The awakening of the first time buyer has been cautious. There was a surge in April and early this month in home buying. The misleading fact of 1/2 of all sales have been REO or bank owned in our state is one thing but the south bay beach areas have few bank owned properties. The slowdown and lending crunch has affected prices. We have higher inventory and it takes longer to sell properties and there are price reductions that have to be factored in. The other BIG and GOOD factor is that these homes are a short drive to the beach. The glorious Pacific Ocean! This week we toured a new Bank Owned listing on Perkins in North Redondo Beach. We were excited that it was under 700K. Every agent that went on our agent thought it was a great deal. The interesting thing is that some of the listings have had to price accordingly. The new listing coming up down the street that is similar is in top condition, it is also in a block that has a preferred school district for higher performing student test scores. It will be priced slightly more than the bank owned for those 2 reasons. This is actually why some people are buying the other homes sometimes before the bank owned ones. Investors and out of the country buyers are out buying more than one property at a time. They LOVE LA! Canada, Korea, and Japan, residents, that I have met are visiting and buying.
I have a listing in Torrance with value built in of over 80K in upgrades. The electrical, plumbing, new windows and roof make it more desirable than a similar home without those updates. The sharp first time home buyer today is educated in real estate values and prices. They shop the internet and visit open houses.They don’t have to be told to get a lender although they may need to get an update from the lender they have on a regular basis. The rates are still fantastic.
bank owned Beach first time buyer preferred school district real estate values Redondo Beach reo student test scores Torrance
Trend graphics is a great company that keeps charts that allow the agent and customer to see the trend of sales. This is the example that I am studying for my listing at 4508 Toucan in Torrance. It is interesting to see how consistant sales are…The dark green on the graph. see it for yourself. This 3rd party vender gives the facts from the MLS. I also have a new feature on my website. What is your home really worth! It is important to so many people to check the numbers. We had a lot of interested buyers out on Sunday and some were unsure of the lenders, some unsure of the market, and some unsure of our plans.
There are several homes for sale in Torrance in this area. So my client and I went on a tour of his competition. What an adventure.
1112 sq foot. built 1954
Pre-existing patio room with 3 skylights currently with a Spa- could be something else. (there is an exit plan avail for the spa if the new owner wanted to do something else - ask and it will be revealed)
Electrical- amp upgrade 200! not 60 or 100 amps
Plumbing is copper including main line to meter
Water heater relocated to garage
Roof 30 year warranty - year 2000 installed
3 window Air Conditioning units
Back up generator
Things other places had that we didn’t
original showers and shower pans
one put a bathroom in a closet without visable venting
access screens with holes
asphalt driveways
original windows
This is a Pocket listing- it’s being painted
I will put this property on the MLS by the 27th of July. This is what happens when the seller is painting and will be finished by then and we will have an open house that Sunday and brokers open on the 31st. I usually do this the other way around but this is a schedule of paint completion.
Remodeled Mls Torrance Toucan StreetI changed the price for 3629 230th in Torrance California from 825K to 785K on Saturday and it is still showing the old price?
Should I be changing it myself?
Lots of Realtors and I read each others blog. I also blog on ActiveRain.com/lynnepope and so there I can get quick answers from so many agents. I commented today on 2.
Trulia voices is really fun to check out.
Right now this address 3629 230th is the lowest price for the largest square footage in area 127.
I had an open house on the weekend and had a lot of visitors and several were from trulia. I will definitely spend more time there responding since they sent me buyers! Double sets of French Doors and new roof are major upgrades to a well kept home!
Two of everything….two story, two large French Doors accessing outside from the Living room and the Family room. Two olive trees. Two covered patio areas. The Living room area leads to the largest yard space (shown) 
The Dining area has another covered awning with a BBQ. Another interesting feature is the -Two bathrooms in one. What that means- is that in 1964 the builder said. I’ll put a shower/tub toilet and sink in this bathroom and Two doors. The other door will have a room with a toilet and sink. Sort of Jack and Jill with their own privacy for everything but sharing the tub/shower. Two people can get ready for work or school.
Living room with fireplace is large and there is an open plan kitchen dining /family room has a breakfast bar and a swinging door into the area.
Listed on the MLS S08088779, Torrance. Location is easy to find. The Automobile Club office and Pier One buildings at Hawthorne Blvd has a light and turn East on 230th Street which is above Lomita Bl and below Sepulveda Bl. About a block down at the corner of West and 230th is the home.
Two Olive trees grace the driveway at the corner. That is good fortune and peace to the owners in many cultures.
brick home California French Doors olive trees Open plan RE/MAX.com Realtor.com Torrance two storyProperty prices for sale in the 90505 zip code over the last 2 years has not changed much, its still in the low 400 range the overall price per sq foot shows. The concessions have changed. It took a while for sellers to accept that it is now the buyers market. They sometimes pay closing costs or repairs which was rarely the case in the years past.
Real estate agents use the comparisons that the bank appraisers use; last 3 ms of sales, similar sq foot home and lot, year built, and MLS area. This is a simplified fact that still has to take into account amenities, condition, location, corner lot, cul de sac, view, pool, flat lot, and upgrades.
The saying right now is this “A+ home, A+ location or A+ price.”
LOCATION not far from the BEACH! about 4 miles
90505 has 13 listings in one area with the following boundaries
East of Hawthorne Blvd, North of Lomita Blvd
West of West of Crenshaw Bl. South of Sepulveda Blvd
SIZE
sq footage on average is 2000 sq foot. 4 bedrooms and lots averaging 6000 sq ft
PRICE
The price for sale ranges from 925K down to 660K however most are in the 850 range Two= 780 and 799 Two =925, 975
The rest are 829-890
Buyers are buying now with a few multiple offers. Sellers are selling now for reasons they always had, Moving, up or down, or away and some are bank issues. Of all these properties there is only one short sale in the 900 range. The Bank is starting high. Interesting note. They are not discounting to price offered as so many people assume. They may accept, as any seller, a lower offer.
This is a stable area. It is a great time to buy and some buyers are starting to see that past the press. Investors are buying. This is the time they were waiting for and cashed out of properties for. Anyone have a friend in finance? They projected it and prepared for it.
Guess why the are buying? So they can ride the next wave. Just call it the 10 year ride.
Photo by Lynne Pope -do not use without permission.
90505 appraisers California crenshaw hawthorne blvd real estate agents sepulveda blvd Torrance
The heart of Redondo Beach is debated. The Hollywood Rivera says it is the area of Pacific Coast Highway as it turns and curves at the base of Palos Verdes. Three cities pour into this mix Palos Verdes, Torrance and Redondo Beach. They can all claim this STARBUCKS.
Starbucks is the community meeting place for all beach morning lovers. I had relatives in from Auburn, Alabama and we went over for our breakfast “Event.” The smells of coffee, the culture of the beach, the smiling faces all make the trip a fun treat. This is our idea of healthy over a big mac breakfast. The sit down, read the paper crowd verses the drive through rush. If you want to have a celestial morning come on down for a sunny stroll to the beach. I don’t even drink coffee so the juice is for me and the coffee for my visiting family.
HURRY-for only one more month- FHA will give anyone with a job and 3% down a heck of a great deal no matter what their credit score is. FHA is back in the drivers seat and it’s NOT going to be “one size fits all” anymore. Sorry, low fico score owners….your window is about to close!
1st gear was a fast start- it was the only place to get a loan with 3% down.
2nd gear-FHA moved into first place as other money tried to adjust to the reeling screetching stop of loans. The program was the way things used to be, one size fits all. Everyone with pay stubs proving their job got the same deal, same down, same rate, same rules. This left out the self employed, stated income borrowers, including realtors. Something will turn up sooner or later for us.
Wow, this allowed people with low credit scores to get a home with FHA money.
Home buyers are trying to find their place to jump in. Hurry because its about to stop mid July.
3rd gear-FHA is going to reward higher fico scores and shift into risk-based systems of fico scores and down payments. Kind of like a normal lender before sub-prime, right? Yes.
And FHA is planning to modernize the agency and win back the market share. It started with higher loan limits for California and the East Coast and it won us 729,750. up from 417K.
Realtors should be screaming to the people that have low credit scores.
The buyers should say “Honey-put down the paper, lets buy before July.”
The sellers should follow the realtors advice and prepare for famous Killer appraisals-if it’s FHA it better not have peeling paint anywhere pre -1978 lead based (so-paint) and no crack in any windows (so-replace) and carpet if needed. My photo is to illustrate upside down and peeling paint.
Facts in this article came from LA Times Sunday May 20, 2008 buried on page 7 section K by Kenneth R. Harney of the Washington Post. His article reports on the May 8th speech from Brian Montgomery, the top FHA official speech at the National Association of Real Estate Editors. Author may be reached at kenharney@earthlink.net This should have been front page news. Lets blog it into urgent!
appraisers Brian Montgmomery Federal Housing Authority FHA Gardena and Palos Verdes Hermosa Beach Kenneth R Harney Lomita Manhattan Beach National Association of Real Estate Editors Redondo Beach TorrancePossibly this is the fact as well. They can’t take any loan after a stop date in the next month. So like a hobbling bird in the desert, injured, a big bird of prey will swoop down and take it to a new time. This could be the story of anybank. It could be the lender that you choose. They will be liquid. I heard this today 5/8//08 in Torrance, California
California Torrance WAMUThe South Bay Board of Realtors offers an annual Mayor Breakfast meeting. This year the main theme was Transportation with aging sewer systems coming in a close second. These 2 are always related as to repair one the other stops.Seriously- In Palos Verdes the main issue is “aging sewer” systems as it can cause the caving in of streets. They are combining new concepts such as re-pipe with liners inside the crumbling remaining pipes. Its an expensive issue and also a mess. Call it the lawsuit starting to happen. Importantly- you can’t leave Palos Verdes without going through one of the towns in this report. The transportation issue affecting the following areas;
Top 10 issues surprise!1. Transportation45% of all the NATIONS goods go through
2. The State has not and my not be receiving the funds allocated to arrive. The elected officials have to fight to get it.3. Aging sewer systems. All built at the same time and falling apart at the same time. mostly the 1950’s The big growth after the War.4. The cities don’t all work together. WHY? Because…Some have Union issues separating, some have State and City money and some do not as independent charter towns.5. They do talk to each other and TRY to work together when and if possible.6. The States gives mandates…that the cities don’t have money to follow.7.
