Performing Arts Center... Redondo Beach

The news this month is that inventory is down slightly in all the South Bay-Beach Cities. July home sales in the Beach Cities continue to be fairly steady and are about the same as June. Pending sales for the last few months are also fairly consistent... a dip here... a rise there... but overall no big surprises.

Most sellers have finally come to terms with the fact that prices have gone down and will not be on the upswing for a few years. This is a real blow to sellers who got into the market with 100% financing and/or those who refinanced over and over leaving little or no equity in their property.

The good news for buyers is that most sellers are responding to current market values and pricing homes at that level. The bad news is that a number of buyers now seem to be the ones out of touch with market values. Serious buyers who know market value are making some pretty good deals.

Buyers who don't know market values for a particular area are having a rough time and are very frustrated. They read in the media that prices are dropping 40% and that cash is king as few people can get loans. Sounds good... so they make offers well below market value on homes that are priced at market and can't understand why their offers continue to be rejected. They are even more frustrated to find that Bank owned properties are not accepting excessively low offers. This seems to be a phenomena found mainly in first time buyers from $400,000 to the $1,500,000 entry level buyer. Surprisingly you don't see this as much at the upper levels of the market or by those who have previously purchased a home.

If you are serious about buying a home, the smartest thing you can do is learn about values in the real estate market where you want to buy. There are a number of resources available online or ask your agent for market sales for the last 3 months. Look at current pending sales. If that home you thought was overpriced sold in a week with multiple offers then you will need to readjust your thinking about that segment of the market. You can't buy a home in Manhattan Beach for the same price found in North Redondo. Properties in South Redondo and Hermosa are more expensive then North Redondo and El Segundo but much less expensive then Manhattan Beach. Knowledge is the key to successful buying in the South Bay-Beach Cities.

South Bay-Beach Cities: Sold July 2008

South Bay-Beach Cities: Sold June 2008

South Bay-Beach Cities: Sold May 2008

South Bay-Beach Cities: Sold April 2008

South Bay-Beach Cities: SOLD March 2008

South Bay-Beach Cities: Sold February 2008

South Bay-Beach Cities: Sold January 2008

South Bay-Beach Cities: Sold November 2007

South Bay-Beach Cities: October SOLD 2007

South Bay-Beach Cities: September SOLD 2007

South Bay-Beach Cities: August SOLD 2007

South Bay- Beach Cities: July Sold 2007

South Bay-Beach Cities: Sold June 2007

South Bay-Beach Cities: Sold May 2007

South Bay-Beach Cities: Sold April 2007

South Bay-Beach Cities: Sold March 2007

South Bay-Beach Cities: Sold February 2007

South Bay-Beach Cities: Sold January 2007

East Manhattan Beach Homes

Amid predictions of a total market crash, Manhattan Beach real estate just seems to keep hanging in... neither a spectacular crash nor a bounding recovery... just slow and steady. Prices seemed to have dipped a bit but they are still on the high side compared to other areas in Southern California.

July sales were about the same as June.. 26 homes and 6 townhomes closed escrow. Currently there are 165 homes and 30 townhomes for sale. There are 47 pending home sales and 11 pending townhome sales. So far this month 11 homes and 4 townhomes have closed escrow.

August is typically one of the slowest month as consumers get ready for back to school and one last vacation before school begins. This year school starts early August 27, 2008 so sales are even a bit slower then usual. We usually see these numbers reflected in September and October sales.

Manhattan Beach: Market Snapshot August 19, 2008

Manhattan Beach: Price Ranges August 19, 2008

Manhattan Beach: Market Snapshot July 17, 2008

Luxury home for sale in Palos Verdes

In the current market the emphasis is on falling prices and the demise of real estate as something of value. Every day consumers are bombarded with bad news about the huge numbers of foreclosures...real and potential ... along with banks that are going under or will soon go under. Everyday there is a new sound byte or headline that redefines the concept of affordable homes. The assumption by one and all is that price is the only consideration but that isn't always true.

At the opposite of the real estate price scale are is the Luxury home market. Wikipedia has a great definition for Luxury real estate. They note that luxury real estate can have many definitions depending on the country where you live. I found it interesting that one of the examples they use points out that a small waterfront property could be worth far more than a huge home in another location... but then we knew that.

A luxury home is usually defined as one that has a premium location, usually with great views. It may or may not be located on a large amount of land. The home can be large or on the small side depending on the location. Luxury homes have top of the line appointments that may be custom designed for that particular property. A luxury home can be a single family home, a townhome or a condominium... just ask Candy Spelling. Luxury homes are priced at a premium over other properties in the area.

Luxury homes are usually custom built for a specific client. In our market there are probably more luxury spec homes then are found in other parts of the country. We have a number of very nice and rather expensive homes in the Beach Cities and on the Palos Verdes Peninsula but the luxury home market in the South Bay-Beach Cities is small. In the South Bay the luxury homes market is in Manhattan Beach, Hermosa Beach, South Redondo and the Palos Verdes. Prices and definitions of a luxury home will change depending on the city. In South Redondo the luxury homes are townhomes along the Esplanade priced over $3,500,000. In Palos Verdes and Manhattan Beach the price point is $6.5 million and up while in Hermosa it is $6 million plus.

South Bay Luxury Homes:

Manhattan Beach: $6,500,000+
( Single Family homes)
Active listings: 4
Pending sales: 1
Sold ( Jan. 2008+) 1

Hermosa Beach: $6,000,000
(Single Family Homes)
Active Listings: 5
Pending sales: 1
Sold:(Jan. 2008+) 3

South Redondo: $3,500,000
(Townhomes)
Active: 5
Pending Sales: 2
Sold:(Jan. 2008+) 0

Palos Verdes Peninsula: $7,000,000
(Single Family Homes)
Active: 11
Pending Sales: 0
Sold: 2

The above numbers only reflect those properties that are listed and sold through the MLS. There are a number of Luxury homes that are built each year by private parties that are not reflected in these numbers. Although the luxury home market in the South Bay is small it does have an effect on values on adjacent homes. Anyone want to venture a guess as to the ultimate value of the home currently under construction on 3 full Strand lots in Manhattan Beach ... and how it will affect values of other Manhattan Beach Strand homes? I'm guessing values will not be going down.

Wow.. what a difference a week can make. Last week 511 N Dianthus was an ordinary home. This week, with a little help from my friend Gina Dougherty at Fusion Design Consulting, 511 N. Dianthus has moved from ordinary to extraordinary. I've always liked this house and felt the potential on my first visit. The warm feeling of the home seemed to get lost in vacant rooms and an off white color palate. Gina came to the rescue... and with a little of this and a bit of that has created the lovely home I knew was waiting to be discovered. Along with a new look is a new price... $1,269,000.

So how much difference can staging make.... view the videos to find out...

Ordinary:

Extraordinary:

I've always been a fan of staging but today I am a true believer. The dining area seemed small when there was no furniture...who knew you could put a full size dining room table plus a buffet there. The family area is large enough for everyone to gather 'round while something good is cooking in the kitchen. The living room is huge.. a perfect spot for the Big Screen TV... and holiday parties.

I was talking with a client a few days ago about how hard it is to figure out how to place furniture in a vacant property... especially new construction. She told me that she couldn't understand why all builders did not automatically stage new homes. She is right...nothing shows off the potential of a home like great staging...

Come and take a peek at this updated townhome on one of the best streets in South Redondo. This beautiful tree lined street is walking distance to the Beach and the Pier.

Value Priced at $624,500

Public Open House: Sunday 1-4 pm

This is a delightful home with hardwood floors and a new kitchen. There are 2 bedrooms.. each with private bath. The upper level features a "great room" style living area that is perfect for entertaining and a powder room.. The kitchen has been totally remodeled with granite counters and tile floors. Each bedroom has a private patio and there are two additional decks off the living room and kitchen.

The property is priced to sell at $624,500.

Please join me Sunday to view this wonderful home. For a private viewing please call me at 310-721-7438 or e-mail me.