Wednesday, March 26, 2008

Featured gems in the Redondo Beach market

Gem #1

This is the best price for a single family home in south redondo. Seller wants to sell. Good location one block east of pacific coast highway. Walk to beach, pier, and restaurants. The interior has fresh paint, new carpet and vinyl kitchen and bathroom - this could be a darling beach cottage.

This was originally listed for $649,000 and is currently listed at $499,000. 560 sqft, 1 bed, 1 bath.

Gem #2

Bank owned affordable family home with pool in redondo beach. Open floor plan with tile floors. 3 bedrooms and 2 baths downstairs. Newer master suite with bath and walk in closet upstairs. Additions have been made. No warranties or guarantees expressed or implied regarding legality of additions. Buyer and buyer's agent to inspect and approve property. Property in need of some cosmetic upgrading. Pool will be cleaned and will be operational. One bathroom was in process of remodel. It was never completed.

1528 sqft. Originally listed by the bank for $634,900 in early March and currently lists for $619,900. The original owner defaulted on a $560,000 loan.

This is what one of my bearish friends tells me $619K fetches in Little Tulsa (I think Colcord, OK).

4661 sf on 2.25 acres Exquisite 1 story! 3 open living areas. Vaulted wood ceilings. Huge formal dining room w/fireplace, sunroom w/Jacuzzi off master. prof. landscaping. Pool, hottub, gazebo greenhouse, surrounded by towering trees. Circle drive, 3 car side entry garage.

Another bearish friend reports the following U-Haul rates.

26-foot truck, 1794 miles:

Redondo Beach, CA to Tulsa, OK ... $2,753
Tulsa, OK to Redondo Beach, CA ... $830 


Blogger endlesssummer said...

you're kidding, right? (i read your blog alot, so i know you are)
i'm wondering, has north redondo gotten extremely posh in the last 5 years? i'm not knocking it, but the prices seem to indicate that alot of wealthy people live there. i mean, i always thought there were sketchy areas & some crime the closer you got to the galleria? also, those homes around there look like they need ALOT of work.
so i'm following along with the ruxton project. i asked husband if he wanted to go over there to check it out and he wouldn't even waste his time. the area (crime-ish)+ current price= negative equity. it'slike driving a new car off the lot, the minute you buy it that sucker's going to go down.
so tell me this, who is buying homes right now? hubby & i make 150K, have 50k for down, ficos in the 800's-if we can't afford it (i must have been the only idiot who never thought that LYING was the only way to buy these homes in the last 5 years-i just figured we were super poor or something?)so who is buying?

3:38 PM, March 27, 2008  
Blogger Jennifer said...

No, Redondo is still sketchy IMO...especially anywhere near Inglewood Boulevard. The only areas I'd ever consider are the Golden Hills, but the layout of the tall & skinny's are ridiculous for anyone with kids (master is upstairs, kids rooms are two flights down next to the front door and a sliding glass window) so you'd never hear a break in or a teen sneaking out.

North Redondo is still very blue collar, and South Redondo is not only very far from the freeways, but is infested with all of the trash from east of the 405 at the pier.

The only selling point there is that the schools are better than LAUSD...not anywhere near El Segundo or Manhattan schools, but better for those that can't afford private school.

Apologies to anyone that lives there, but that area is not worth $800K for a starter home. There are some nice houses there, but the problem is that you can spend $1.5M for a brand new home there and still live next to the Clampetts in a run-down beach bungalow.

11:55 AM, March 28, 2008  
Blogger bearmaster said...

Of course I am joking! See my recent post about Ruxton Pacific, then check the comments about the crime comparison I did with Redondo Beach police statistics.

12:20 PM, March 28, 2008  
Blogger Grace said...

> has north redondo gotten extremely posh in the last 5 years?

Actually, it looks like my new neighbors tend to be comfortable or above. You can't throw a rock at my daughter's NRB schoolyard in the morning without hitting a parent with a PhD, MD, JD or MBA. Those are just the stay at home moms. I am not kidding.

3:08 PM, March 28, 2008  
Blogger William said...

I live in Torrance, 90505, and I'm shocked at how fast some houses in my neighborhood are selling. There are two on my street that sold in a couple of weeks. I don't know the selling prices but I'm sure they are in the mid-$600k. That is about $100k less than they would have gone for last year, but still way too high. My rent is $2100 and I can barely afford that. I'll probably give it another year, but if prices don't keep dropping I might need to move away from here.

11:54 AM, March 29, 2008  
Blogger bearmaster said...

The houses were probably priced very competitively so they would sell quickly. If my own Redondo Beach database is indicative of the market in general, there are still lots of properties out there that have been listed for ages with no markdowns at all to reflect the price decline.

I still expect sales to rebound periodically as prices work their way down to certain points. We may even see multiple bids on properties again - an echo of the 2004-2005 boom. If prices start to get bid up again, people will stop buying again, inventory will accumulate some more, prices will fall again ... repeat that process until we hit the bottom.

4:19 PM, March 29, 2008  
Blogger wannabuy said...

If prices start to get bid up again, people will stop buying again,

Good point bearmaster. That is practically a required step before the greatest price drops. :)

I've posted dozens of times how my coworkers are ready to leave the bubble markets. Nothing new to report until this summer... but be ready to hear about some moderate size moves. The thing is... how many companies are planning to do it!

I seriously wonder if we'll once again be in the situation of the 1990's where there simply are not enough moving trucks in the USA to move out the fleeing California population.

Good think everyone has an SUV with a trailer hitch. ;)

Got Popcorn?

10:07 AM, March 30, 2008  

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