Redondo Beach foreclosures

Is the world of short sales and REOs a little fishy…or is it just me?

Unfortunately, I realize that we are in a profession in which ethical standards doRedondo Beach foreclosures not mean much to everyone. Fortunately being in a high end market in Redondo Beach CA, the bulk of the realtors that I work with and encounter are very professional and seem to put their clients needs ahead of their on on most occassions. One thing that’s hard not to notice is that with the increase in bank owned foreclosures and short sales, the number of out of area listing agents has increased and that hasn’t always been a good thing. Although I don’t always agree with it, the seeming lack of effort…from terrible photos or even no photos at all, unclear showing instructions, to poor, vague or confusing descriptions, etc can perhaps be justified, and I can convince myself that’s something they’ve come to an agreement with the sellers on. Today was one of those days, however, that just makes me want to pick up the phone and call someone to tell them they’re getting poor representation….or worse. Today 3 short sales came on the market in my fairly high end market. All three were priced far too low and to my surprise (ok that’s sarcastic) all three immediately went off the market after being listed. One of the properties not only had no description or showing information, the picture of the home wasn’t the home, and was of a home likely 15 years older and very run down. The second home went on hold shortly after being listed (which it had done a month ago the first time) and had a photo from about 10 years ago the 3rd went pending 8 minutes after being listed. Now I understand that there MAY be circumstances in which something like this may occur but 3 in one day? And yes all three agents were from out of the area.

Redondo Beach foreclosures

The Days Of Redondo Beach Short Sales May Be Winding Down

Although the South Bay and certainly the Beach Cities were fairly protected fromRedondo Beach foreclosures the wave of short sales and bank foreclosures that plummeted prices in other areas of California, there were opportunities out there.  As Redondo Beach is both larger than neighboring Hermosa and Manhattan Beach, and typically caters to more first time home buyers, it felt the foreclosure brunt the most and it wasn’t a challenge to find “deals” on such properties.  Gone may be the days of short sale deals and homes selling below market value, as the inventory of both standard sales, and distressed home sales has continued to decline while demand has grown.  The influx of investors buying up short sale and foreclosures added to the pressure.  As of December 2011 there were 46 active short sales and foreclosures in Redondo Beach and just a year later the inventory was down to 9 distressed sales.  This will likely lead to rising prices as these short sales were the driving factor behind the declining prices over the past few years.

Looking for a starter home in Redondo Beach?….this may take a while….

**Please note that this post is from 2013 and the market and home prices have changed dramatically since then**

I have a number of buyers looking in Redondo Beach for a single family home under $750,000. Normally that’s not too difficult to find and it’s more a question of specific location, or style, etc. The problem now is that single family homes in this price range, which would be considered “starter homes” in Redondo, can be difficult, if not impossible, to find. It hasn’t been easy lately to explain to buyers (many of whom start the search in Hermosa Beach but find themselves priced out) that there just are no homes to buy. The chart below paints a pretty bleak inventory picture with almost nothing to buy, and the few that are priced below $750,000 are not at all what they are looking for.

The chart below shows all single family homes for sale, pending and sold in the $750,000 and under price range in Redondo Beach.  The teal line represents the active homes for sale in Redondo Beach and it’s pretty clear that there are few, if any, real opportunities.  According to Redondo Beach realtor Keith Kyle, “until sellers decide that this is an optimal time to list their homes for sale, this trend of low inventory and high demand will continue.”

Golden Hills of Redondo Beach

Lack of Starter Homes Available in the Golden Hills of Redondo Beach

Many South Bay home buyers are looking for a starter home in the Beach Cities often look to the Golden Hills area of Redondo Beach.  The area offers homes often referred to as “tall and skinnies” due to the very narrow and long lots created when the area was originally subdivided.  The Golden Hills area is located just east of Hermosa Beach between Artesia and 190th.  Homes are often significantly less expensive then identical homes just several blocks away in the Hill Section of Hermosa.  The homes generally start in the mid $700K range for something with 1700 square feet or so, but there are always less expensive options….until recently.  While pulling comparables for a Redondo Beach home seller, it was hard to believe that of the 8 homes priced below $750,000 only one was active and all others were pending.  That’s a fairly incredible ratio, even in this very active market.  If home sellers are considering selling their entry level Golden Hills home, now may be a great time.

The chart below shows just how far down our inventory has come on single family homes priced below $750,000.  September of last year had 13 active SFR listings in the Golden Hills in this price range while now we only have one.  That’s a fairly incredible turn around in one year but the inventory has steadily dropped.

Keith Kyle is a licensed Realtor, short sale specialist and Top Producing agent with Vista Sotheby’s International Realty in Manhattan Beach.  He serves his clients throughout the South Bay and his websites KeithKyleHomes.com, TorranceRealEstateHomes.com, ManhattanBeachLuxuryRealEstate.com 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.

 

Hollywood Riviera Real Estate & Homes for Sale

Welcome to real estate in the hollywood Riviera

From spectacular ocean views to quiet family friendly streets, the neighborhood of the Hollywood Riviera has it all. Some neighborhoods lie right on the bluff with cool ocean breezes and a distinct beach feel, while others lie on tree lined streets and offer a sense of privacy and seclusion not common in the South Bay.  Many homes have great views but there are no better views in all of the South Bay than the oceanfront homes of Paseo De La Playa

Experience the charm of dining and shopping in the Riviera Village, spectacular sunsets, and an abundance of outdoor activities in the Hollywood Riviera.  With view protections in most of the area due to the “hillside overlay” this is one of the more unique areas in the South Bay with some assurance that the view the home has now will be the same view in the future.

Let us be your Hollywood Riviera realtors and experience our impeccable service, knowlege of Redondo Beach and Torrance, and the South Bay.

Hollywood Riviera ocean view homes

Current Hollywood Riviera Homes for Sale

The number of active listings, homes in escrow and sold homes for each month in the Hollywood Riviera.

Average price per foot of homes in the Hollywood Riviera 

Average days on market as well as the % of how close homes are selling to their original list price.

Average list prices of the homes as well as the average selling prices of the homes.

Months of inventory on the market or how long it would take to sell all of the homes. 

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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

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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.