Redondo Beach Snapshots
Asking prices on unresolved inventory at various times since the start of 2008. Median and current asking prices are drifting slightly downward. Notice that in the February 14 snapshot median PCTRED hit 1.0% for the first time. That was a good leap from the prior snapshot of January 10, when it was just 0.1%.
Looking at Medians Jan 10 Feb 14 Mar 2 Mar 21 Apr 27 Original asking price $849,000 $849,000 $842,500 $839,000 $839,000 Current asking price $825,000 $819,000 $809,000 $802,500 $799,000 Percent reduction 0.1% 1.0% 1.2% 1.2% 1.3% Square feet 1846 1833 1823 1829 1828 Days on market 200 216 no record 228 235 Looking at Averages Jan 10 Feb 14 Mar 2 Mar 21 Apr 27 Original asking price $997,947 $979,651 $979,561 $975,633 $969,002 Current asking price $959,486 $940,822 $939,171 $933,288 $925,644 Percent reduction 3.3% 3.4% 3.6% 3.8% 3.9% Square feet 1923 1902 1894 1902 1893 Days on market 228 240 no record 251 257
posted by bearmaster at 8:09 PM
2 Comments:
Do you (or anyone else out there) have a good feel for what constitutes the "typical R.B. or West/South Torrance" mortgage monthly payment?
All I know is that if I look at eloan.com and punch in some numbers for a very modest (starter) 3br house for the area ($650k), the requirements are:
10% down ($65k) and a monthly payment of $3400 (+ property tax & insurance).
Now that it seems harder to find 0% down loans, I have to wonder who in the world is buying these houses. Am I really just overly conservative in thinking that $3400 is way too much for a starter house? Do people really shell out this kind of dough for a parcel in the south bay?
My guess is that these "lower-end" properties would only interest first-time buyers (like me), and I just don't see how people can handle the monthly payment and the fairly sizable downpayment (or maybe here I'm underestimating people's saving abilities?)
I know that I just need to be patient for the next few years as prices return to some rational multiple of incomes. (East Torrance is taking a severe beating, already), but it just boggles my mind that there are *any* sales of starter properties right now.
Thank you for listening to my pondering, and I am genuinely interested in any info that people can share about what is the *real* monthly payment that most people can support around here.
Stealthcat,
Be sure to visit Ziprealty.com. If you aren't registered, create an account and set up searches for the areas that you are interested in.
They've actually upgraded their website and one of the new features now is that the site shows an estimated monthly mortgage payment for the property you are viewing.
For example, in 90278 a featured property on Hill Lane with an asking price of $1,499,000 shows an estimated monthly payment of $9,722.
As a bear, this feature scares me away when I see those big numbers. I'm not sure it's going to hurt or help the market.
I suppose $400,000 now sounds a lot better than paying $500,000 a few years ago, so some people will buy. But it's still overpriced and it's still a hefty mortgage payment.
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