If you are wondering what this blog post title is about, so am I! Many of you may know me as a Redondo Beach Real Estate Agent.
This time I want to write a little bit about my recent sales activity inÂ Long Beach CAÂ and why I think so many of what has been historically my first time buyer is currently finding what they want in Long Beach and not inÂ South BayÂ neighborhoods such asÂ Redondo Beach,Hermosa Beach,Â Torrance,Â Gardena,Â Lawndale, andÂ Hawthorne CA.
The simple answer is price, value, and amenities.
Let's take my recent sale atÂ 3720 Linden AveÂ in the Long Beach neighborhood ofÂ Bixby Knolls. This 3 bedroom updated and remodeled SFR sits on a huge lot (over 9000 sq ft), was in excellent condition, offers an oversized detached 2 car garage that features a bonus room with bath and sold for $650,000 (after buyer commission concessions). Put that same home in South or West Torrance and it would sell for at least $850,000 or more (assuming it wasn't in theÂ TorranceÂ soils section with problems) and you most likely would be a lot further from easy freeway access. Move that home toÂ Redondo BeachÂ (where you would be hard pressed to find a lot that size in most neighborhoods) and you would be at $950K forÂ North Redondo BeachÂ or over million inÂ South Redondo BeachÂ orÂ Hollywood Riviera. This was my listing and I did not represent the buyers but they did mention to me in passing that they had also looked inÂ North RedondoÂ and found greater value inÂ Bixby Knolls. I certainly agree.
Another example of far greater value in Long Beach is the amazing wrap around ocean view condo I sold inÂ International TowersÂ located atÂ 700 E Ocean BlvdÂ in downtown Long Beach CA right at the waterfront.
On this sale I did represent the buyers who were specifically looking for an ocean view. Well, you really can't beat the wrap around views from the 21st floor of this circular building. And, unlike other ocean view properties, at night they have city lights views including theÂ Queen MaryÂ docked at the Long Beach Harbor. Previously, they were renting inÂ Suuth Redondo BeachÂ for a number of years and were looking for a 2 bedroom in The Village. But as prices escalated inÂ South RedondoÂ and inventory declined, Long Beach became a more attractive option and the work commute was reasonable.This condo unit is 1260 sq ft with 2 bedrooms and it sold for $508,000 closing escrow in June of this year. The new owners put in extensive remodel work including the kitchen and flooring in the living areas. There's no doubt in my mind that they could already sell it at a profit just a few months later.
I also represented the buyers of 2 other Long Beach CA Single Family Houses this year.
3522 Magnolia AveÂ is a single family residence located in the Wrigley area.
Wrigley is a district inÂ Long Beach,Â California,Â U.S., which derives its name fromÂ William Wrigley Jr., the owner and founder of the famedÂ Wrigley Spearmint GumÂ Empire inChicago. It was one of the first communities established in Long Beach. The original subdivision pattern was established in 1905. The area is developed throughout on a gridiron street pattern.
The district is bounded on the north byÂ Interstate 405, on the south byÂ Pacific Coast HighwayÂ (SR 1), and on the east byÂ Long Beach Boulevard. Pacific Avenue also goes through the area with commercial strip land uses. TheÂ Los Angeles RiverÂ and theÂ Interstate 710Â make up the western boundary.
This 3 bedroom 1410 sq ft single family house on a 6235 sq ft corner lot sold for $451,000. the sellers had taken excellent care of the home and it was in move in condition. The buyers had initially started out looking in the South Bay, primarily Gardena but really were not pleased with the quality of what the were finding or the neighborhoods.
The same buyer story played out for my sale at 2336 Delta in the "Westside" neighborhood of Long Beach south of the 405 and west (no surprise) of the 710. The buyers were looking in the South Band were entirely priced out but able to buy this investor flip in Long Beach. For $320,000 try finding a SFR on an almost 5500 sq ft lot in the South Bay that had already been remodeled and has a detached garage. Just not going to happen.
So, that's how the "Redondo Baech Townhouse Guy" wound up doing 4 deals in Long Beach this year (so far). And, if I were to speculate, there may be more to come. Stay tuned.
Postscript, in case you were wondering, I have 2 Redondo BeachÂ 3 on a lot townhousesÂ in escrow right now that should close in September and should also be puting aÂ Golden HillsTall and Skinny into escrow later today.