Monday, February 16, 2009

Beach Cities maps of distress

RealtyTrac has improved its mapping capability somewhat since the previous (and first) time I posted maps of distress. Now, instead of saying Too many properties on map when it gets overloaded, it gives a summary count of distressed properties in each area.

I did a rather sloppy incomplete job the first time I posted these maps, ignoring extreme south Redondo Beach. So now I think these pretty much cover El Segundo, Manhattan, Hermosa, and Redondo Beach.

I don't think there is really any truly up-to-date freely accessible foreclosure tracker out there. Not that it's really the fault of any of these tracker companies. I just spent my Valentine's weekend getting caught up on listing and sales data from September, and the information, to put it mildly, is in chaos. Manhattan Beach Reporter often makes errors printing sales price data, and I constantly have to check it against Zillow, which has a whole mess of problems on its own.

It would be nice if these maps also showed short sales, which are also a form of financial distress, though not as severe as foreclosure.

El Segundo

El Segundo appears to be holding very steady compared to the other beach cities.

Manhattan Beach

Note the area north of Artesia, west of Aviation, east of Sepulveda. This is probably the *worst* section of the city and it may be starting to show. I've been reading reports in the local papers about crime in this area too.

North Redondo

TRW tract is now problem free - do I believe that? That happens to be my favorite section of north Redondo, just a few blocks away from me. Perhaps it is a more stable area, not as flipper-prone. However from reviewing the listing and sales data I have noticed this pricing scam where somebody buys a distressed property at a reduced price and then tries to sell it at a pumped up price with a blueprint for constructing a new house. There's one of those in the TRW tract and I've seen this happen a few times now.

Hermosa - Redondo

The south end of north Redondo is obviously a problem.

South Redondo (Avenues)

South Redondo - Torrance (Hollywood Riviera)

I would argue that in terms of distress density, north Redondo is continuing to lead the way and probably will remain so, as there have always been (as long as I can remember) some truly shabby areas.

Here is Lawndale, for comparison. This area is immediately east of the area shown on the north Redondo map:


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