South Bay Real Estate

January 24, 2012

Hermosa Beach Real Estate: Home Sales December 2011. Condos, Townhouses, Single Family Homes

December 2011 was no different than the rest of the year for Hermosa Beach Real Estate. Sales were relatively soft with only 14 properties closing escrow. Of the 14 homes that sold only 1 was a short sale and 1 had a NOD filed. There were no bank owned foreclosures (REOs) sold or probate sales. Hermosa Beach Sand Section had 4 sales, Hermosa Valley 5 sales, and East Hermosa Beach 5 sales. Single family homes were 12 of the sales and condos 2. The lowest price home was $335,000 for a 1 bedroom 600 sq ft condo and the highest price was $3,350,000 for a 4 bedroom 3600 sq ft single family house on Hermosa venue. Here's the recap home by home.

HERMOSA BEACH SAND SECTION REAL ESTATE

446 Monterey Blvd Unit 1-B: 3 bedroom, 2 bath, 1331 sq ft condo located a few blocks from the Strand. Remodeled kitchen, wood laminate floors, crown moldings, recessed lighting, ceiling fans, fireplace, wainscoting, custom window coverings and more. Floorplan is open with living room that opens to a nice patio area and dining area that is off remodeled kitchen. Kitchen has recessed lighting, granite counter tops, custom cabinets, tile backsplash and dishwasher. Master bedroom has access to outside and nice remolded full bath with double sinks. Listed for sale in the MLS by RE/MAX Palos Verdes for $675,000 and sold for list price after 40 days on market by Palm Boutique Realty.

810 Manhattan Ave: 5 bedroom, 5 bath 3702 sq ft single family Sand Section house on a 2496 sq ft lot. Huge ocean views are from 2 levels of this home with well-placed windows, 6 balconies and cornerless frameless windows. Wood beam ceilings, walnut hardwood floors, temperature controlled wine room, dual staircases and plenty of options. The roof top sky deck is the way they all should be built, featuring an indoor loft leading out onto the outdoor deck with built-in BBQ, sink, fireplace and an absolute clear panoramic view of the ocean. Listed for sale in the MLS by Northwest Realty for $2,049,000 it was sold by South Bay Brokers for $1,850,000 after 208 days on market.

2130 Monterey Blvd: 5 bedroom, 5.5 bath 4300 sq ft single family house with Ocean views built in 2002 and 3 blocks to the Strand and the beach in a very desirable North Hermosa Beach Sand Section location. There is a 3 stop elevator in this beach close mansion and each bedroom has its own bathroom. Gourmet kitchen, see through fireplace in the master bedroom and all the features and upgrades you would expect. Listed for sale in the MLS by the Coastal Real Estate Company for $2,899,000 it was reduced to $2.699M and ultimately sold (all cash) for $2,500,000. The buyer was represented by Stroyke Properties.

3002 Hermosa Av: You have probably seen this landmark, the "Lifeguard House" in North Hermosa Beach. 4 bedrooms, 4 baths, 3600 sq ft built in 2009 one block to the beach. 3 of the bedrooms, including a private yet open master suite, are on one level. The kitchen has Thermador oven and the great room is open on 3 sides to become one huge balcony with shade. The sky deck with bed and bath is over 1,100 sf. A world class design built with 200 year old Connecticut barn wood, floating staircases and tall spaces. It’s not just made for lifeguard living but just about anyone. 6 car on-site parking. Listed for sale in the MLS for $3.799M by Coldwell Banker Residential it was sold for $3.350M by Teles Properties, Inc.

Curious what's for sale right now in the Hermosa Beach Sand Section? Check out the MLS inventory using the "quick searches" below. (Results update in real time.)

HERMOSA VALLEY REAL ESTATE

1600 Ardmore Ave Unit 334: Awesome Hermosa Beach location. Light and bright top floor 1 bedroom end unit with peek a boo ocean view. You can actually see the boats on the ocean on a clear day. Wrap around balcony expands your living space and provides lots of space for a BBQ or sitting in the sun. New carpet, paint, tile, light fixtures and the ceiling has been scraped. The Commodore is located just 1 block from the new Pier Ave. You can walk to the beach, green belt, market, gym, bars, restaurants etc. FHA approved complex and the building is pet friendly. 607 sq ft. Listed for sale in the MLS by Shorewood Realtors Hermosa Beach for $385,000 it was sold by RE/MAX Execs Redondo Beach for $335,000.

731 8th St: This Hermosa Beach Cottage has been completely remodeled and includes an inviting front porch, wood accent door, stacked stone siding, beautifully restored hardwood floors, ceiling fans in great room, custom poplar wood shaker-style kitchen cabinets, new stainless steel appliances, new tile flooring in kitchen and bath, tiled shower surround, new vanity and skylight in bathroom, new paint throughout and a new gas wall heater.

633 8th St: Great duplex with an ocean view just West of PCH. This home boasts 3 bedrooms, 2 bathrooms, hardwood floors and a fireplace. Downstairs has a large bedroom, spacious kitchen and yard. Two car garage w/ washer and dryer hook-ups.

711 24th St: Situated high on the Hermosa Hill (west of PCH) this property features ocean views, great natural light, a sunny flat yard and incredible upside potential. Existing home is a spacious 3 bed 2 bath with a great floorplan arranged around the indoor and outdoor living space to create a very comfortable home. A second story addition offers the potential for unobstructed panoramic PV to Malibu ocean views. Quiet, low traffic street. Priced at near lot value, this is a great opportunity. (Courtyard patio ceiling enclosure is not permitted.)

550 3rd St: Custom designed home with bright OPEN floor plan feels like a "mini mansion". This home is situated on a cul-de-sac and just 4 blocks to the beach. Grand entry with 25' high lighted domed ceiling. Huge gourmet kitchen with quality cabinetry, sit down island, granite slab counters, imported tile floor, stainless steel appliances and walk-in pantry. 4 total bedrooms with 3 on the main floor. Fabulous large deck off liviing room with gas, water & electric. Private and serene backyard off third bedroom. Perched on the roof is an ocean view deck with gas & electric.

Curious what's for sale right now in the Hermosa Beach Valley Section? Check out the MLS inventory using the "quick searches" below. (Results update in real time.)

EAST HERMOSA BEACH REAL ESTATE

1138 1st Pl: Beautiful 2-Bedroom, 2-bath Ocean View Beach Cottage with updated kitchen and Bathrooms. Full Basement included in square footage has washer and dryer plus lots of storage space. Fenced in back yard with wood deck and rock features. Side parking fits up to three cars. Copper plumbing, crown moldings, open beam ceiling, newer windows, and newer roof. This home has been maintained by the owner in very good condition

820 3rd St: Nicely remodeled and meticulously decorated home with an inviting open floor plan awaits a new owner. Walking distance to everything. 3 bedrooms 2 baths, 1862 sq ft, single family house buolt in 1976 on a 2250 sq ft lot. Listed for sale by Merit Real Estate and the listing agent did the old double pop. MLS list price $725,000. Sold for $685K.

1229 7th Pl: 3 bedroom. 2.5 bath 2019 sq ft single family house. Basically a Hermosa Beach "tall and skinny" of the type so prevantly found in Redondo Beach. This one never hit the MLS as ana active listing because two Shorewood Reraltors agents did a deal first. Lots of peope ask me why agents enter these sale in the MLS for "comp purposes only". It may be civic service, the listing contract requires it or just that agents like to boost their "stats": sales reported through the MLS for bragging rights. In any case, listed and sold by Shorewwood Realtors for $799,000 which is basically Redondo Beach kind of pricing but in a quiet Hermosa Beach location.

1224 Bonne Brae: Comfy beach home with an open floorplan that works for today's casual lifestyle. The center island kitchen is the heart of the home and features custom cabinetry, built-in appliances and granite counters. The living and dining room are adjacent to the kitchen and a large family room with wet bar opens to the grassy backyard. A home office and full bath complete the first level. The second floor boasts three large bedrooms and two baths including master suite with balcony and two-sided fireplace. Enjoy beautiful ocean views from the master bedroom as well as from a two person spa tub. 4 bedrooms. 3 baths, 2374 sq ft on a 3800 sq ft lot. Listed for sale in the MLS by RE/MAX Beach Cities and sold by Shorewood Realtors. List price $849,000. Sold price $917,000.

925 9th St: Enjoy panoramic 180 degree ocean views from the entire upstairs living area. This architecturally stunning Hermosa Hills home features a unique open floor plan upstairs and all four bedrooms downstairs. The spacious gourmet kitchen features top of the line stainless steel appliances, granite counters, custom cabinets, a large center island and a breakfast bar. There is an oversized deck off the living room with spectacular ocean views that is perfect for grilling and eating outdoors. The ocean peak backyard has artificial grass. 4 bedrooms, 3.5 baths, 3548 sq ft, built in 2000, single family residence, 3607 sq ft lot. Listed for sale in the MLS by South Bay Brokers for $1,489,000 and sold by South Bay Brokers for $1,475,000.

Search for homes for sale in East Hermosa Beach.

Other usefule Real Estate websites you may find interesting:
North Redondo Beach Real Estate: www.90278realestate.com
South Redondo Beach Real Estate: www.90277realestate.com
Manhattan Beach Real Estate: www.90266realestate.com
Search the entire MLS
Socalistings on Facebook
Ellis Posner's Zillow Profile
Ellis Posner's Listingbook

How much is the home you want to buy or sell worth? MARKET SNAPSHOT

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January 22, 2012

North Redondo Beach Real Estate: Bank Owned Foreclosures (REOs) for Sale

Currently there are 10 bank owned REO foreclosures for sale in North Redondo Beach, CA 90278. Some of these are good deals, some junk and some are simply over priced. Read the comments and you be the judge.

511 Meyer Lane Unit 16: This 3 bedroom, 2.5 bathroom end unit REO townhouse for sale initially hit the MLS at $472,000 which was over priced considering that the price point for the 2 bedroom units (with bonus area not included in the sq ft) has been around $399K. No doubt the extra bedroom and neighborhood views add value and the current MLS list price of $429,000 is more in line with where the listing agent and asset manager can expect to see offers. This unit has a little grassy outdoor space adjacent to the property for the owner's use. The $305 per month HOA dues include the use of the pool and facilities. The complexes on Meyer are offering reasonable "beach" value right now but Meyer is a fairly busy pass through street that is partially commercial use and the street parking is not great.

2519 190th Street: Let's face it, 190th is not an easy sale but someone should scoop up this 1235 sq ft 3 bedroom 1 3/4 bath single family house for sale on a 5000 sq ft lot at the MLS list price of $449,000. This really is a charming house with great curb appeal, open floor plan with new carpet and paint and a recently remodeled master bath, newer dual pane, french windows, a covered front porch and fully fenced, front and side yards. The attached 2-car garage with laundry area is accessed from the alley and there is room for additional vehicles. If you can get past the 190th St location, it is a decent REO to invest in.

1507 Flagler Lane: This Arico listed single family home foreclosure has only recently been listed for sale on the MLS. At a list price of $459,000 we think it is a little high for a REO considering the size of 1050 sq ft. There are 3 bedrooms but the lot size of 3758 is definitely small considering that buyers for this kind of property whether REP, short sale, or standard are looking for 5000 sq ft lots. The kitchen is in its original 1961 condition and the house needs some updates. The best feature of this foreclosure listing is its location pretty far west for MLS Area 152.

1717 E Van Horne Lane: This bank owned REO foreclosure for sale is your 1960's style living rooms down floor plan Golden Hills product that are pretty tough sells these days. Most buyers find the lower level bedrooms to be cold, dark and undesirable. This particular property has some other truly horrible features such as bricks that are not secured as the floor of two of the downstairs bedrooms. The upper level, or rather the ground floor entry level features a usable and open living room and kitchen with neighborhood views. This REO foreclosure initially hit the MLS listed for sale at $610,000 which was preposterous. It has not been reduced to $547,000 but it's very likely this could change hands much closer to or under $500K. Even though this floor plan features over 1500 sq ft and offers 3 bedrooms, truthfully in better times these properties would be knocked down and replaced by larger newer structures building up on the 2500 sq ft lot. But as you know, these are not normal times.

2305 Clark Lane Unit A: OK, this bank owned foreclosure property listed for sale is a good deal. Over 2000 sq ft 2-on-a-lot townhouse feels like a single family residence. The home offers a bright, open, functional floor plan with a large, inviting living room w/ fireplace, separate dining room, family room w/ sliding doors opening to large outdoor patio area w/ storage. Large kitchen w/ breakfast counter and eating area create a flowing floor plan ideal for entertaining. Powder room on 1st floor. Large master suite features tons of windows and plenty of natural light, walk-in closet and a master bath with dual sinks and separate shower and tub. Large direct access 2-car garage. Home has been recently re-painted and a new roof was installed January 2012. MLS list price is $549,000 which puts it at $269 sq ft right out of the gate. This one will sell fast at or above the list price.

2006 Aviation Way Unit A: Based on the size, 2778 sq ft, location, and being a 4 bedroom unit on the surface this is a great bank owned REO foreclosure deal for sale. The property includes mahogany hardwood floors, city light views, front patio and sundeck, some stainless appliances, extra large master suite, vaulted ceilings, recessed lighting, large open living room with fireplace, seperate laundry room, and a large downstairs bonus room perfect for guest quarters or office. But truthfully it needs updating. A lot of updating. But at a list price of $563,900 in the MLS, this REO is being marketed at about $203 per sq ft. Wow.

1607 Blossom Lane Unit 2: Light and bright tri-level townhouse in a desirable neighborhood. Open floor plan, perfect for entertaining. Living room with vaulted ceilings, fireplace and huge deck w/ city views. Powder room, formal dining room and step-up breakfast nook all located off a large, open kitchen. Beautiful stone floors in upper level, new carpet in bedrooms and fresh paint throughout. The second level has 3 bedrooms, w/ the master including it's own bath and very large walk-in closet. Large bonus room w/ closet that could be a 4th bedroom located on the lower level off the direct access 2-car garage. At 2237 sq ft this bank owned REO foreclosure is reasonably priced for sale in the MLS at $589,900. Based on the condition, it should sell for under $550K which a smart buyer will figure out if they can get past the Tudor exterior, etc.

2310 Curtis Av Unit 1: Another Arico listed REO for sale just 4 blocks to Manhattan Beach. Nice front unit with over sized private balcony off master. Home is in pretty good condition. Kitchen has custom cabinets, gas cook top, tile counters and tile floors. The living room has a fireplace. There is direct access to the attached two car garage. 3 bedrooms, 2.5 baths, 2190 sq ft built in 1986. Listed in the MLS for $634,900, not really a value price for a foreclosure. The list price may need to be lowered to $599K to make this one more attractive. Nice garbage cans in the pics, huh? What's up with these REO listing agents.

2311 Clark Lane Unit A: This bank owned REO foreclosure for sale is a deal at the reduced current list price of $639,900. Built in 1997, this property features large rear yard, tile counters in kitchen, soaking tub with seperate shower and dual sink vanity in master, fireplace in master with tre ceiling, balcony off bedroom, dining area off kitchen with what appear to be wood flooring and breakfast bar, updated cabinets in kitchen with tile counters, interior laundry, fireplace in living room, walk in closet in master, and attached 2 car garage with direct access. 2115 sq ft with 4 bedrooms, at this price it compares favorablly with the newer product priced in the upper $800's.

531 Anita St: Looks good on paper but buyers just have not responded well to this property either as a short sale or foreclosure REO for sale. Currently for sale for $661,000 this single family house is 1635 sq ft and has 4 bedrooms and a large lot. But, as with other houses on Anita (190th) across from the power lines, it is a tough sell. Most buyers have found the floor plan to be cut up and the sq ft to not be that usable. Let's see what price this one closes escrow at and how long it takes.

If you want to buy a bank owned foreclosure (REO) in the South Bay or LA's Westside, click on any of the MLS searches below and schedule a viewing online.

For more on North Redondo Beach Real Estate visit www.90278realestate.com or these other websites published by Real Estate Agent Ellis Posner: www.90266realestate.com Manhattan Beach Real Estate; www.90254realestate.com Hermosa Beach Real Estate; www.90277realestate.com South Redondo Beach Real Estate.

Posted at 10:13 AM in South Bay | Permalink | Comments (0)

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December 19, 2011

SoCal Merry Xmas

The number of homes sold in Southern California rose modestly last month from both October and a year earlier as investors and first-time buyers targeted homes priced below $400,000. Sales above $500,000 fell nearly 16 %from a year earlier amid a troubled market for larger home loans, a real estate information service reported.

A total of 16,884 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in November. That was up 0.3 %from 16,829 in October and up 4.2 %from 16,208 in November 2010, according to San Diego-based DataQuick.

While November sales of existing (not new) houses and condos combined rose 5.8% from a year earlier, sales of newly built homes fell 15.2% to the lowest level on record for a November.

"'Tis still the season to go bargain hunting -- or at least that's what the November home sales data suggest. The portion of homes sold to investors continued to hover near an all-time high. Lower prices and amazingly low mortgage rates tempted those with the confidence to buy and the ability to qualify for a loan, or to pay cash," said John Walsh, DataQuick president.

"But these sales levels remain subpar, with new-home sales stuck at record lows. Part of it is the economy and would-be buyers' uncertainty -- about jobs, home prices and a potential surge in foreclosed properties hitting the market. Part of it is the folks who can't move up because they're upside down with their mortgages. And many who want to buy more expensive homes struggle with the financing."

When viewed by price segment, sales trends varied considerably. The number of homes that sold for less than $400,000 last month rose 6.1% from a year earlier, while transactions above $500,000 fell 15.7%. Above $800,000, sales fell 17.6% year-over-year. November sales fell 22.8% from a year earlier in the $600,000-$750,000 range, which in coastal counties was impacted by the recent lowering of conforming loan limits.

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November 27, 2011

FHA Loan Limits Raised

In case you haven't heard, lawmakers have voted to restore loan limits for the Federal Housing Administration to pre-Oct. 1 levels, but the reprieve won't apply to Fannie Mae and Fannie Mac.

House and Senate leaders signed off on a conference report for a "minibus" appropriations bill that included language restoring FHA's ability to insure loans of up to $729,750 in high cost markets through 2013.

Because the minibus appropriations package also contains a continuing resolution to avoid a government shutdown and continue federal operations until Dec. 16 -- or until Congress completes nine remaining appropriations bills -- lawmakers didn't dally in approving it.

The House approved the bill today in a 298-121 vote, and it sailed through the Senate 70-30.

So, while this is good news for both home buyers and sellers in the South Bay and Westside, it really doesn't make any sense. Didn't we learn anything from the housing crisis?

FHA loans allow for lower down payments, lower credit scores, and a host of other factors that don't add up to as tough a standard as let's say the 10% down "conventional" loans require. So, while this is good news because it will help to shore up prices in the mid $700's and everything underneath, it should have been extended to Fannie-Freddie loans as well. Although in the current political climate, anything that helps housing is better than the alternatives.

Posted at 02:29 PM in General | Permalink | Comments (0)

Technorati Tags: Beach, buy, FHA, Hermosa, limits, loan, Los Angeles, Manhattan, real estate, Redondo, sell

October 24, 2011

HARP: The Home Affordable Refinance Program

HAMP, HARP, and HAFA. The big three of failed programs - at least so far.

Today, it was announced that the government would be expanding the HARP program to include more underwater borrowers. The problem is that as currently construed only loans currently guaranteed by Fannie and Freddy will qualify. Whoops. That eliminates most of the higher dollar amount, interest only or neg am, NINJA product sold in CA (except for maybe the Inland Empire and does anyone there really want to refi anyway?).

A randomly check of a few dozen properties and guess what, none qualify.

HARP fails to address the major issue for upside down borrowers: they owe more than the house is worth. Will borrowers refi properties that will never be worth what they owe just to save a few hindred dollars a month when a strategic default or short sale makes more sense? That remains to be seen.

Here's how NAR rolled this out to it's member Realtors.

HARP Refinance Program Expanded

Borrowers who are current on their home loans may be able to refinance for lower interest rates, even if they are seriously upside down. The Federal Housing Finance Agency (FHFA) announced today that it will broaden the scope of the Home Affordable Refinance Program (HARP) by removing the current 125 percent loan-to-value cap for fixed-rate mortgages backed by Fannie Mae and Freddie Mac. Other program enhancements include, among other things, reducing certain fees, eliminating the need for a new property appraisal if the FHFA has a reliable automated valuation model (AVM) estimate, and extending HARP until the end of 2013. New federal guidelines for the HARP changes should be released to mortgage lenders and servicers by November 15.

The basic eligibility requirements for an enhanced HARP loan are as follows:

Existing mortgage loan must be owned or guaranteed by Fannie Mae or Freddie Mac. To check whether a borrower has a Fannie Mae or Freddie Mac loan, go to http://www.makinghomeaffordable.gov/get-assistance/loan-look-up/Pages/default.aspx.
Existing mortgage loan must have been sold to Fannie Mae or Freddie Mac before June 1, 2009.
Existing mortgage loan cannot have been refinanced under HARP previously (except for Fannie Mae loans refinanced between March and May 2009).
Current loan-to-value (LTV) ratio must be more than 80%.
Existing mortgage loan must be current, with no late payments in the past six months, and no more than one late payment in the past 12 months.

If the new guidelines aren't released to the lenders until mid November, maybe they implement them by Jan 1, 2012 if we're lucky. Stay tuned for updates as they become available.

Posted at 05:42 PM in General | Permalink | Comments (0)

Technorati Tags: HAFA, HAMP, HARP, Home Affordable Refinance Program, loan modification, principle reduction, short sale, strategic default

September 06, 2011

FHA Loan Changes Coming

WHAT YOU NEED TO KNOW ABOUT
UPCOMING CHANGES TO FHA LOANS

As you may know, unless Congress extends the expiration deadline, Federal Housing Administration (FHA) loan limits set in 2008 will drop significantly beginning October 1. Congress raised the loan limit amount in response to the housing crisis to help spur the homebuying market. FHA loans offer borrowers very competitive rates and terms, and they only require a 3.5% down payment. Allowable debt ratios are higher than the typical debt-ratio limits imposed for conventional loans, and there are no income limit qualifications, so more people can qualify for them.

If the loan limit drops on October 1, many California homebuyers will face higher down payments, higher mortgage rates and stricter loan qualification requirements. Borrowers seeking larger mortgages will have to apply for conventional loans or jumbo loans, which may be subject to higher interest rates and down payments. Here are four things you should know to help your clients now.

1. LOWER LOAN LIMITS. The conforming loan limit determines the maximum mortgage amount that FHA, Fannie Mae and Freddie Mac can buy or guarantee. If your client wants to stay under the current loan limits, then encourage them to purchase now and close by September 30th.

2. DROPS BY COUNTY. Under the new FHA loan limits, some counties will see significant drops in their loan limits. San Diego County will experience a $151,250 drop, Sonoma County a $141,550 reduction, while Orange and Los Angeles Counties will drop by $104,250.

3. JUMBO LOANS. The current FHA loan limit is $729,750. After October 1, that limit may drop to $625,500. Mortgage loans higher than that amount will be considered non-conforming jumbo loans, which typically have rates that are 0.875% to 1.5% higher than conforming rates, depending on the loan product, and require higher down payments.

4. MORE STRINGENT REQUIREMENTS. FHA loan requirements may allow for lower credit scores. So an applicant with a lower FICO score can still qualify for an FHA loan, even if they can’t for a conventional loan. Your clients may be able to obtain an FHA loan three years after defaulting or having a loan foreclosed.

I believe that some of the collateral damage and fallout will be further price erosion and more foreclosures which will fuel the cycle of leading to even more short sales and foreclosures.

Let's pray that Congress decides to continue the current price guidelines.

Posted at 02:26 PM in General | Permalink | Comments (1)

Technorati Tags: condos, FHA, homes, houses, loan limits, market, prices, pricing, real estate, townhouses, trends, values, zillow

September 04, 2011

Rent vs Own Ratio: Is it Better to Buy or Lease Real Estate?

Much of the Real Estate activity over the last few years has been driven by first time home buyers. Today, many renters with stable job situations and adequate savings and reserves have come to the conclusion that at current prices and interest rates, it makes a whole lot of economic sense to buy a home rather than rent. This blog post will discuss one common metric: the rent versus buy formula and how Los Angeles are Real Estate compares to the US in general.

Here's a simple calculation you can quickly do to decide whether it is better to rent or buy real estate. Dived the purchase price of any property by the annual rent. That's it. Pretty simple and straight forward.

As an example, currently you can buy a fairly new townhouse in North Redondo Beach for about $575,000. The same units are renting for about $3,000 per month (and sometimes higher). If you divide $575,000 by $36,000 (your annualized rent), you come up with a ratio of 15.97.

In general, a ratio between 16 and 20 means that it's more expensive to rent than to buy, but buying may be better than renting depending on personal circumstances, such as one's tax bracket, (Consult your CPA or tax preparer.) Any ratio above 20 indicates that owning is much more costly than renting. And if you are below 16, that's a piece of real estate you want to own.

(We actually take a more conservative approach to this calculation than many of the national real estate sites. Specifically, we do not include the individuals tax considerations into our calculation because those may change over time.)

Now let's do a reality check to see how well this holds up.

Going back to the above example of the townhouse that can be bought for $575,000 or rented for $3,000 per month, here's what we look at.

If a buyer puts down 20% and finances 80% of the townhouse purchase price, there is an outstanding loan in the amount of $460,000. At an interest rate of 5% (which is high as of this writing), that is a fully amortized payment of $2,469.38 for a 30 year fixed rate mortgage. To that you can add the typical HOA fee of $150 and property taxes of let's say $600 per month. We are now at a monthly payment of $3,219.38 to own rather than rent. And, this is before calculating the benefit of any tax breaks, possible future real estate appreciation, etc. (We are also not considering that as of today, you could do a lot better that 5% on a 30 year fixed loan so in fact your payment to own may be the same or less than renting.)

In this post we are not going to discuss whether it makes more sense to do a 7 year adjustable ARM, or 10% down or other variables. We are only looking at the basic premise of renting vs buying real estate from a very conservative perspective.

So, it appears that the simple rant vs buy ration calculation is fairly well borne out by facts. Furture blog posts will look more specifically at other examples of houses, townhouses, and condos.

Here's some other facts you might find interesting or useful.

Top 10 US Cities to Rent vs. Buy:

Rank	City	State	Price-to-rent ratio
50	New York	N.Y.	36
49	Fort Worth	Texas	32
48	Omaha	Neb.	27
46	San Francisco	Calif.	24
47	Seattle	Wash.	24
45	Kansas City	Mo.	22
44	Portland	Ore.	20
43	Los Angeles	Calif.	19
42	Boston	Mass.	18
41	Memphis	Tenn.	17

This is nice because it shows that, in general, Redondo Beach Real Estate is a better investment than Los Angeles real estate over all.

	Pros	Cons
Renting	Flexiblity (can relocate easily)	No equity
	Can invest money elsewhere (stock market)	Annual rent increase could outpace inflation
	No upkeep fees (drippy faucets, broken dishwashers, etc.)
Buying	Tax-break: deduct mortgage interest and property taxes	Property tax and upkeep
	Potential tax-free capital gain	Mortgage costs
	Emotional satisfaction	Less flexibility should you want to move; in very bad housing markets, you could lose principal

Posted at 01:31 PM in LA - other | Permalink | Comments (0)

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August 03, 2011

Manhattan Beach Strand Real Estate

We have previously written about Manhattan Beach Strand Real Estate and Real Estate for sale on the Hermosa Beach Strand. As Strand homes are the benchmark for all other Manhattan Beach Sand Section Real Estate and Hermosa Beach Sand Section Real Estate sales, we get frequent requests for updates on this site as well as our sister website www.90254realestate.com. This blog post will review homes sold on the Strand in Manhattan Beach CA as well as current active MLS listings and properties currently in escrow. Hermosa Beach CA Strand Real Estate can be found on www.90254realestate.com. We hope you find this Strand Real Estate update useful whether want to buy or sell a Strand home or are just curious about the market. For more information on active MLS listings in Manhattan Beach, call 310 975 5139.

As of this writing there have been 7 sales in 2011 on The Strand. 2 have been in Manhattan Beach and 5 in Hermosa. The Manhattan Beach homes sold for $7.3M and $10.9M. Strand single family home prices in Hermosa Beach ranged from a "low" $3.6M to a high of $12.6M. So, surprisingly Hermosa Beach Strand Real Estate was ostensibly bringing a higher price than Manhattan Beach. One Strand condo sold in Hermosa Beach for $1.56M. Currently there are 5 homes for sale on The Strand in Hermosa Beach, 6 for sale on the Manhattan Beach Strand (of which 1 is a condo). There is one Manhattan Beach Strand home in escrow and none on the Hermosa Beach Strand.

SOLD MANHATTAN BEACH STRAND 2011

1600 The Strand, Manhattan Beach CA, 90254: This 5226 sq ft Ray Kappe Design concrete, steel, and stone 3 bedroom single family home was built in 1985, prior to current codes, and has a rare rooftop pool, pivoting sculpted stainless steel front door and an elevator. You may have seen this property heavily promoted everywhere, we even saw it featured on the Huffington Post, during the 423 days it was on the market. It was originally listed for sale in the MLS for $13.5M, reduced to $12,5M and sold for $10.9M 1600 The Strand was listed by Peninsula Sotheby's International Realty who also represented the "all cash" buyer. Follow this link for more pictures and to view the listing: MLS S10012063.

3516 The Strand, Manhattan Beach CA, 90266: 6 bedrooms 5 bathrooms 5550 sq ft on a 3500 sq ft lot, "Villa Toscana Sul Pacifico" was built by Sexton Homes and is thought to resemble an authentic Tuscan home. Originally listed by Shorewood Realtors then South Bay Brokers, started out in the MLS considerably above $10M, was reduced to $9.85M, then $8.5M and eventually sold by the listing agent at South Bay Brokers for $7.3M. Terms were "all cash". Click on the MLS # to view the listing: MLS S10094839.

ACTIVE MANHATTAN BEACH STRAND MLS LISTINGS

4314 The Strand, Manhattan Beach CA, 90266: 3 bedrooms, 1.75 bathrooms 2649 sq ft tri-level penthouse-style condo in the El Porto section of the north end of Manhattan Beach. Listed by South Bay Brokers in the MLS as of March 2011, this property has not seen a price reduction yet. The listing agent notes the Master Suite is on the Strand level. Compares well to attached townhouses although it may well take a price hit due to El Porto location. Listed for $3.25M. MLS S11030233.

3112 The Strand, Manhattan Beach CA, 90266: 3913 sq ft on a 3500 sq ft lot, this single family home is a classic example of mid 20th Century architecture. This house has three bedrooms, office and family room and is split into 2 separate living areas, front and back. There is also a three bdrm two bath rental. Listed by Real Estate West and the listing agent states that the house is priced below market value at $5,499,000 (reduced from $6.9M). It has been on the market considerably over 6 months.

3308 The Strand, Manhattan Beach CA, 90266: This 3090 sq ft house is the quintessential 1950's Strand Beach House and is being sold by the original owner (listed with South Bay Brokers). The home features a beautiful brick courtyard, large living room with stacked stone fireplace, granite counter kitchen with built ins, master suite with dressing area. 4bedrooms and 4.5 baths and the requisite beach shower dressing room. Priced at $6.2M. MLS S11080852.

2504 The Strand, Manhattan Beach CA, 90266: Built in 1956, 3416 sq ft. The main home offers 3 ocean side decks, 3 bedrooms, 4 baths, 3 fireplaces and a fabulous kitchen, dining and living area. Floor to ceiling glass doors afford stunning ocean views, breezes and spectacular sunset views. Floating stairs lead you to the luxurious master suite with panoramic ocean views, fireplace and ocean side deck. There is also a one bedroom, one bathroom apt with a large outdoor deck. Listed by Shorewood Realtors for $6.49M. MLS S11026080.

2920 The Strand, Manhattan Beach CA, 90266: North facing corner location on The Strand. An oversize lot with 43 feet of beach frontage. 7 beds, 6.5 baths plus a bonus room/office near the pool and spa situated inside of a private atrium. Top floor has the large master suite with two sitting areas, fireplace, balcony, and a loft. 5 bedrooms sit on the top floor, two bedroom/bathroom suites are on the lower floor. Built in 1988, 5628 sq ft, 7 bedrooms, 6 bathrooms. On the market for over 2 years. Listed by Shorewood Realtors for $10,995,000 after price reductions. MLS S11013123.

2020 The Strand, Manhattan Beach CA, 90266: Double corner Strand lot also including the property at 2016 The Strand. There is approximately sixty six feet of Strand frontage when these two lots are combined. The house was built in 1917, so this is a land value offering. We're trying to figure out where the listing agent is going with the pricing: $27M. Not a misprint - actually a price reduction from $30M. The property is listed by Shorewood Realtors. MLS S11007471.

MANHATTAN BEACH STRAND HOMES IN ESCROW

2908 The Strand, Manhattan Beach CA, 90266: Spectacular and hard to find oversized Strand lot (4,550s.f.) in premier “Gold Coast” location boasting an exceptional 44.32’ of frontage. Priced at lot value, the property currently features an extensively remodeled, super clean 4,142s.f. 5 bedroom, 5 bath home that is the perfect “live now, build later” opportunity. Remodeled kitchen features stainless Viking appliances, new tile counters with stone mosaic backsplash, family breakfast area and hardwood flooring. Large master suite with exposed beam ceilings, his and her closets, a huge deck and a recently remodeled master bath featuring slab stone counters, stone flooring and large tub with larger frameless multi head shower. Three other secondary bedrooms on top floor with two addtional baths. Listed by Shorewood Realtors for $8.295M, we'll let you know what it sells for when the escrow closes. MLS S11069606.

MARKET SNAPSHOT REPORT FOR MANHATTAN BEACH

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July 31, 2011

North Redondo Beach Condo and Townhouse Sales Update

North Redondo Beach Condo and Townhouse Market Update: As of this blog post, the MLS indicates that there are currently 99 condos or townhouses listed for sale in North Redondo Beach, CA. As we have noted previously, townhouse is not a legal description. Subsequently, all townhouses are technically condos and thus are subject to different financing and insurance requirements than single family houses. (We'll discuss current townhouse financing challenges toward the end of this article.) As always, we've posted some MLS "quick searches" or you can view the entire Redondo Beach MLS to search for homes.

We constantly are queried about the North Redondo Beach "shadow inventory" of properties in the foreclosure process or currently owned by the lenders and not yet listed in the MLS. So, for example while the MLS currently lists 9 bank owned REO foreclosures, and 17 short sales (of which 2 have notices of default (NOD) filed) we can share with you that there are an additional 22 homes total owned by the bans-investors, 27 with NODS filed and 47 set to go to auction. You can learn more about the foreclosure process here.

Here's some other interesting real estate statistics for the condos and townhouses currently listed for sale in the MLS:

26 are detached freestanding homes which are easier to finance
73 are attached units (more difficult to qualify for FHA financing)
45 are in area 151 - North of Artesia Blvd
50 are in area 152 - South of Artesia Blvd
81 are listed as townhouses

Through the end of July 2011, the MLS reports that there have been 135 townhouse and condo sales in North Redondo Beach. The closed MLS townhouse and condo sales indicate that:

50 are in area 151 - North of Artesia Blvd
77 are in area 152 - South of Artesia Blvd
5 bank owned REO foreclosures
20 short sales
42 were detached townhouses
31 townhouses were 4 bedroom or larger
60 townhouses or condos sold for less than $600K
20 townhouses or condos sold were smaller than 1400 sq ft

So, what does this all mean? Well, that depends on whether you are buying or selling Redondo Beach Real Estate. As a seller, you are facing steep competition from both foreclosure sellers and standard sellers. Looking at the data above, you can see that there are about 20 condo - townhouse sales in North Redondo Beach every month. But there are 100 condos and townhouses listed for sale in the MLS. So, do you want to be one of the 20 or one of the 70? It is therefore key to understand the absorption rate for homes similar to yours. In other words, how many similar homes sell, for how much, and how fast? That can only be answered on an individual basis for each property. A good way to get started is our Market Snapshot product or just call 310 975 5139 for specifics regarding your home.

If you are thinking of buying Redondo Beach CA Real Estate, you probably already know that it is currently a buyer's market. That means that there are more homes for sale than buyers to meet the demand. If you have an agent that is a tough negotiator, townhouses and condos can be purchased for under $300 sq ft. (We have gotten deals for buyer clients this year in the $280 sq ft range.)

It's important to have a strategy and not just be looking for a "deal". (Hint - everyone's looking for a deal.) You may want to buy a foreclosure townhouse under fair market value and fix it up, or may have the time to wait for a short sale to be approved (and most aren't). Your interests may best be served by jumping on new listings or recent price reductions. Here's some MLS "quick searches to find Redondo Beach condos, townhouses and single family homes listed for sale in the MLS.

North Redondo Beach New Construction Townhouses, Condos and Single Family Houses
North Redondo Beach New MLS Listings - Condos, Townhomes and Single Family Houses
North Redondo Beach Short Sales - Townhouses, Condos and Houses listed in the MLS
North Redondo Beach REO Foreclosures - Townhouses, Condos and Houses in the MLS
North Redondo Beach Recent MLS Price Reductions - Townhouses, Condos and Houses
North Redondo Beach Listings - Condos, Townhomes and Houses less than $600,000
North Redondo Beach Listings - Condos, Townhomes and Houses $600,000 - $800,000

Whether you are buying or selling, here's what you need to know about townhouse and condo financing right now. Detached properties are easier to finance. If the association is "inactive" as many in North Redondo Beach are, it is easier to get FHA financing. As "spot approvals" are no longer allowed for FHA, the entire project needs approval for attached units. That is a difficult and rather long process. A number of lenders are now offering 10% and even 5% no PMI loan products for condos and townhouses. But, in any case, you will probably require a "HOA cert". The lender will want to know how may units are in arrears, how many are tenant occupied and other information regarding the health of the association. Additionally, as of October 1, 2011 jumbo conforming loan limits will drop to $625K from $729,750. In fact, many lenders have stopped taking loan applications at the higher level as of July 1. We anticipate that this may drive townhouse prices down further. Good news for buyers, bad for sellers.

If you are interested in Beach Cities CA Real Estate, please visit our sister sites, www.90266realestate.com for Manhattan Beach Real Estate and www.90254realestate.com for Hermosa Beach Real Estate. You can also follow Socalistings on Facebook or Twitter or read Ellis Posner's Zillow profile to learn more on how to buy or sell real estate with confidence.

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July 26, 2011

Beach Cities Powerhouse Real Estate Brokerage Shorewood Realtors

If you live, work, hang out, or just visit The Beach Cities (Manhattan Beach, Redondo Beach, Hermosa Beach, and El Segundo) you've certainly seen Shorewood Realtors blue "Sign of Success" hanging in front of houses for sale. A lot of houses if truth be told. Here's some more information about Shorewood Realtors you might find useful if you want to buy or sell Manhattan Beach Real Estate, Hermosa Beach Real Estate, Redondo Beach Real Estate or El Segundo Real Estate.

Shorewood Realtors is one of the most dominant residential Real Estate brokerages in the South Bay with over 350 active Real Estate agents. Shorewood Realtors has come a long way since founder and co-owner Arnold Goldstein opened the first office in 1969 in Hermosa Beach not far from where his office is located today.

Shorewood Realtors has 7 offices in total plus an affiliated escrow company, Brighton Escrow in Hermosa Beach. In addition to the Redondo Beach Shorewood office, there are two Hermosa Beach Shorewood Realtors offices, 2 Shorewood Realtors offices in Manhattan Beach, and one each in El Segundo and on the Palos Verdes Peninsula. The corporate headquarters as well as property management and the agent training facility are located in Manhattan Beach. The management team is rounded out by Larry Wolf the other co-owner and Mike Collins, Shorewood's General Manager both of whom are located at the Manhattan Beach corporate office.

Shorewood Realtors typically ranks in the top 50 national real estate firms based on sales volume (although for 2010, Shorewood was #69). Individual agent production is very high with Shorewood Realtors ranking number 36 in the country for individual real estate agent production and number 8 for average real estate agent sales.

Shorewood maintains a unique dominant market position in the Beach Cities and throughout the greater South Bay in all market segments including price and property type (condo, townhouse, single family home).

For example, over the last 12 months, Shorewood Realtors sold 629 properties in the four Beach Cities. Of these, 344 were Shorewood Realtors listings and Shorewood Realtors represented buyers in 285 other transactions. In terms of total sales, this is a 21% market share. As for dollar volume, ($778M), that's a 24.2% share. With 148 current listings, Shorewood is representing 22.2% of the sellers on the market and attaining a sale price of 95.5% of list price in the MLS. Any business in any industry would be very proud of those numbers. Shorewood Realtors has a larger market share in The Beach Cities than the next 3 brokerages combined in many categories.
So, what does that mean for you if you choose a Shorewood real estate agent? Well, that depends on whether you are buying or selling Redondo Beach Real Estate. As a buyer, you will get the "inside track" on Shorewood Realtors listings and often get a heads up days before a property hits the MLS or before there is a price reduction. This can be the crucial difference between successfully securing a home or missing out. As a seller, your listing gets high visibility among the Shorewood Realtors agent community through the daily "NTS" email that goes out to 350 Shorewood agents, Shorewood Caravan and myriad other ways this networked group of professional Realtors work with each other. (Realistically, your buyer will not be represented by your listing agent which is why agent cooperation is paramount.) Additionally, because of Shorewood Realtors high visibility in the local real estate community, there are various other resources at your disposal to assist in the transaction such as home and pest inspectors, title companies, lenders, contractors and escrow officers. Call 310 975 5139 to buy or sell Beach Cities Real Estate with a Real Estate Agent from Shorewood Realtors.

Posted at 03:55 PM in South Bay | Permalink | Comments (1)

June 14, 2011

HAFA SHORT SALE UPDATE

Previously we have posted information about the HAFA Short Sale program. Click Here to read the article. While HAFA is less than optimal, it is still our preference as a short sale in most instances. As we mentioned in the earlier blog post, "The Home Affordable Foreclosure Alternatives Program, referred to as HAFA or HAFA short sale, offers homeowners an easier path and various incentives for completing a short sale rather than letting the bank foreclose on their home. It is hoped that HAFA can help to standardize a process that until now has been difficult and unpredictable in many instances. Homeowners who opt for a HAFA resolution typically do not qualify for a trial modification under HAMP, have not successfully completed their trial period, or simply want to sell as an alternative to foreclosure."

The HAFA program took effect on April 5, 2010 and sunsets on December 31, 2012. Here's an update as to how this program is doing.

Servicers completed 1,666 short sales and deeds-in-lieu (DIL) of foreclosure under the Home Affordable Foreclosure Alternatives (HAFA) program in April. That’s up 73.7 percent from the 959 HAFA transactions completed the month before.

HAFA has been in place since April of 2010. According to Treasury’s latest report, which covers program activity through April of this year, a total of 7,113 short sales and DILs have concluded through HAFA.

Treasury says another 7,780 HAFA transactions have been started, meaning an agreement has been put in place between the servicer and the homeowner for terms of a potential short sale of DIL.
Treasury notes that a short sale typically takes 120 days to complete under the program. The number breakdown in the report doesn’t specify how many of the HAFA “starts” are still in process or may have been withdrawn. Any short sale also requires the cooperation of a third-party purchaser, junior lien holders, and mortgage insurers to complete the transaction.

The latest data show that the 10 largest servicers participating in the federal government’s foreclosure prevention programs have completed a short sale or DIL for 82,995 borrowers who did not qualify for a Home Affordable Modification Program (HAMP) trial and 31,048 borrowers whose trial plans were canceled, indicating that servicers are employing their own short sale programs to avert foreclosure for borrowers that don’t fit the mod equation.

Critics of HAFA have urged Treasury to raise the monetary incentive for servicers, investors, and subordinate lien holders, citing low payouts as a common reason HAFA short sales are rejected.

For more information, please feel free to call or email.

South Bay Short Sales: Condos, Townhomes, Houses

Westside Short Sales: Condos, Townhouses, Houses

Posted at 01:08 PM | Permalink | Comments (0)

June 04, 2011

Foreclosure Activity Declines: Short Sale and REO MLS Foreclosure Listings

Both new foreclosure actions and completed foreclosure sales took a dive in April after rising sharply the month before, according to industry data.

Foreclosure starts nationwide were approximately 163,000 in April, down 25 percent from 217,000 the prior month, reports the industry alliance HOPE NOW. An earlier assessment by the nonprofit group showed that new foreclosures had increased 21 percent over the February-to-March period.

Finalized foreclosure sales dropped to 73,000 for April, compared with 85,000 in March, representing a decrease of 14 percent. HOPE NOW’s last monthly report pointed to a 35 percent increase in completed foreclosures between February and March.

Loan modification stats showed the same give-and-take. For the month of April, mortgage servicers completed 57,000 permanent proprietary modifications, down 26 percent from 77,000 in March. From February to March, proprietary mods were up 26 percent.

HOPE NOW’s proprietary modification numbers include loans restructured through the private mod programs of individual lenders, Fannie Mae, Freddie Mac, the Federal Housing Administration (FHA), and the Department of Veterans Affairs (VA). The April data does not yet include loan modifications done under the Home Affordable Modification Program (HAMP), which have not been reported for the month.

HOPE NOW says characteristics of the completed proprietary mods remained strong, with more than half reducing principal and interest payments by at least 10 percent and three-quarters providing fixed interest rates of five years or more.

Looking at the performance of proprietary loan modifications over a 12 month period, HOPE NOW says approximately 20 percent of homeowners have re-defaulted after 90 days.

Data on recidivism is based on loans that have performed satisfactorily for at least six months before defaulting again and includes loans modified up to 18 months ago, HOPE NOW explained.

“The characteristics and performance of proprietary loan modifications have remained steady as we view this month’s data,” said Faith Schwartz, HOPE NOW’s executive director. “Performance has remained strong in the areas of principal and interest payment reduction, fixed rate offerings, and recidivism.”

Schwartz says servicers are using more tools at their disposal than ever before to create sustainable modifications for homeowners at risk. She notes, though, that not every homeowner will qualify for a loan modification.

According to HOPE NOW’s report, there were 2.69 million homeowners at least 60 days behind on their mortgage payments at the end of April.

Schwartz says the industry, the non-profit community, and the government have ramped up outreach efforts to educate distressed homeowners about their options, including those who aren’t eligible for a modification and those struggling with unemployment.

“HOPE NOW is convinced that the efforts of its public, private, and non-profit partners to assist at-risk homeowners are making a significant difference during this difficult time for the nation’s housing market,” Schwartz said. “We believe that each additional homeowner helped is worth the effort.”

South Bay REO Listings: Condos, Townhouses, Houses

South Bay Short Sales: Condos, Townhomes, Houses

Posted at 07:22 AM in LA - other | Permalink | Comments (0)

May 31, 2011

Case-Shiller Shows Continued Home Price Declines: Buy a Foreclosure or Short Sale

Today’s release of Case-Shiller reported that the non-seasonally adjusted Composite-10 price index declined 0.62% since February while the Composite-20 index declined 0.77% over the same period falling to the lowest level seen since the Great Housing Collapse commenced in 2006 further indicating that housing is continuing slump into a double-dip.

The latest CSI data clearly indicates that the price trends are continuing to slump and the more timely and less distorted Radar Logic RPX data is continuing to capture notable price weakness nationwide. While some of this data has no relationship to local Los Angeles markets, psychologically it weights heavily on both buyers and sellers.

Further, both composite indices are now showing notable year-over-year declines, a weak sign indeed.

The 10-city composite index declined 2.91% as compared to March 2010 while the 20-city composite declined 3.61% over the same period.

Additionally, both of the broad composite indices show significant peak declines slumping -32.98% for the 10-city national index and -33.10% for the 20-city national index on a peak comparison basis.

Maureen Maitland, a S&P vice president, attributed the continued bad news to the varying states of recovery in regional economies, a general lack of confidence in the housing market and an oversupply of homes, including foreclosure inventory that is dragging down prices.

"If you can hang onto a house right now and you don't have to sell, you don't," Maitland said. "All indications are that prices are going to continue to fall."

"This month's report is marked by the confirmation of a double-dip in home prices across much of the nation," said David Blitzer, chairman of the S&P index committee, said. "Home prices continue on their downward spiral with no relief in sight."

When left unadjusted for seasonal variations, 18 out of the 20 cities declined from February to March, with Los Angeles down 0.3%, San Diego down 0.8% and San Francisco falling 0.1%. Seattle, up 0.1%, and Washington, up 1.1%, were the only two cities to post month-over-month gains.]

Although economists say there are many factors in favor of purchasing a home -- including increased affordability and rock-bottom interest rates -- falling prices influence buyer psychology because people don’t want to lose money on an investment that may drop in value in the near term.

Our advice: Buy a Foreclosure or Short Sale.

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May 21, 2011

Loan Modification and Short Sales: Changes to HAMP, HAFA, and UP.

The U.S. Treasury released updated guidance for the Home Affordable Modification Program (HAMP) this week requiring certain servicers to provide borrowers with a single point-of-contact through the entire default resolution process.

The new directive applies only to the largest servicers – those with a program participation cap of $75 million or more – however Treasury says all servicers participating in HAMP are encouraged to adopt the new guidance for providing borrowers with a single point-of-contact.

In addition to HAMP, the new rule also applies to the Home Affordable Foreclosure Alternatives (HAFA) program and the Home Affordable Unemployment Program (UP). However, it does not encompass second lien mortgage loans that may be eligible for the Second Lien Modification Program (2MP) under the Making Home Affordable umbrella.

According to the new guidance issued, servicers must assign each borrower a dedicated “relationship manager” who is responsible for communicating and working with

the borrower throughout the entire process, including any home retention and non-foreclosure liquidation options, and, if the loan is ultimately referred to foreclosure, that same relationship manager must be available to respond to borrower inquiries regarding the status of the foreclosure.

No later than September 1, servicers must assign a relationship manager to any borrower who is potentially eligible or who requests consideration for HAMP or one of the applicable government programs.

For borrowers who are in the process of being evaluated for HAMP, UP, or HAFA, who are in a trial mod plan or an UP forbearance plan, or who have executed a HAFA short sale or deed-in-lieu agreement, servicers have until November 1 to connect them with a dedicated relationship manager.

Within five business days of the assignment, the relationship manager must provide written notice to the borrower which includes a toll-free telephone number and at least one other method by which the borrower may directly contact the relationship manager, and the relationship manager must attempt to initiate contact with the borrower “promptly following the assignment,” according to Treasury.

The relationship manager is responsible for communicating to the borrower all options available for resolving their delinquency, and for coordinating maintenance and tracking of documents provided by the borrower to ensure the borrower is notified promptly if additional information is needed and to eliminate the need for the borrower to resubmit the same paperwork.

The single point-of-contact supplemental directive, along with specific details on the relationship manager’s responsibilities, can be accessed online.

Obviously, this addresses a long standing problem in the process and we hope to see this implemented in way that eases the process and serves underwater and distressed homeowners better than the current system.

If, in any way, this adds to your interest in buying a short sale or REO home, here's some quick links to view currently active MLS listings in the South Bay and on the Westside.

When it's time to Buy or Sell Real Estate use a local expert!

www,socalupdates.com is published by Ellis Posner (DRE # 01416970), a local Los Angeles area Real Estate agent who specializes in the South bay, Beach Cities and Westside Los Angeles. Ellis can help you buy or sell a home, acquire investment - income property or rent or lease a condo, town home or single family home. Call 310 975 5139 or email socalistings@yahoo.com. Other Ellis Posner published websites include www.90254realestate.com, www.90266realestate.com, www.socalistings.com, www.90277realestate.com, and www.90278realestate.com. You can follow socalistings on Twitter or become a fan of Socalistings on Facebook. Experience counts. Call Ellis Posner for "straight talk" on Real Estate and "results you can count on".

MARKET SNAPSHOT REPORT

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March 30, 2011

Short-sale proposal with banks: Proposed settlement would force banks to allow short sales for delinquent homeowners - latimes.com

Short-sale proposal with banks: Proposed settlement would force banks to allow short sales for delinquent homeowners - latimes.com.

As the pressure mounts on someone to do something to , we're starting to see more pressure on the banks, servicers, and investors to break the logjam. Clearly, "extend and pretend" has not been the most prudent way to bring the housing downturn under control.

As this LA Times article references, distressed sales including both "short sales" and REOs (bank owned foreclosures) account for over 25% and often up to 50% in some instances.

The good news, if there is any good news in all of this, is that more short sales are being approved for those willing to wait. There have been some successful programs to streamline the process on a spot basis (Wachovia Short Sales and HAFA). So, the blueprint does exist for how to make the short sale approval process less onerous.

The losers in all of this are unfortunately the home owners with equity who either want to or have to sell. As they compete with distressed sales, they see their equity, deposit money, and funds spent on home improvement and maintenance over the years eroded.

If you want to buy a short sale, click on any of the following links to start your search to find homes currently listed for sale. All MLS results have updated in real time and are current.

Not up for waiting for the short sale approval? Try these REO searches instead.

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March 28, 2011

Torrance Real Estate: MLS Search - Find Homes for Sale in Torrance

We just updated our MLS map based search engine to make it easier for users to find homes for sale in Torrance. Your search results will display all the homes listed for sale by all Torrance Real Estate Brokers and Agents. This includes townhouses, condos, single family homes, foreclosures, and short sale listings. MLS Search results can be modified by clicking on the "Search" tab, entering new criteria by expaning the criteria tabs, and then clicking on "View Results". All MLS data is current for Torrance Real Estate as of the date of your search and not the date published on the blog post. For more information on any of the Torrance homes for sale or to buy or sell Torrance Real Estate, call 310 975 5139.

Torrance Homes for Sale - all Property Types

Torrance Condos for Sale

Torrance Townhouses for Sale

Torrance Single Family Houses for Sale

Torrance Real Estate less than $250,000

Torrance Real Estate $250,000-$500,000

Torrance Real Estate $500,000-$1,000,000

Torrance Real Estate for Sale over $1,000,000

Torrance Homes for Sale 3 bedrooms or more

Torrance Homes for Sale 4 bedrooms or more

Torrance MLS Listings: Real Estate for Sale 90501

Torrance MLS Listings: Real Estate for Sale 90502

Torrance MLS Listings: Real Estate for Sale 90503

Torrance MLS Listings: Real Estate for Sale 90504

Torrance MLS Listings: Real Estate for Sale 90505

Torrance Real Estate: Condos and Townhouses 90501

Torrance Real Estate: Condos and Townhouses 90502

Torrance Real Estate: Condos and Townhouses 90503

Torrance Real Estate: Condos and Townhouses 90504

Torrance Real Estate: Condos and Townhouses 90505

Torrance Single Famly Homes for sale 90501

Torrance Single Family Homes for sale 90502

Torrance Single Family Homes for sale 90503

Torrance Single Family Homes for sale 90504

Torrance Single Family Homes for sale 90505

Here's some Torrance Real Estate statistics you may want to know (data for 2010):

1106 properties were sold in Torrance.
719 Single Family Houses were sold.
229 Condos were sold in Torrance.
150 Townhouses were sold.
8 mixed use commercial/residential properties.

Here's a few other useful MLS searches for homes for sale in Torrance:

Torrance Bank Owned REO Foreclosures

Torrance Short Sales

Price Reductions (last 30 days)

New on Market (last 10 days)

Torrance Rentals

To search the Torrance "Shadow Inventory" of all distressed properties in various stages of foreclosure i.e. short sale, NOD, auction, and bank owned follow this link.

Posted at 08:46 AM in South Bay | Permalink | Comments (5)

February 20, 2011

Foreclosure Update: Shadow Inventory, Auctions, Discounts, MLS Search

There has been a lot of talk about foreclosure inventory and speculation regarding how this "shadow inventory" of bank owned REO foreclosures will affect the market. Buyers like to believe that the banks will place all of their REO foreclosure inventory on the market at the same time forcing inventories down (not going to happen). Sellers would like to believe that the banks will allow them to stay in their homes indefinitely or reset their mortgages to current market values (also not going to happen). Here's some graphs and charts that tell the real story followed by some quick searches for bank owned foreclosure inventory in a number of Los Angeles Westside and South Bay neighborhoods and cities.

Graph of Foreclosure Inventories in Los Angeles County

06037 - Foreclosure Inventories

Foreclosure Inventories: Pre-foreclosure inventory is an estimate of the number of properties that have had a Notice of Default filed against the property, but have not yet been Scheduled for Sale. The Scheduled for Sale inventory indicates those properties that have had a Notice of Trustee Sale filed, but have not yet been sold or had the sale canceled. The Bank Owned (REO) inventory indicates the number of properties that have been sold Back to the Bank at the trustee sale, and which the bank has not yet resold to another party. These are what are commonly referred to as "foreclosures". What we are seiing is that bank owned REO inventory has gone up, fewer homes are entering foreclosure and fewer are scheduled for sale.

Graph of Foreclosure Bids in Los Angeles County

06037 - Foreclosure Bids

Foreclosure Bids: The Published Bid is the amount listed in the Notice of Trustee Sale and is typically the balance due at the original date of sale. The Opening Bid is the bank's starting bid at auction, and is often discounted from the Published Bid. The Winning Bid is the highest bid received at auction and reflects the amount at which the bank or 3rd party purchased the foreclosure. The opening bids have been ever so slightly less than the Published Bid. Often these are not the "great deals" everyone is looking for. That's why so many foreclosure properties are going back to the bank at about the same price.

Graph of Foreclosure Discounting in Los Angeles County

06037 - Foreclosure Discounting

Posted at 06:25 PM in LA - other | Permalink | Comments (2)

January 11, 2011

Torrance Real Estate: Find Homes for Sale - Search Active MLS Listings

Torrance, CA is the sixth largest city in LA County, was incorporated in 1921 and is located in the South Bay (southwestern) region of Los Angeles County, California, United States. Torrance has 1.5 miles (2.4 km) of shorefront beaches on the Pacific Ocean, quieter and less well-known by tourists than others on Santa Monica Bay, such as those of its neighbors Redondo Beach on the North and Palos Verdes Estates on the South. Torrance enjoys a moderate year-round climate with warm temperatures, sea breezes, low humidity and an average rainfall of 12.55 inches per year.

Buyers can find a wide variety of homes for sale in all price ranges. Whether you are looking for a single family home, condo, townhouse, senior living, or a rental, home buyers will find that Torrance offers many choices. Here's some pre-set MLS search of active listings. You can modify any search results to search for a home that more specifically meets your criteria. Don't see what you are looking for? Call 310 975 5139 to have a custom search set up for you or for pocket listings not on the market yet.

When it's time to buy or sell Torrance Real Estate use a top local Agent!

Socalistings.com is presented by Ellis Posner (DRE # 01416970). Ellis Posner is a local Torrance, CA Real Estate agent who specializes in Torrance and South Bay Realty. Ellis Posner can help you buy or sell a home, acquire investment income property or rent or lease a condo, townhouse or single family home.

Other Ellis Posner Real Estate web sites include www.90266realestate.com, www.90277realestate.com, www.90278realestate.com, and www.socalupdates.com. Call 310 975 5139 or email ellisposner@yahoo.com. Experience counts. Call Ellis Posner for "straight talk" on California Real Estate and to buy, sell, or lease a residential or investment property. Buyers: You may be eligible to receive cash back at closing when you use Ellis Posner as your agent to buy real estate. Click here to find out more. Home owners: Save money on real estate commissions when you sell a home. Follow this link to find out how.

To "Search like an Agent" click here to sign up for Listingbook.

Posted at 03:40 PM in South Bay | Permalink | Comments (2)

December 15, 2010

Rancho Palos Verdes Real Estate: November 2010 Home Sales

Rancho Palos Verdes Real Estate Update: Only 12 homes closed escrow in Rancho Palos Verdes during November. There are currently 138 homes for sale in Rancho Palos Verdes (90275) and 68 homes in escrow (MLS status pending or backup). Even considering the time of year which is historically slow, these results could best be described as "anemic" or maybe worse. Of the homes that closed escrow, one was a townhouse, one was a condo and the rest were single family detached homes. Prices ranged from $375,000 to $1,375,000. The median sale price was $810,000. One was a short sale. None were bank owned foreclosures (REOs). The average days on market was 112. Eight of the homes had price reductions. In case you haven't heard, the real estate market is "soft".

Homeowners, if you want to sell a home in Rancho Palos Verdes, price it to sell quickly and don't follow the real estate market down. Make sure your home shows well and is easy for buyers to see. Buyers, if you are all cash or 20% down, you are in a very strong negotiating position. Run your comps, do your research and make your offers aggressive. He who can close escrow is king of the hill. Unless the balance changes soon, expect to see further price reductions. Following are some of our favorite Rancho Palos Verdes November home sales.

Rancho Palos Verdes November Home Sales

30364 Camino Porvenir, Rancho Palos Verdes, CA 90275. Single Family Residence in MLS Area 171 "Country Club". 4 Bedrooms. 2.5 baths, 2906 sq ft, 8120 sq ft lot. Actually at the 6th tee of the Los Verdes Golf Course. The home was newly remodeled with spectacular views of the emerald green fairways. Home has a spacious family friendly floor plan featuring new dark, distressed hardwood flooring throughout, 3 gorgeous remodeled bathrooms, new stainless steel appliances and granite counters in the kitchen, new Millguard dual paned windows and doors, new lighting fixtures and recessed lighting, new baseboards, crown molding and interior paneled doors, mirror closet doors, polished nickel hardware, travetine marble fireplace surround in the living room, decorator paint and more. Listing agent was RE/MAX Palos Verdes. Selling agent was Shorewood Realtors Palos Verdes. Home sold for $1,375,000 and was on the market for 23 days. This one was a good deal and an excellent real estate investment.

27414 Larchbluff Drive, Rancho Palos Verdes, CA 90275. We've always liked Larchbluff. Convenient Peninsula Center location (MLS area 175). Many of the homes have amazing city lights views and you aren't too far up the hill to make work commutes unmanageable. While some lots have significant drop offs, many do have usable yard space. And views. This 4 bedroom home measures 2189 sq ft per the tax records but was marketed by the listing agent (RE/MAX) as larger. We assume the appraiser sorted it out. The home sold for $1,050,000 after 117 days on the market. It was originally listed for sale at $1,150,000 but the $1.1M price point has been very hard to crack on that street, Many agents have tried but few have succeeded. The property was in updated condition. Per the listing agent: "Has an upgraded kitchen with granite counter tops and a subzero refrigerator. wood floors in living room w/ fire place, family room , dining room with 180 deg view. Three bedrooms up w/new carpets, one bedroom down w/ wood floors adjacent to huge rumpus room. New paint in and out."

6812 Eddinghill Dr, Rancho Palos Verdes, CA 90275. 4 bedroom, 2.5 bath view home with pool in the Los Verdes section (MLS area 173) of Rancho Palos Verdes. The home measures 2484 sq ft and is on a 11,580 sq ft lot. As with Peninsula Center homes, it is hard to crack a certain price point in this area for the 1960 era tract homes. This one was initially listed by RE/MAX at $1.129,000 and then reduced to $1,099,000 before it sold for $1,000,000 exactly. Buyer used conventional financing. Tip for real estate agents and homeowners who want to "test the market". Price your home to sell now. By following the market down, you are exposing your equity to short sales and foreclosures in the neighborhood. Here's how the listing agent described this home for sale: "Beautiful ocean view home in the popular Los Verdes neighborhood. Well manicured backyard with pool, outdoor fireplace, and sports court. Kitchen and bathrooms have been updated. Living room, family room and three bedrooms have gorgeous honey maple wood floors. The carpeted Master Bedroom has a large bathroom and generous walk-in closet. Elegant french doors and windows throughout the house. Spacious living and dining room with high ceilings. Just installed roof."

4361 Dauntless Drive, Rancho Palos Verdes, CA 90275. Well, we kind of like this home because of the price and size. Considering that the listing started at $910,000 and that it finally sold at $745,000 this is a good indication of the home buying leverage that buyers have in today's real estate market. Located in MLS area 169, PV Drive South, this home is close to the Trump National Golf Course, the Terranea Resort, Abalone Cove, and hiking trails. Some think this area is one of the best climates on the peninsula. The recent opening of the Trader Joe's at the end of Hawthorne makes this location more attractive real estate for us (and we're a sucker for the fire pits at the Starbucks). Home is 3 bedrooms, 1 3/4 baths and 2303 sq ft on a 12,000 sq ft lot in the Seaview neighborhood. Double sided fireplace in the living room and dining room, large rustic den with brick fireplace/indoor grill, built in wood cabinets. Smooth ceilings, oak hardwood floors in all bedrooms, living room, hallway, entry and dining room. Separate laundry room off of the kitchen with storage cabinets. Long driveway leads to a two car detached garage with generous storage. Some ocean/Catalina views from living room and front bedrooms. A good value in our opinion.

These are the other homes that sold in Rancho Palos Verdes in November:
28542 Vista Tierra, Rancho Palos Verdes: 2 bedroom 2 bathroom 1122 sq ft attached townhouse. Selling Price $375,000.
29600 Island View Dr #104, Rancho Palos Verdes: 2 bd 2 bth condo 1396 sq ft Selling Price $435,000.
1953 Avenida Feliciano, Rancho Palos Verdes: 4 bd 1 3/4 bth single family house 1800 sq ft Selling Price $676,000.
28626 Mt Lassen Ln, Rancho Palos Verdes: 4 bd 1.5 bth single family house 2100 sq ft 5292 sq ft lot Selling Price $700,000.
29422 Indian Valley Rd, Rancho Palos Verdes: 4 bd 2.5 bth single family house 2051 sq ft Selling Price $800,000.
2769 Calle Aventura, Rancho Palos Verdes: 4 bd 1.5 bth single family house 2290 sq ft 10,000 sq ft lot Selling Price $820,000.
6622 Channel View Court, Rancho Palos Verdes: 3 bd 2 bth 2474 sq ft single family house Short Sale Selling Price $840,000.
27925 Hazelridge Dr, Rancho Palos Verdes: 4 bd 2 bth single family house Selling Price $1,150,000.

If you want to buy a home in Rancho Palos Verdes, here's some quick searches to help you find homes for sale:

Posted at 06:24 PM in South Bay | Permalink | Comments (2)

December 07, 2010

Manhattan Beach Real Estate: New Construction Homes for Sale

As might be expected, there are fewer new spec homes being built in Manhattan Beach than previously. While the volume is down, the wow factor (and in many instances price) is way up. Currently, there are only 6 new construction homes for sale in Manhattan Beach. The MLS shows two listings of homes to be built but let's focus on the ones that are actually completed, not planned. If you are looking for new construction real estate in Manhattan Beach, CA, here's a few homes you might want to consider.

3524 Laurel Ave, Manhattan Beach, CA 90266. This 5 bedroom 3.5 bathroom Single Family Home (SFR), located in the Manhattan Beach Tree Section is 3200 sq ft (per the builder) and sits on a 4640 sq ft lot. The 3500 block puts the home pretty close to Rosecrans and the refinery but you really don't see it from the property - unlike other homes the Tree Section. The home is light and bright throughout and has a very versatile floor plan that features four bedrooms, an office and a bonus room. There are vaulted ceilings throughout the upstairs living space. Center island kitchen features Golden Garnet slab granite counter tops and stainless steel appliances. Sunny backyard is highlighted by an outdoor fireplace.The home is listed at $1,849,000 by Shorewood Realtors. At that price it is competitive with older homes in the neighborhood and similar properties in East Manhattan.

2808 Manhattan Av, Manhatttan Beach, CA 90266. Wow. 3300+ sq ft new construction home located in the Sand Section only 1.5 blocks from the beach. Amazing ocean views from Catalina to Malibu including the Manhattan Beach Pier. Defying typical design, 2808 Manhattan Ave is a warm contemporary home with timeless Tomaro architectural design for those who seek the very finest beach 4 bd, 3.5 bath home includes a home theater recreation room, an elevator and 3 car garage. Listed for $3,299,000 by South Bay Brokers. Compares favorably with anything else you'll find this close to The Strand.

Well speaking of the Strand, how about this over the top Sexton built property at 3516 The Strand? Advertised as "Villa Toscana Sul Pacifico, designed and built by Sexton Homes, resembles an authentic Tuscan style home among the rolling hillside of Italy. This home is perfect for someone who would love to own a piece of Tuscany with the Pacific Ocean as their front yard." And that it is. 5500 sq ft single family home sitting on a 3500 sq ft lot, this is one expensive piece of real estate listed at $9,850,000 by South Bay Brokers. OK, it does have some unique features including use of reclaimed material such as Bricks, Terra Cotta Ceiling and Floor Tiles, Roof Tiles, Cobble Stone, Garage Door, Beams, Ext Gate, Wood Planking, Sink and Fountains. To read our recent review of Strand real estate click here.

Want more Strand? How about 1804 The Strand? This 5 bedroom ocean front real estate is for sale for $11,500,000 (or you can rent it for $25,000 per month). This home has a wonderful floor plan that flows while maximizing the stunning ocean vistas. Stand in the great room and stare at the best views possible on the Strand. You can see Palos Verdes, the wonderful Manhattan Beach pier, and all the way to Santa Monica. Exceptional gourmet kitchen with built in nook, gourmet island with wine cooler, Wolf Stove, Fisher & Payel dishwasher, stainless steel sub-zero refrigerator, Miele coffee system, and finished with custom selected caesarstone Brazilian Cherry wood flooring, Marvin Integrity windows throughout. Artisan custom Ironwork on railings, and custom mahogany doors throughout. Three stop elevator, solar system, air conditioned, three fireplaces 6 car parking, plus guest quarters with 2 beds and 2 baths.

128 5th Street, Manhattan Beach, CA. Wow factor is 10+ for this South Sand Section Walk Street home located in one of the best location in Manhattan Beach. Save millions by being one block from the Strand in one of the last of the 4300 plus sq foot homes in the area. Great views of pier, coast and Malibu. Gorgeous contemporary design with every possible amenity. Five blocks from town, five houses to sand. Three stop elevator takes you from 4 car enclosed garage up to top floor living areas. Fully air conditioned w 3 zones for each floor. High ceilings with T & G wood in living and family room. Fireplaces in living family and master. Ultra high end stainless appliances. Middle floor features 4 beds, 4 baths, laundry room and linen. Bottom floor rec room opens up to private walkstreet courtyard. No finer construction available at any price. Top floor has sunken formal living with high ceilings. Too much to describe and only $5,799,000 to own.

Manhattan Beach Real Estate for Sale
Homes Built 2009-2010
Condos, Townhouses, Single Family Homes for sale built 2005+
Condos, Townhouses, Single Family Homes for sale built 2000-2004
Condos, Townhouses, Single Family Homes for sale built 1990-1999

MLS search links to find new construction homes for sale in the South Bay
Find Redondo Beach New Construction Homes for Sale condos townhomes houses
Manhattan Beach New Construction Homes for Sale condos townhomes houses
Find Hermosa Beach New Construction Homes for Sale condos townhomes houses
Rancho Palos Verdes New Construction Homes for Sale condos townhomes houses
Rolling Hills Estates New Construction Homes for Sale condos townhomes houses
Find Torrance New Construction Homes for Sale condos townhomes houses
Find El Segundo New Construction Homes for Sale condos townhomes houses

To search 1000's of real estate listings and learn more about Manhattan Beach Real Estate, visit www.90266realestate.com.

The best way to research home prices whether you want to buy or sell Real Estate in Manhattan Beach is to sign up for an online personalized "Market Snapshot" report from Ellis Posner, a local Manhattan Beach Real Estate agent and top producer. Click Here for your market snapshot.

To buy or sell Manhattan Beach Real Estate call 310 975 5139.

Posted at 12:36 PM in South Bay | Permalink | Comments (1)

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