receive free foreclosure listing updates. 

2 Single Family Foreclosure Opportunities

By Keith Kyle

**Please not that this post is from March of 2015 and the followig homes are no longer availabe.

While foreclosures have become a rarity in the Beach Cities, there are a few nice opportunities in North Redondo Beach.  2 of the 3 distressed listings are single family homes in the neighborhood near Adams middle school.  Click here to view all foreclosures, bank owned homes, and short sales in Redondo Beach and the South Bay.

2517 184TH ST, Redondo Beach 90278

 

2701 182nd PL, Redondo Beach 90278

 

 

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

Distressed home sales and listings continues to go down with both REO and 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.

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.

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