South Bay Real Estate

2 more closed escrows

Escrow closed last week for two of my buyers: 13044 Pacific Promenade unit 111 in Playa Vista and 28123 Ridgefern CCt in Rancho Plaos Verdes now have new owners. That puts me at 9 closed transactions for 2010. A few comments.

Pacific Promenade was a bank owned REO. I'm fairly certain the listing agent never saw the property, but that's not unusual with foreclosures. The unit was in fairly good shape except for some of the usual bizarre colors almost all foreclosures are painted. No appliances of any sort, although the cabinets in the bathroom and kitchen were intact. My client got a fairly good deal - under $500K for realtively (2004) new construction on the Westside.

Although the bank addendum indicated that the seller was not going to pay for anything such as transfer fees, NHD reports, back HOA dues etc., when it came down to it, they did follow local custom and my client didn't have to pay for anything out of the ordinary. What was strange was that at the last minute, the HOA management company and a collection agency who was going after the back dues had a total disconnect as to where the funds the asset manager were supposed to be applied. Got worked out, but took an extra 10 days to close escrow.

There are some good deals in Playa Vista now that prices have dipped back to slightly above where they were when many of the buildings were built. Nice community but all in all, it still is an expensive place to lve due to two HOA fees and the Mello Roos taxes.

Ridgefern (picture) was a nice end unit townhome in the Mira Verde complex. The $600-700K price point is very active in a number of the communities off High Ridge including this one, The Terraces, Hilltop, and a few others. I seem to be spending a good deal of time up there lately. Many of the units represent good value considering the size, location, and views. Unfortunately, it's hard to find any property that doesn't have some level of deferred maintenance in relation to plumbing, termites, leaks, dry rot, etc.

If you are inetrested in these areas or others, you can search the entire MLS anytime at www.socalistings.com or access a powerful foreclosure database at http://tinyurl.com/search4closures.

28123 Ridgefern, Rancho Palos Verdes is escrow

I just put this 2 bedroom with den end unit, ocean view townhouse into escrow for my clients. Purchase price, $640,000. There's an interesting back story on this one that should provide a lesson for all buyers (and their agents if they are paying attention).

Initially, this property was listed at $699,900. Yes it has a great view, great floorplan and is in perfect condition, but the market just wasn't there at that price. So, it lingered. When the sellers finally got serious about selling, maybe because they had identified a replacement property, they lowered the price to $649,000. I took my clients to see it that day and encouraged them to make an offer immediately - which they didn't do. Well, 3 days later by the time my clients were ready to submit, the house was in escrow with another buyer. Here's the lessons to learn on this one:

1) When there is a price drop of $50,000 on a $700,000 property and your agent tells you to write the offer, don't wait. It's for your benefit, not the agents.

2) Study the market. When an owner has equity to sell and the property is over priced and on the market for a while, make your offer before the price drop comes. It's a lot easier to negotiate when you are the only game in town. Don't make the low ball offer after the price has been adjusted.

3) Follow escrows on properties to see what falls out - which is still about 30% these days. Your best deal may be jumping on a failed escrow. Usually, the second buyer gets a better price.

4) Sellers - price right from the beginning. This isn't the time to "test the market". Buyers are very informed as to what is selling and at what price. Price slightly below the going market if you want a quick sale. Curiously, there have been recent examples of properties actually selling for more when they were listed for less. If you do price above the market, against my advice, be ready to do a very quick adjustment and get your price in line if not slightly below where the other comparables are.

1305 11th St, Manhattan Beach closed escrow 2/25/2010

 

Escrow just closed on 1305 11th St in Manhattan Beach. The home was not listed when I initially approached the owner about selling. This is another example of how I am able to secure off market properties for my buyer clients. I saved the Seller and Buyer tens of thouands of dollars in this transaction by handling both sides myself.

This incredible home was built in 2000 and unlike many others in Manhattan Beach has a modern clean feel to it as opposed to what I call the "pseudo-quasi-neuvo-Spanish-Mediterraneans" that dot the landscape.

There are light maple hardwood floors throughout the downstairs, 5 bedrooms, 4 full baths, 2 fireplaces plus an outdoor firepit, A/C, Sub Zero and Thermador appliances and many other features that make this a great house to live or party in.

70 Cypress Way RHE now in escrow

This is a 2 bedroom with den ( possibly convertible to 3 bedroom) attached townhome in Rolling Hills Estates that I was able to secure for my buyer client at $695,000. Considering that it was listed at $720,000 and there are comps in the $700's, I don't anticipate this one being an appraisal issue. (stay tuned) While HOA dues for PV townhome communities remain high (over $350 month), there continues to be considerable demand for similar propeties. This particular unit is located in a gated community which certainly adds to its desirability. Curiously, while some 1400-1800 REO SFRs have become available in Rancho Palos Verdes in the $700's, there still remains a strong market for lower maintenance and larger townhomes. If you are looking for other similar properties go to www.socalistings.com to search the local MLS as well as the forcosure database.

2724 Spreckels, Redondo Beach CA 90278

Representing the buyers, I just put ths 3 bedroom 1 bath North Redondo Beach Single Family Residence  into escrow at less than $500,000. Other than that being a great deal in and of itself, here's what my readers need to know: this home was never listed for sale in the MLS, had an open house or appeared on any website.

The significance of that is that my prediction is that in 2010, we will see far more homes sold this way. In this instance, I knew exactly what the buyers were looking for, that they are pre-approved and very knowledgeable regarding the market.

So, when another agent in my networking group mentioned that he would be placing this home on the market in a month or so, I basically jumped on it and let him know I could sell it today (and if necessary give the seller a lease back after COE). Done deal.

I also have another not currently on the market property in Manhattan Beach in escrow. The point being that this is not entirely uncommon and that of my 5 deals so far on 2010, 2 are not on the market properties.

So, if you are a buyer or know a buyer not able to find what they are looking for - you need to talk to me. Now.

If you are a seller and don't want to deal with the usual hassels, you need to talk to me. Now.

There is a different way of doing business.

18425 Mansel, Redondo Beach closed escrow at $560,000

This is my first closed escrow for 2010 and hopefully there are many more to follow this year. Unfortunately at this price point, I hope I'm not single handedly driving down property values in North Redondo - including my own! (sorry neighbors).

This house was listed with 2 other agents before I placed it on the market. We never had problems getting offers: I had ten in total during the time it was listed. Most of the delays in closing were related to legal issues related to the filing of the condo plan, CC&Rs, and HOA docs. In fact, we lost one buyer due to the delays and the builder ultimately had to accept less than if all the paperwork was ready to go when we opend the first escrow.

This sale illuminates a few issues for agents and sellers.

For sellers, don't chase the market down. The selling agent for this home mentioned to me that his client offered substantially higher almost a yeat ago when the property was listed with another agent. Whether the other agent didn't manage the seller's expectations properly or the seller was reluctant to face the market conditions, he netted less ultimately.

Second, agents (including me) need to do your due diligence when taking a listing. When I signed the RLA, I was told that the CC&Rs and HOA docs were all done and filed. As I had previously done business with this seller and because the property was previously listed, I accepted that at face value. In any case, I learned a lot more about the role engineers play in condo plans, the approval process for these townhouse projects and a host of other issues.

Beach Cities Bank Owned Properties (REOs)

These are homes that have been foreclosed on, but are not currently on the market. If you are interested in receiving additional information regarding any of these properties go to www.socalistings.com or http://tinyurl.com/search4closures.  

Manhattan Beach

617 6th St - 2 bdrm, 1 bth

1151 8th St - 4 bdrm, 2 bth

660 33rd St - 3 bdrm, 2 bth

3121 Alma - 3bdrm, 4 bth

1461 12th St C  - 3 bdrm, 2 bth

Hermosa Beach

1235 2nd - 4 bdrm, 4 bth

1916 Ava Ave - 3 bdrm, 3 bth

69 10th Ct - 1 bdrm, 1 bth

718 1st Pl - 3 bdrm, 4 bth

1819 Monterey - 2 bedrm, 1 bth

Redondo Beach

2214 Belmont Ln - 2 bdrm, 1 bth

2520 Graham Av - 2 bdrm, 2 bth

506 Phelan - 3 bdrm, 1 bth

2715 Vanderbilt - 2 bdrm, 2 bth

New Listing 27432 Larchbluff Dr, Rancho Palos Verdes 90275

Check out the YouTube video of my new listing in RPV:

 

Shown by appointment only. Priced at $1.1M. Call me to view. 310 975 5139

 

New Construction -18425 Mansel, Torrance CA back on the market

If you are looking for a great deal on new construction, check out 18425 Mansel,Torrance. (redondo Beach mailing address).

This is a detached two on a lot in North Torrance with a Redondo Beach mailing address. It is listed at $599,000 and the builder wants it sold, so bring me an offer. Check out the video - I may be holding an open house Sunday November 1, 2009.

 

 

836 Calle de Arboles, Redondo Beach in escrow

My clients just opened escrow on this great Hollywood Riviera property on one of the nicest streets. Best of all they are getting it for just about land value!

For those of you not familiar with the Riviera, it is the lower part of the "hill" (PV) and is comprised of both Redondo Beach (90277) and Torrance addresses. To make matters even more confusing, the Redondo Beach addresses may have Torrance services and none of this has anything to do with Hollywood! And that's even before you get into the "hillside overlay" building restrictions.