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The Torrance average sales price decreased 24 percent in April 2009 compared to April 2008, bringing the average price to $458,037. The number of sales increased to 91 closed sales a 20% increase in volume! Meanwhile, the average market time increased from 76 days a year ago to 91 days last month..
| Torrance | Sold Listings |
Average Sales Price |
Average DOM |
| April 2009 | 91 | $458,037 | 71 |
| April 2008 | 76 | $601,600 | 65 |
*All stats are compiled from the Multi Regional Multiple Listing Service. Information is deemed reliable but not guaranteed.
Increased sales in Torrance reflect a stabilization of the South Bay real estate market as home buyers respond to increased affordability and more moderate prices. Average home price in Torrance continued to slide till January and rose in February and March as follows: November 2008 - $790,493, December 2008 - $478,307, January 2009 - $451,563, February 2009 - $477,944, March 2009 - $519,707, April '09 - $458,037.
If you want to learn more about South Bay and Los Angeles County real estate, please contact me at 310-918-5027 To begin searching for Los Angeles county homes, please use our Los Angeles County MLS search
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Banks are still store housing more foreclosures because they do not want to flood the market and lower the prices in one big drop.The lending institutions are trying to control the real estate market drop.
We are still seeing a slow response to our short sale offers with banks taking as long as 3 months to respond, if you are looking for the best buys in the market in the South Bay especially Palos Verdes Market and last month my Lomita market. Here is what it is- It is Probate and Trust Sales.
Not only are the homes in excellent condition, they have usually had a long history of maintaince and the heirs most likely need the cash or they would not be selling at this time but leasing instead, so you can get a fantastic price.
I have found my clients some excellent buys in trust sales and relocation properties compared to the foreclosures that are usually stripped down and in poor condition.
The best part is we know the history on the house and I have negotiated some wonderful bonuses for my buyers including a new roof allowance on a roof that was not leaking but tired. My clients on the probates are still getting the lowest prices in the neighborhood and some kind of insight into the past history of the home where as the foreclosures and short sales have no desire to share information due to the negative state of mind they are in having to lose their home.
Our next waive of foreclosures is suppose to hit the market next year when the adjustable rate mortgages come due which will lower our prices but as for my buyers they are getting the lower prices and great properties for the same prices of the foreclosure properties without dealing with an "as is" foreclosure that was left by a distraught Seller.
I don't see the foreclosure properties selling for less than the trust sales to make it worth my clients while to take on a lesser condition home that is in need of major repairs...The foreclosures are not the bargains in the South Bay market. Don't be fooled by the News Media.
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Interesting Daily Breeze article I ran across. Locally, I guess we have our own issues to worry about from the economy.
I heard yesterday on Glenn Beck, Fox Nation that some developers are bull dozing their projects in California and saying that the Land is worth more than the completed projects. According to this Wall Street Journal article, it looks like we have another whole set of problems to deal with from lack of bank financing.
According to the Daily Breeze article some residents near the closed Sunrise Project not only had the soil tested to find Silica, normal to rock quarries but a potential carcinogenic. Some residents reported chronic sinus infections and more.
Here is a clip from the article. You can read the whole article written by Charles Bennett / Daily Breeze picked up by the Wall Street Journal at the link at the end of the quote.
"After a cash-starved developer halted construction last November of an assisted-living center here, it left a hole in the hillside that neighbors say is loosing possibly contaminated dust on their homes. Local authorities say they haven't detected any pollution. But nearby residents, citing their own tests and some health problems, are calling for an independent investigation. Several trooped recently to City Hall, demanding action.
It's another facet of the real-estate bust: Across the country, local authorities are facing a rise in complaints about environmental and safety hazards from construction sites where work has been frozen.
No one tracks precisely how many construction projects nationally have been stopped by developers midstream. But an indication of the scale comes from New York-based Real Capital Analytics Inc., which estimates that there were 3,929 distressed commercial properties across the U.S. as of March 31 -- a 55% jump since Dec. 31, 2008. Roughly a quarter of the properties involve developments, unfinished, Real Capital said.
.the site is less than 200 feet from a landfill that they already worried was leaking contaminants into the soil and water. The state in March found that groundwater below the Palos Verdes Landfill, closed in 1980, was contaminated, but said it posed no public-health threat as the water was being treated and the site monitored. Some residents are challenging that finding.
The city of Torrance approved the $8.5 million Sunrise project in 2005, and last summer bulldozers began tearing open the side of a hill. Construction halted in January, and now the site sits deserted and uncovered. Neighbors in the Country Hills subdivision say wind blows dust from the site into their homes.
Besides the problems with dust itself, neighbors worry the soil carries contaminants from the nearby landfill, even though the state review found that substances from the landfill hadn't escaped into the air.
In addition, Joan Davidson, a high-school teacher who leads a community group seeking greater safeguards from the landfill, has had soil from the site tested and found it contained high levels of crystalline silica -- 40% of the sample was silica."
Picture courtesy of the Daily Breeze
Click the whole article here to find out more:
http://online.wsj.com/article/SB124165649273494241.htm
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5117 Beran Street in Torrance is a brand new listing just hitting the South Bay MLS. April 16th from 12pm-2pm we’ll be hosting a brokers open to showcase the house.
Located in the Southwood section of Torrance this well maintained home's highlights include recently upgraded bathrooms, double paned windows throughout, gleaming hardwood floors, canned lighting, forced air heating, copper plumbing and an upgraded electrical panel. To get more details or to schedule a private showing go to 5117 Beran St., Torrance.
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