With inventory continuing to decline the condo and townhome markets in the Hollyglen communities of 360 South Bay and Fusion South Bay have continued their torrid pace. Both complexes are located along Aviation Blvd in the area of Hawthorne known as Hollyglen. Fusion South Bay was completed in 2007 and 360 South Bay began releasing units in the past 2 years, so both offer a very affordable way of getting new or newer construction in the area which is very rare in the South Bay. According to Manhattan Beach realtor Keith Kyle "many home buyers in the area often start their search looking for homes in Redondo Beach and find that in the mid $400K -$550K range what they can afford is much older and smaller. Fusion and 360 offer a similar location, great schools and a much lower price point. Simply put you get much more for your money."
The market has been very active with 8 resale units currently in escrow. 360 is still currently releasing new construction units and most are not on the MLS so there are a number of additional sales not noted below. As of March 13th there are no active condos or townhomes for sale but click below for the latest list of homes for sale as it's continually updated.
It wasn't long ago that a client wanting to look at homes in the South Bay often meant a day long journey of looking at the abundance of available homes andÂ trying to narrow down which one had the fewest objections to the buyer. As there were so many homes on the market, and every day meant new options, buyers could lose interest over the smallest details.
My how things have changed. Now when a client calls to say they want to look at all of the homes in their price range there are few, if any to see. The excitement comes now when you can say, "I found one!" and you actually have a home to show. It's certainly never a dull moment in real estate and maybe someday there will be a more balanced market...I've been told they once existed.
To see the latest chart showing a good example of how there's nothing to see visitÂ lack of starter homes for sale in Redondo BeachÂ post.
I have a number of buyers looking inÂ Redondo BeachÂ for a single family home under $750,000. Normally that's not too difficult to findÂ 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,Â can be difficult, if not impossible, to find. It hasn't been easy lately to explain to buyers (many of whom start the search inÂ Hermosa BeachÂ 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 inÂ Redondo Beach.Â Â The teal line represents theÂ active homes for sale in Redondo BeachÂ and it's pretty clear that there are few, if any, real opportunities.Â According toÂ Redondo Beach realtor Keith Kyle, "untilÂ sellers decide that this is an optimal time to list their homes for sale, this trend of low inventory and high demand will continue."
With the dawn of a new year, it really got me thinking about what we do as Realtors and why, If done with the right motives, it's soÂ rewarding.Â In the stresses of an escrow, or in the challenges of a day of showing houses, it's easy to lose sight of what selling a home can mean and for many it's just another "deal".Â But that's not at all what this is about.Â I work with many first time home buyers and it is no exaggeration to think that this decision that I'm helping them make is nothing short of life altering.Â The home someone chooses is more than just granite counters, 2.5 bathrooms, corner lot, fixer or turn key....it is choosing a neighborhood, choosing neighbors, choosing schools, and even choosing a lifestyle.Â Â It's about people...the people the home buyer doesn't even know yet that may end up being friends for life.
Have you ever checked in on past clients years later and met the neighbors or school friends, or met the son or daughters best friend from next door?Â These are people that may be in our clients lives forever...and it was partially due to a decision we helped them make.Â Yes we sell houses, but it is so much more than that.Â Every client we have deserves to be treated with this understanding and not only will it likely help your business, it makes real estate and selling homes one of the more rewarding jobs imaginable in my eyes.
-Â Keith KyleÂ is a residentialÂ real estate specialist with South Bay Brokers in Manhattan Beach, CA
If you're like manyÂ South Bay home buyers, you're probably experiencing the frustration that so many others are....there are no homes to buy.Â With this incredibly low inventory the few homes that do come on the market don't last more than a few days and often sell for prices that would have been a major challenge just a few months ago.Â It might be temporary, but back are the days of multiple offers, conditions favorable to the sellers, offers over the list price and a number of cash buyers to compete with.Â Inventory just keeps going down with fewer and fewer available homes to by.Â If it's hard to picture just what's happening the chart below couldn't be clearer.Â The light green bar shows the number ofÂ active homes for saleÂ in the cities ofÂ El Segundo, Gardena, Harbor City, Hawthorne,Â Hermosa Beach, Lawndale, Lomita,Â Manhattan Beach,Â Palos Verdes Estates, Palos Verdes Peninsula, Rancho Palos Verdes, Redondo Beach, Rolling Hills, Rolling Hills Estates, San Pedro,Â Torrance.Â The teal columns show sold homes and the red bar shows the pending home sales.
Hermosa Beach real estate market update for December 2012
By the Numbers:
- 34Â - Active homes for sale in Hermosa Beach
- $349,900Â - Lowest priced home (condo/hotel in The Beach House Hermosa)
- $6,300,000Â - Highest priced home (oceanfront Strand home)
- $949,000Â - Median home price
- 102Â - Average days on market
- 16Â - Single family homes for sale
- $819,000Â - Lowest priced single family home for sale
- $6,300,000Â - Highest priced single family home for sale
- $2,629,000Â - Average price of current sfrs (number is skewed due to 2 oceanfront Strand homes)
- 70Â - Average Days on Market
- 18Â - Number of current condos and townhomes for sale
- 35Â - Pending home sales
- 17Â - Single family homes in escrow
- 18Â - Condos and townhomes currently in escrow
- 14Â - Number of completed home sales in past 30 days
- $575,000Â - Lowest price home
- $3,950,000Â - Highest price home (oceanfront Strand home)
- $952,450Â - Median home price
Life in the South Bay is a mix of upscale and quirky, and both can be great.Â One of my favorite places to take people is Old Tony's on the Redondo Beach pier.Â I've only visited the restaurant once but the bar/lounge upstairs has one of those views that make it a spectacular place to visit.Â I wouldn't call it upscale but that's certainly not what you go there for and the quirkiness is what makes it fun.Â There is always an incredible energy in sunset hours as people cram in to take in the panoramic ocean views from the 360 degree glass enclosed bar.Â It is a truly unique experience as it sits up above everything else on the pier so it almost feels like being on a ship at see.Â Not only do the views feel like being on the see but you can actually feel the pier shake just a bit when waves collide with the pilings below.