Home Buying in Torrance>Question Details

Liable23, Home Buyer in Torrance, CA

What is the home price outlook for Torrance through 2010?

Asked by Liable23, Torrance, CA Thu Mar 4, 2010

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Dorene Slavitz’s answer
Dear Liable23,
In my professional opinion we are in a recovery in Los Angeles, but an "L" shaped one that will take some time to move upward. I do not think home prices will drop further.
0 votes Thank Flag Link Tue Jul 6, 2010
Home prices in torrance have seen the smallest year-to-year decline from last quarter 2008 to last qtr 2009...-8%. We are seeing price stabiliazation and some appreciation in the south and west areas. Please email me and I can send you some statistical data. Monet@MonetRealEstate.com
Web Reference: http://monetrealestate.com
0 votes Thank Flag Link Thu Mar 4, 2010
I think it really depends on how good the job prospect is going to be for the average people who are currently living in Torrance. Many of the people currently buying in Torrance, regardless of West, East, South, the Riveria at the current price levels, they pretty soon will find themselves unable to pay for the mortgage for their $500K+ homes they are living in. Many of the exisiting homeowners in Torrance are already having troubles in making payments, just the banks are not working fast enough to foreclose on them, and list their properties for sale. Also, many of the current existing sales will fall out of escrows. People are now blindly bidding on homes (thinking it's the best time to buy) without looking and comparing the sales comps of the properties now and in 2006. If they do they won't be rushing in bidding the listing price or over. Yes, right now I hear people having a hard time getting offers accepted because they are outbidded by others. But this kind of bidding frenzy is fueled by a false belief that this is the bottom of the market and the best time to buy. Sales now are driven by media rumors that if they don't buy, they will miss the boat. Nobody really looks at the numbers and do the maths when they make an offer. All they do is listen to the media and feel if they don't buy now, the market will climb back up and price them out of a home.

I predict that by mid of 2011, that's when people in Torrance will really see the reality and prices will be lower than now. Just the rest of the world is jumping off the cliff to join those homeownes who bought in 2006 and are now under water, doesn't mean I have to jump too. Many homes in Torrance now are still listed in 2006 peak level.
Web Reference: http://www.starrjudson.com
0 votes Thank Flag Link Thu May 27, 2010

I am an agent/homeowne that lives, in West Torrance. While i would like to stay that we are stabilzing but we really won't know until the government tax credit and new tax credit or rebate is over. Right now this is a rebate,credit, interest rate driven market. I am cautiously optimistic that South, WEST and Central Torrance will be ok. The inventory has been tight and that has helped keep the prices somewhat stable. However, There is a higher concentration of short sales and reo's in E. Torrance. That will hurt the E Torr. values even more until the distress sales die off.
0 votes Thank Flag Link Sat Apr 24, 2010
Torrance is probably one of the best kept secrets of So Cal. Great Schools, Low Crime Rates, Great Neighborhoods.

That being said, different neighborhoods in Torrance are very different. And then there is the Torrance PO area, which is not really Torrance, but is actually LA County and children living in that area will go to LA Unified Schools, not Torrance Schools.

According to TrendGraphics - an aggregator of MLS data for the local area, Torrance has seen a significant upswing in prices over the past 1 month to 15 months. Here are some statistics:
- Single Family Homes in the Torrance Unified School District - Average price per square foot INCREASED 9.1% from Dec 2009-January 2010; increased 11.3% over the past year, and 12.9% over the past 15 months.
- Single Family Homes in 90503 - UP 0.4% in 1 month; 1.1% in 1 year; 8.6% in 15 months
- Single Family Homes in 90505 - UP 5.1% in 1 month; 14.8% in 1 year; 11.5% in 15 months

As you can see, prices (at least as measured by price per square foot) are holding strong and even increasing in Torrance. That being said, there are still some bargains to be had, you just have to be very pro-active and quick to act. Let me know if you would like more specific information or help in finding your new home. Dare to Dream.

Shel-lee Davis, CDPE
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
0 votes Thank Flag Link Thu Mar 4, 2010
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