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Manhattan Beach
Over the years I have kept a running tally of the number of single family homes that close escrow each month. I haven't included townhomes or condo sales as they are a small part of the Manhattan Beach home sales and they tend to fluctuate more than single family homes. In Redondo Beach it would be the exact opposite as townhomes and condos make up the major share of that market.
The difference in the volume of home sales as well as the prices over the last 11 years makes for some interesting comparisons. It is easy to see that while prices started their upswing in 2003; 2005 was the year prices took a major leap and 2007 was the year volume took a hit. Prices began their dive in 2008 with 2009 being the toughest year for Manhattan Beach home sales.
Both prices and the number of sales bounced up and down in 2010 and 2011 as the market looked for stability. The big question for buyers and sellers is whether this will be the year the market finally finds stability and begins to trend up instead of down.
Manhattan Beach Home Sales: January-June 2000-2011
December home sales were definitely nothing to brag about but compared to closed sales from other months in 2011 it could have been worse. 2011 was not a stellar year for Manhattan Beach Real Estate by any measure but then it wasn't a total flop either. 320 homes and 75 townhomes sold last year in Manhattan Beach at a time when much of the country and some neighboring communities remain sunk in the doldrums of a housing market that just can't seem to find any traction.
Inventory remains low but if the number of new listings on the Broker Open tour for Manhattan and Hermosa Beach is any indication we may be seeing a lot more homes hit the market soon. Typically we don't see a lot of new inventory until after Super Bowl Sunday but this year might be an exception.
Along with some sharp new listings there were a number of homes that have returned to the market after taking a hiatus last year. While there were a few homes that made you wonder about the price was picked most of the new entries seemed to priced near market. This bodes well for the coming year as more sellers seem to be accepting the realities of the market.
Manhattan Beach: Sold December 2011
Open House Saturday January 21, 2012 1-4 pm
3011 Johnston Ave Redondo Beach
New Price... now $799,000
Hard to find... Home plus legal Guest house on a large lot
Don't miss this rare opportunity to own a single family home and a permitted guest house on an oversize lot in the TRW tract of North Redondo. ... The main house is an 1860 sq ft 2 bedroom 1.5 baths with large family room, huge dining room and remodeled kitchen and baths.. The guest house is a charming 300 sq + studio with remodeled bath.
This home is the ideal solution if you are looking for a place for parents, grown children or a separate office area. The terrific home is on an 8300+ sq ft lot that has alley access... The possibilities are endless....
This is a wonderful mid-Century home with a definite Palm Springs resort feel..
For the last few years I have shared my thoughts about where I thought the market was headed each year... and this year is no exception. Making predictions is easy, the difficult part is finding out close your ideas were to reality.
Last year I thought the market would be very similar to the one in 2009 and I was fairly accurate. Truthfully I don't see much change in 2012. I believe sales will continue to be slow but steady and prices will be flat with a few sub markets markets declining and a few showing increases in value. .
Nationally the economy appears to be growing. The final numbers won't be available for a few more weeks. Retailers and others are counting on a strong surge in spending in recent weeks as an indication that we are moving forward. California's unemployment rate dipped to 11.7% in recent weeks which is still very high but at least it is finally moving in the right direction. Nationally the rate dropped to 8.6%. Whether the trend continues down is another issue that all the Presidential candidates will discuss at length I'm sure.
Unfortunately there are issues that will affect our economy over the coming months. Just as we were beginning to see a measure of stability in our country the European nations are showing signs of real problems. China is also facing economic problems. As our major creditor this could have an effect on our economic progress. Like it or not we have become a global economy.
The Government says the problems faced by the ongoing housing crisis are a high priority but new Federal regulations and guidelines add to the problems. What Bozo thought that adding a tax on mortgages for 10 years to fund the "payroll tax cut" for 2 months was a smart idea. All we need is more of that brilliant thinking to make sure the housing market continues to flounder.
Manhattan Beach-Beach Cities Real Estate...
The final sale numbers won't be in until next week but it looks as if the number of sales in Manhattan Beach and South Redondo increased while they decreased in Hermosa Beach, El Segundo and North Redondo. If the traffic at the local Malls was any indication of how people were viewing the economy... things are looking up. The Neptunian Womans Club Gift Wrap station at The Manhattan Village Mall was busier than it has been for the last 4 years.
Our local real estate market saw an increase in the number of distressed ( foreclosure, short sales and pre-foreclosure) property sales in all the Beach Cities. Manhattan Beach had the least with about 10% distressed sales and North Redondo saw the highest with 21% of closed sales.
In October the conforming loan amount officially declined from $729,750 to $625,500. The change didn't take effect until October but lenders stopped making loans at the higher amount around the end of August. While the decrease didn't really affect Manhattan Beach it definitely had an effect on the other Beach Cities. I don't believe it is a coincidence that prices on short sale townhomes in North Redondo dropped significantly at the same time.
I don't think we will see a major change in most of the South Bay real estate markets in 2012 from 2011. Prices will bounce around as buyers remain cautious. Manhattan Beach home prices have been the most stable of all the Beach Cities. I believe that trend will continue. North Redondo will likely be plagued by short sales that will push the market down a bit. Hermosa Beach, South Redondo and El Segundo may well see an uptick in short sales as lenders decide it might be more prudent to clear their books rather than continuing to delay the inevitable.
If interest rates remain stable you could see an increase in entry level prices in Manhattan Beach. This will hold true if more builders decide to take the plunge and start buying lots. I know of a number of agents who are actively looking for buildable lots and fixers in Manhattan Beach. I don't think you will see much new construction in the other Beach Cities for awhile although there have been a few new projects in North Redondo.
Obtaining a new loan continues to be difficult. property prices in the South bay-beach Cities remain high despite the declines in value. many entry level properties will require Jumbo loans with the drop in conforming loan rates. New FHA limits will help buyers but many of their rules discourage folks who don't want to pay the upfront fees required by FHA.. Refinancing your home can take months. Appraisal issues haven't gone away as out of area appraisers are used by many lenders even though there have been changes to the original law.
While overall Manhattan Beach and the Beach Cities have had fewer problems than many other communities in LA County we are at the mercy of conditions we have no control over. Many homeowners have been holding on with a tenuous grip as the economy has remained precarious for longer than expected. Some good news in the economy would be a welcome sign for everyone.
Wishing you a Happy, Healthy and Prosperous 2012
November sale numbers were similar to those of October for most of the Beach Cities. While the number of sales was relatively consistent prices were all over the map. The hardest hit city in the Beach Cities was North Redondo. After months of not much action, ***North Redondo got clobbered by short sales beginning in September. Sellers dropped prices drastically hoping to finally get the attention of lenders who didn't appear to be in any rush to approve a sale.
The tactic seemed to work... There are currently 61 pending sales in North Redondo with inventory at 79 properties for sale. The final figures for December 2011 will be out next week but so far lenders may be cooperating as they also would like to see a number of these properties close escrow soon rather than later.
Th rest of the Beach Cities... El Segundo, Hermosa, Manhattan and South Redondo are seeing sale numbers holding at consistent levels and prices flat or moving downward slightly.
South Bay-Beach Cities: Sold November 2011
*** Conforming loan limits declined from $729,750 to $625,000 as of October 1, 2011. Most lenders stopped making loans at those limits around the end of August.
Manhattan Beach Home and Townhome Closed Sales November 2007-2011
Manhattan Beach Home/Townhome prices November 2007-2011
What a year for Manhattan Beach Real Estate with enough ups and downs to keep us on our toes. Next week the final closed sales for December will be posted but so far the numbers are similar to those for 2010.
Single family Home prices in Manhattan Beach managed to creep up a bit in November compared to the median price last November. Townhome and condos sales didn't fare as well. The trend continues with sale numbers moving up while prices stay flat or slightly down from previous years.
Inventory is at the lowest level in along time with 61 single family homes and 27 townhomes/condos on the market. New construction is minimal with just a few builders taking the plunge while the majority are still waiting to see what the new year will bring.
Manhattan Beach: Sold November 2011
3011 Johnston Ave Redondo Beach
New Price... now $799,000
Hard to find... Home plus legal Guest house on a large lot
Don't miss this rare opportunity to own a single family home and a permitted guest house on an oversize lot in the TRW tract of North Redondo. ... The main house is an 1860 sq ft 2 bedroom 1.5 baths with large family room, huge dining room and remodeled kitchen and baths.. The guest house is a charming 300 sq + studio with remodeled bath.
This home is the ideal solution if you are looking for a place for parents, grown children or a separate office area. The terrific home is on an 8300+ sq ft lot that has alley access... The possibilities are endless....
This is a wonderful mid-Century home with a definite Palm Springs resort feel..
As the economy continues to slip and slide it's no real surprise that housing is still in a state of flux. October is always a slow month in the Beach Cities. With the exception of El Segundo, the number of sale in each South Bay-Beach City was very similar to the numbers from October 2010. Prices however were bouncing around like crazy with North Redondo showing the biggest declines and Manhattan Beach showing an increase.
About the time it seems the housing market in the Beach Cities is beginning to stabilize something happens to send it back down the road. This month the culprit maybe be a combination of a lower conforming loan limit ($625,500 down from $729,750) combined with an increase in the number of short sales. North Redondo has been hit the hardest by short sales that are pushing down home prices. Older townhomes are really taking a beating on price as owners try to get the bank to approve a short sale.
Lower prices and low interest rates are making North Redondo a hot market right now. Buyers are snapping up units at prices not seen a long time. Multiple offers on townhomes in North Redondo are becoming the norm rather than the exception. November could be a very interesting month....
South Bay-Beach Cities: Sold October 2011
Manhattan Beach: Sold October 2011
Manhattan Beach Strand and Bike Path
October has never been a great month for home sales in Manhattan Beach and this year is no exception.. While the sale volume was down slightly from last year... 24 properties in 2011 compared to 26 in 2010.. The median price was up in 2011 ... homes: $1,480,000/Townhomes $ 1,185,000 compared to homes $1,180,000/Townhomes $ 1,000,000 in October 2010. In fact the median price was the highest since 2007.
Financing is a factor... October was the month that conventional loan limits dropped from $729,750 to $625,000 which may explain why there were on 16 home sales. However townhome sales were higher than normal so maybe financing was just a small issue.
So what do the numbers really mean.. not much... The real estate market is still bouncing around. Last month there were 25 closed home sales in September 2011 with a median of $1,150,000 and 5 Townhome sales with a median of $765,000. When you use small samples the mix affectes the median price a lot. What is interesting is that the total number of sales has been fairly consistent year over year.
Consistency is one of the hallmarks of a market that is relatively stable. This doesn't mean prices have not gone down or that the number of sales isn't down from peak years. But it may indicate that even with the poor economy, Manhattan Beach is a relatively stable market.. You can of course speculate on the whys and whats of real estate in Manhattan Beach and all the Beach Cities forever and still wind up with a lot of numbers that are probably not nearly as important as people think..
Manhattan Beach: Sold October 2011
It's that special time of year..... we put lights on houses .... ornaments on trees..... and little kids know that magic is real. I love the Holiday Season..... Many homeowners in Manhattan Beach, Hermosa Beach, Redondo Beach and El Segundo do some fabulous light displays and Christmas/Holiday decorations. El Segundo and other cities have whole neighborhoods of homes that bring visitors from near and far to see the wonderful winter wonderland displays.
While Santa wants to visit every house in the Beach Cities... like many of us today... budget issues are making it harder this year... Santa won't be able take his sleigh through Redondo Beach but you can visit with him at Anderson Park and Alta Vista Park. There are many celebrations in the Beach Cities including Tree lighting and Pier lighting in our communities. Don't miss the El Segundo Holiday Parade... it's just so much fun.
Our little Beach towns have retained their unique Holiday traditions. If you want to know what's happening in the Beach Cities during the Holidays... just scroll down and you will find the major activities for Manhattan Beach, Hermosa Beach, Redondo Beach and El Segundo. It's a wonderful time of year... Oh and be sure to stop by the Gift Wrap in the Manhattan Mall... I'll be there .. so stop and say Hello..
December 2,3,4, 2011 The Sandpipers will hold their annual Holiday Home Tour in Manhattan Beach and Hermosa Beach. The tour runs from 10:00 am to 5:00 pm. For information call (310) 374-1748 
Saturday December 10- Thursday December 24... . The Neptunian Woman's Club will be Gift Wrapping at the Mall... proceeds go toward scholarships for Manhattan Beach students and the fees are tax deductible. Psssst..... We will wrap any gift ... not just ones bought at a Mall store.... See you at the Mall.....
Sunday December 11, 2011... Manhattan Beach Fireworks Show .... At the Pier...Entertainment starts at 4:00.. 
Santa starts his rounds November 28, 2011.. and he will be looking for good little girls and boys until December 15, 2011.. Santa starts his route every evening at 5:30 with the exception of December 12, 2011 when the float is parked in Manhattan Village from 6:00- 7:00 pm.
Nov. 28: Starts at 19th St and Ardmore Avenue, Pacific, Manhattan Beach Boulevard, and Valley Drive.
Nov 29: Starts at Blanche Road and 24th Street, 45th St, Ocean Drive, Marine Avenue, Grandview Avenue and the western City limits..
Nov.30: Starts at Blanche and 26th St, Rosecrans Avenue, Pacific Avenue, Marine Avenue, Bell Avenue.
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Dec. 1: Starts at 23rd St and Wendy Way, Marine Ave., Manhattan Beach Blvd, Redondo Avenue and Aviation Blvd,.
Dec. 2: Starts at Marine and John Street. Ardmore Avenue, Sepulveda Blvd.,Manhattan Beach Blvd., Pacific Avenue.
Dec. 5: Starts at Second and Peck... Second Street, Aviation Blvd, Artesia Blvd and Peck Avenue.
Dec. 6: Starts at Second Street and Rowell Avenue. Second Street, Meadows Avenue, Artesia Blvd. and Sepulveda.
Dec. 7: Starts at Dianthus and 11th Street. Manhattan Beach Blvd., Sepulveda Blvd., southern city limits and Ardmore Avenue.
Dec. 8: Starts at 6th and Meadows. Eighth Street, Aviation Blvd., Second Street, Sepulveda Blvd..
Dec. 9: Starts at 8th Street and Johnson Avenue. Manhattan Beach Blvd, Aviation Blvd, Eighth Street and Sepulveda Blvd.
Dec. 12: From 6 to 7 p.m., the Santa float will be parked at the main pool of Manhattan Village. Starts at 7 p.m. at 18th Street and Redondo Avenue. Marine Avenue, Redondo Avenue,Manhattan Beach Blvd., and Rowell Avenue.
Dec. 13: Starts at Meadows Avenue and Manhattan Beach Blvd. Marine Avenue, Rowell Avenue, Manhattan Beach Blvd. and Sepulveda Blvd..
Dec. 14: Starts at Pacific Avenue and Valley Drive. Rosecrans Avenue, Sepulveda Blvd. Ardmore Avenue and Pacific Avenue
Dec. 15: Starts at Ingleside Avenue and First Street. Marine Avenue, Grandview Avenue, 24th St, 25th St, Ardmore Avenue, southern and western city limits
Wednesday December 21, 2011... The Lighting of the Chanukah Menorah ... Manhattan Beach Mall.... 5:30 pm
Photos with Santa: Manhattan Beach Mall
Santa arrives Nov. 25 and stays until Dec. 24.
Mon to Sat: 11a.m. to 8 p.m
Sun: 12:00 to 6 p.m.,
The Web site above has a list of packages and prices.
Saturday evening... December 24, 2011... T'was the night before Christmas and all through the house.... You know the rest...
December 2,3,4, 2011
Thursday December 1, 2011... Hermosa Beach Tree Lighting... 6:00 at the Pier
Saturday December 10, 2011 Second Annual Snowfest.....10:00 am - 9:00 pm
The Snowfest will feature the tree lighting, music, and the arrival of Santa.
In Hermosa Beach Santa will visit on at The Gum Tree at 238 Pier Avenue on December 2, 2011 from 5-9 pm and on December 5, 2011 from 10:00 am - 4:00 pm...Santa and his helpers will visit Hermosa neighborhoods on Wednesday December 7 and Dec. 14.
The sleigh will spend 20 minutes at each stop, where Santa will take photos with residents waiting to meet him.
Santa's Schedule:
December 7, 2011
6 to 6:20 p.m.: 18th Street and Valley Park Avenue.
6:30 to 6:50 p.m.: 25th Street and Silverstrand Avenue.
7 to 7:20 p.m.: 30th Street and Morningside Drive.
7:30 to 7:50 p.m.: 23rd/24th streets and Hermosa Avenue (west side of the street).
8 to 8:20 p.m.: 500 block of 11th Street.
8:30 to 8:50 p.m.: Pier Plaza.
December 14, 2011
6 to 6:20 p.m.: 2000 block of Hillcrest Avenue.
6:30 to 6:50 p.m.: 1100 block of 19th Street.
7 to 7:20 p.m.: Golden Street between 15th and 16th streets.
7:30 to 7:50 p.m.: 1100 block of Eighth Street.
8 to 8:20 p.m.: Fifth Street and Hermosa Avenue.
8:30 to 8:50 p.m.: Pier Plaza.
Saturday evening... December 24, 2011... T'was the night before Christmas and all through the house.... You know the rest...
December 26, 2011: Lighting of the Chanukah Menorah Greenwood Park.. (Windmill at Aviation/PCH ) 6:00 pm
Redondo Beach:
Thursday December 1, 2011 ... Riviera Village Holiday Stroll...6:00-10:00 pm. Come and hear carolers, see fun street performers ... and meet Santa
Santa Visits Redondo: Santa has two visits scheduled....
Saturday Dec 10, 2011... Alta Vista Park from 4-8 pm
Saturday Dec 17, 2011... Anderson Park from 4-8 pm
Tuesday December 20, 2011... Hanukkah... The lighting of the Menorah... Civic Center415 Diamond Ave. 5:30 pm
Saturday December 24, 2011 ... T'was the night before Christmas and all through the house.... You know the rest...
Saturday December 10, 2011 - December 23, 2011... Candy Cane Lane lights up:
1200 block of East Acacia Avenue in El Segundo ( Corner of Acacia and California) 6:30- 7:00 pm
Santa's schedule:
Dec. 12: West end of the city east to Loma Vista Street.
Dec. 13: Loma Vista Street east to Main Street.
Dec. 14: Main Street east to Sheldon Street.
Dec. 15: Sheldon Street east to Center Street.
Dec. 16: Center Street east to Sepulveda Street.
In case of rain, a make-up day is scheduled for Dec. 19. For an updated schedule, visit http://www.elsegundopoa.org/.
Thursday Dec. 22, 2011: Lighting of the Chanukah Menorah... 5:30 City Hall
Saturday Dec. 24, 2011: Chanukah on Ice at 6:15 pm Toyota Sports Center 555 N. Nash St
Get all your Holiday and December birthday gifts wrapped at the Manhattan Beach Mall..
Happy Thanksgiving
The last few years have been hard ones ... We are constantly bombarded with bad economic news, terrorist plots and other events that seem to jump at us on a daily basis. Thanksgiving is a time to take a break and think about all the good things we have in our lives. These are some of the things I am thankful for in my life.....
To add to the confusion they decided that while they won't increase the conforming loan limits back to $729,750, they will lower the required down payment from 10% to 5%.
FHA has a lot of interesting quirks that are not found with conforming loans... including MMI. Conforming loans have tougher guidelines for the borrower to qualify for a loan. FHA only requires a 3% down payment. I know there are issues with Fannie and Freddie but higher limits with tougher standards make more sense to me than lowering standards on conforming loans and increasing loan limits on FHA...
Somedays it seems not only does the right hand not know what the left is doing but that they may not even be part of the same body. Is it any wonder housing continues to be such a problem.
Open House 3011 Johnston Ave Redondo Beach
Saturday November 12, 2011...1-4 pm
New Price... now $809,000
Hard to find... Home plus legal Guest house on a large lot
Don't miss this rare opportunity to own a single family home and a permitted guest house on an oversize lot in the TRW tract of North Redondo. ... The main house is an 1860 sq ft 2 bedroom 1.5 baths with large family room, huge dining room and remodeled kitchen and baths.. The guest house is a charming 300 sq + studio with remodeled bath.
This home is the ideal solution if you are looking for a place for parents, grown children or a separate office area. The terrific home is on an 8300+ sq ft lot that has alley access... The possibilities are endless....
This is a wonderful mid-Century home with a definite Palm Springs resort feel..
Dear George Loren,
Say it isn't so... No Koffee Kart in Manhattan Beach... how can that be?
The Koffee Kart was one of the last "local" places in town.. Unlike Uncle Bill's it was a little off the path for most visitors. Even on Sunday morning you could get a table after a short wait. It was my favorite place to eat breakfast.
Over the years not much changed.... It was small with cozy booths, just right for reading the paper while waiting for breakfast. The food was always good and the staff friendly. My friends and I would walk Sunday mornings and then stop by for breakfast before heading home.
All of us were upset about the fire and have been patiently waiting for the sign to read OPEN once again.... I walked by a few days ago and things were looking good... so I was stunned to learn that you won't reopen at the Koffee Kart home.
Please find a new spot and reopen soon.. Fans of the Koffee Kart will be waiting to hear the news. Over the years we have lost a number places in Manhattan Beach that many of us remember fondly and miss. I really hope the Koffee Kart doesn't become one more memory of Manhattan Beach.
I'm hoping for good news soon....
A loyal fan
P. S. The Hibachi found a home in Hermosa... not quite the same as the old place but darn close... So I know there's a spot waiting for the Koffee Kart near the beach... just like before but maybe a little different....
Open House 3011 Johnston Ave Redondo Beach
Saturday November 5, 2011...1-4 pm
Hard to find... Home plus legal Guest house on a large lot
Don't miss this rare opportunity to own a single family home and a permitted guest house on an oversize lot in the TRW tract of North Redondo. ... The main house is an 1860 sq ft 2 bedroom 1.5 baths with large family room, huge dining room and remodeled kitchen and baths.. The guest house is a charming 300 sq + studio with remodeled bath.
This home is the ideal solution if you are looking for a place for parents, grown children or a separate office area. The terrific home is on an 8300+ sq ft lot that has alley access... The possibilities are endless....
This is a wonderful mid-Century home with a definite Palm Springs resort feel...
$819,000
Beach Cities: Homes and townhomes sold in September 2011
North Redondo 2 on a lot Townhome
September is always a tough month for real estate sales in the South Bay-Beach Cities. This September was no exception. The good news is that the number of sales was up for Hermosa Beach and South Redondo over 2010 and just slightly less in North Redondo, Manhattan Beach and El Segundo. The bad news( for sellers) and good news (for buyers) is that prices were down in almost all the Beach Cities.
Much of the decline in price levels is due to short sales. In the last two weeks North Redondo is posting significantly lower prices for a number of REO's and short sale 2 on a lots and buyers are waiting in line to purchase at the new price levels. Another significant factor is that many owners want to sell before the end of the year and have realized that they need to cut their asking price now to be sure escrow closes by the end of the year.
But before everyone gets excited a lot has been happening this week that may change the picture a bit. The Administration announced yesterday their new plan for refinancing properties of homeowners who owe more than their home is worth . But as all programs put forward by the government there are a few hitches in their get along so read the fine print carefully before you get too excited.
If all goes as the administration hopes folks will be refinancing right and left. In fact banks will be so busy with refi's they might not be able to deal with buyers who want to purchase a new home. Dan Green the author of The Mortgage Reports has written an interesting article on why interest rates may be headed upward in the future.
South Bay-Beach Cities: Sold September 2011
Manhattan Beach homes and townhomes Sold September 2011
September is the odd month when it comes to closed sales. September sales reflect figures from the end of July and August. August is usually the slowest month for sales as folks take the last vacation of the summer and scramble to outfit everyone for the new school year.
While total home and townhome sales for September(34) were near those of 2010(37) and higher than the figures for 2007(31), 2008(29) and 2009(26).... the median price was significantly lower than any year since 2003.
I've been having an interesting online discussion with a reader about what is a distressed property. While we don't quite agree on the precise definition of distressed properties, I think we are in agreement that this is a distressed market in all parts of the South Bay-Beach Cities. The question is whether or not the Manhattan Beach real estate market will become more distressed or if it will remain more on the flat side with little movement.
Currently I see roughly 20%-25% of the Manhattan Beach properties that are for sale as distressed which I think is better than the numbers found in many communities in Southern California. My reader sees the market as closer to 38% of the available properties as distressed. But then we have different definitions of what constitutes a distressed property. My definition is based on the financial situation of the owner while my Reader believes that there are other items that make a property distressed.
It has been over 4 years since the housing market took a major dive and there doesn't seem to be much happening to change the situation. The boys in DC don't have a clue as they scramble to come up with something... anything.. to make the housing problems go away. They can't seem to figure out that if you want the housing maket to stabilize you are going to have to make it easier, not harder for people to buy. I'm not talking about reverting to the old programs that got us in this mess. What I'm talking about is sensible guidelines that work on the consumer's behalf. These guys are so busy grandstanding and posturing they have forgotten the basics.... making a loan to someone with good credit and cash for a downpayment who wants to buy a home.
Manhattan Beach Market Snapshot: Sold September 2011
Saturday October 22 , 2011...1-4 pm
Hard to find... Home plus legal Guest house on a large lot
Don't miss this rare opportunity to own a single family home and a permitted guest house on an oversize lot in the TRW tract of North Redondo. ... The main house is an 1860 sq ft 2 bedroom 1.5 baths with large family room, huge dining room and remodeled kitchen and baths.. The guest house is a charming 300 sq + studio with remodeled bath.
This home is the ideal solution if you are looking for a place for parents, grown children or a separate office area. The terrific home is on an 8300+ sq ft lot that has alley access... The possibilities are endless....
This is a wonderful mid-Century home with a definite Palm Springs resort feel...
$819,000
Home Sales for Manhattan Beach, Hermosa Beach, Redondo Beach and El Segundo for June, July and August 2007-2011..
If you are confused about where the housing market seems to be headed... you have lots of company! Even the experts can't seem to get a handle on what is happening.. In fact the same story can be seen from different points of view... check out the LA Times and the Daily Breeze headline views of August home sales.
The graph above for home sale volume in Manhattan Beach, Hermosa Beach, Redondo Beach and El Segundo for June, July and August 2007-2011 indicates some very mixed messages. Manhattan Beach, the most expensive of the Beach Cities, had more sales in the summer of 2011 than in 2007 as did El Segundo. South Redondo sales are fairly stable while Hermosa and North Redondo saw sale volume declines.
This is a very interesting time in our local real estate market. Prices are down and in many sub areas are still looking for some sign of stability. Inventory is down across the board with the exception of Hermosa Beach where inventory rose by 4 properties since mid September. Interest rates are still hovering around 4.2% for a 30 year fixed rate loan. 5 year adjustables are 2.75% for conforming loans ( $625,500 or less). Finley Taylor from US Bank reports Jumbo loan rates are slightly higher at 4.875% with 0 points up to a $1,250,000 loan max... significantly below the 7%-8% we thought was amazing just a few years ago.
For buyers at the entry level in the Beach Cities the combination of low rates and falling prices mean it may be cheaper to buy than to rent. I have 2 clients who are closing escrows this month who are paying less on their mortgage than they were paying in rent. This isn't true at all price points but definitely at the entry level.
Beach Cities: Sold June 2011
Beach Cities: Sold July 2011
Beach Cities: Sold August 2011
Summer home and townhome sales in Manhattan Beach held up well compared to previous years. Overall sales volume for 2011 is the highest since 2007 with 306 homes and townhomes sold between January 1, 2011 and September 15, 2011. Home prices however are another matter.
Manhattan Beach home prices for entry level properties under $1,000,000 have been relatively consistent since last year but prices above that range are still searching for stability. As the recession continues with little sign of abating anytime soon and the stock marketcontinues its wild ride, many financially stable homeowners are begining to feel the pinch of lower economic expectations. For some that means fewer vacations and nights out but for others it may mean they need to sell and either purchase a smaller home or perhaps rent for awhile until the economy begins to look better.
Manhattan Beach real estate prices have definitely declined in the last few years although not by as much as many had predicted. Prices still seem to be in flux for much of the market although not by the percentages seen in previous years. The big question for both buyers and sellers is whether Manhattan Beach real estate prices are approaching the bottom of the market or are there still more price cuts ahead.
Manhattan Beach Market Snapshot: Sold June 2011
Manhattan Beach Market Snapshot: Sold July 2011
Manhattan Beach Market Snapshot: Sold August 2011
You know it's the end of summer when Fiesta Hermosa is back for the Labor Day weekend. I love this mix of art and kitsch... it's just so Hermosa and so beachy. The Fair runs Saturday through Monday.
Shuttle buses run from 7:30 am to 7:30 pm from Northrup Grumman at Manhattan Beach Blvd and Doolittle Drive. Street parking is very limited so go early if you want to drive you car.. and be aware that parking meters are only good for a few hours. Putting in extra money won't save you from a ticket if you are over the hour limit..
The Fiesta Hermosa bike valet program is why a bike ride down the Strand might just be the best way to get to the festivities. You can ride your bike, and park in the guarded lot on the sand just south of the Hermosa Pier. Hermosa Cyclery will valet park your bike and offer air for tires and on-site diagnostic checkups while you enjoy the festival. The lot is open from 10 a.m. to 6:30 p.m. daily. Check http://www.patch.com/ for more info.
Carbon monoxide poisoning is one of the leading causes of death in the home. Carbon monoxide is a colorless and orderless gas that not only causes serious health problems but can kill you. The detectors are similar to smoke detectors and will alert occupants if carbon monoxide gas is present.
The regulations call for all single family homes, townhomes or condos to have the detectors installed as of July 1, 2011. All other types of residential dwellings have until January 1, 2013 to install the mandated detectors. The law requires all properties to have carbon monoxide detectors installed by the above dates whether or not the home is being sold.
The detectors must be centrally located outside of each separate sleeping area in the immediate vicinity of the bedrooms. The detector should be located at least 6 inches (152mm) from all exterior walls and at least 3 feet (0.9 meters) from supply or return vents. The detectors must also be on every level including basements within which fuel-fired appliances are installed and in dwelling units that have attached garages.
The devices are required on properties that are owner occupied and on properties that are tenant occupied. There are fines for non-compliance. The regulations also allow for a stronger form of the law to be passed by individual cities... so don't be surprised to see tougher requirements in some of our local Beach Cities .
Open House 3011 Johnston Ave Redondo Beach
Sunday August 7, 2011...1-4 pm
New Price... $819,000
Owner has made changes and updates... come by and take a look...
New half bath, inside laundry area, new carpet, paint and lots more.. click on the tour below to see changes...
Don't miss this rare opportunity to own a single family home and a permitted guest house on an oversize lot in the TRW tract of North Redondo. ... The main house is an 1860 sq ft 2 bedroom 1.5 baths with large family room, huge dining room and remodeled kitchen and baths.. The guest house is a charming studio with remodeled bath.
This home is the ideal solution if you are looking for a place for parents or if you need a totally separate office area. The terrific home is on an 8300+ sq ft lot that has alley access... The possibilities are endless....
This is a wonderful mid-Century home with a definite Palm Springs resort feel...
$819,000
