Bank owned homes and short sales are few and far between these days in Redondo Beach, but they do still occasionally present themselves. The home at 508 North Irena in South Redondo just came on the market and it is a detached townhome with great square footage and in fantastic condition.
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By Keith Kyle
When people think of life at the beach…they think ocean front. Unfortunately that idea is out of the price range of most people. Fortunately Redondo Beach has an option and it may be more affordable than you think. There are many options ranging from multi million dollar oceanfront estates, to the bluff top homes of Paseo De La Playa, to affordable condos that make life feel like a vacation!
It wasn’t too long ago that most buyers had heard all of the horror stories involved with 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 way down and anything initially priced below market value is quickly in escrow with multiple offers and most seem to be selling at numbers much closer to market value. 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.
One of the property types fairly unique to Redondo Beach is the “3 on a lot” townhome. When most buyers, especially those coming from out of the area, think of a townhome they picture endless rows of identical looking houses. Many buyers reach out to me looking for a single family home in the area, but unfortunately, can’t always afford single family homes in Redondo Beach. I often recommend that they consider a townhome as they’ll generally get nicer, newer, larger and better location for a lower price. Most of the time this idea is quickly rejected but once I show them the concept of a “two on a lot” or “three on a lot” they become far more interested. A great number of the lots in North Redondo are fairly large for the area at 50×150. These lots originally had some type of bungalow or duplex built in the 50s and many were long ago sold and knocked down. Due to zoning rules in Redondo Beach, what replaced them were most often townhomes.
A “3 on a lot” townhome is a building in which 3 units share the lot. These 3 on a lot townhomes are always connected, unlike some 2 on a lot situation, with shared walls between the front unit and middle, and back unit and middle.
The most common details of the units are:
One aspect that many buyers find difficult to accept is the fact that there is an HOA. Unlike large complexes with management companies, HOA board meetings etc., the HOA on a 3 on a lot can be very low key and sometimes not even active. As the 3 owners collectively own a portion of the land, the HOA cannot be dissolved but in many cases it is inactive. In general they are informal affairs with the minimal HOA fees (often around $175 a month) covering landscaping and shared insurance and each owner covering maintenance, and other items separately. As with any property not wholly owned there are possible challenges and frustrations as owners (just like neighbors) don’t always see eye to eye on fixes, repairs like termite work, roof fixes, etc. Overall the benefit of the townhouse concept is that the same price that may purchase a 1100 foot 2 or 3 bed 1 bath house in need of work, can purchase a 1800 foot 3 bedroom 3 bath townhome that’s far newer. Real estate purchases almost always involve compromises and priorities and depending on just what’s important to a buyer in Redondo Beach, a 3 on a lot townhome might be an ideal fit.
If August home sales numbers were any indication the market is continuing to go
crazy, but from on the ground experience the South Bay real estate market is beginning to slow down a bit. There are likely several factors that seem to be driving this slowing market:
Whether all of this indicates a trend towards a cooler market, or is just a temporary correction remains to be seen, but either way 2013 has been one of the quicker rebounds in real estate that we’ve ever seen.
If you are looking to purchase a home in the South Bay and want to visit open houses in Manhattan Beach, Hermosa Beach, Redondo Beach, Torrance, El Segundo and surrounding areas, you’ve come to the right place. Our South Bay open house list has weekly schedules for all South public open houses. Take advantage of our HomeFinder and have new listings emailed to you daily. Open House schedule subject to change without any notice.
