Keith Kyle

As I've mentioned in the past, I just can't seem to avoid bank owned homes and short sales. They seem to be everywhere in the South Bay and we even see a continuing rise in places like Manhattan Beach. As many buyers, and especially first time home buyers, are looking for the great deal, that often inevitably leads to short sales. A short sale is basically a sale in which the homeowner owes more money than they can sell their home for and therefore need bank approval to allow the sale to go through. That's where the problems start. Today I'll focus on the good aspects of the short sale and tomorrow the bad as they're certainly intertwined.

The Good

Without a doubt a short sale can make for an incredible deal for a buyer willing to wait out the process and remain patient. As the seller isn't walking away with any proceeds, the realtor doesn't need to do the usual dance of trying to get the seller to be reasonable on the value of their home while trying not to offend them with the reality of the market. So in essence, it's usually the realtor who sets the price, and it's their goal to get as much interest as possible...often listing the home for far less than the actual value. This often leads to multiple offers and some discouraged buyers who have heard media reports that everything can be purchased for well below asking price...regardless of what that price is. As I tell many of my clients who may not have the highest offer, is that this is a marathon...and not a sprint. While there are other offers, there is also a very good chance that many, or all, of the interested buyers will eventually drop out, lose interest, or find something else. Often short sales can be even better deals than bank owned, or REO properties as they're usually jumped on immediately with offers often well over asking price.

So if you're not in a hurry....short sales may be the opportunity for you.

Keith Kyle is a licensed Realtor and e-Pro with South Bay Brokers in Manhattan Beach. He serves his clients throughout the South Bay and his websites KeithKyleHomes.com and FindYourSouthBayHome.comoffer the most comprehensive real estate websites in the South Bay with free MLS access, current home listings, open houses, recent home sales information and more. Keith can be reached at 310-251-2344 or by email at info@KeithKyleHomes.com

Over the weekend I was out showing homes in Torrance to a very nice young couple. They had their 18 month old daughter with them and were looking, of course, for something with a yard, room to grow and great schools nearby.

As I was sitting on my computer preparing to send some homes to them it struck me.....the homes I recommended and the advice that I gave might have a lifelong impact for their family. They, like so many others, are looking for guidance on neighborhoods and schools, streets and homes, and as I was sitting here I realized that the advice I gave them might be helping determine the schools that their little girl is going to go through for the next 16 years, what neighbors they have and friends that they make! As the father of 2 little girls I might be a bit sappy in that department but I just can't help but think what a big deal that is....and just how cool it is to be a part of it. I think about the people I know from the neighborhood, from school, from sports and so much of it is influenced by the neighborhood and home that we chose at some point.

As a Realtor you certainly have to be businesslike as there's certainly a lot at stake, but its definitely more than just a sale, or deal, or commission...it's a huge chapter in peoples lives and I'm happy to be a part of it.

This business has it's ups and downs and it sure is a lot of work, but I can't imagine doing anything else.

Keith Kyle is a licensed Realtor and e-Pro with South Bay Brokers in Manhattan Beach. He serves his clients throughout the South Bay and his websites KeithKyleHomes.com and FindYourSouthBayHome.comoffer the most comprehensive real estate destination in the South Bay with free MLS access, current home listings, open houses, recent home sales information and more. Keith can be reached at 310-251-2344 or by email at info@KeithKyleHomes.com

There are so many reasons to just love living here in the South Bay. The weather, the beach, the people and the nightly show that happens just down the street. This was a picture from just another evening down my street in Hermosa Beach. Honestly.....how lucky are we to live in a place like this?

Keith Kyle is a licensed Realtor and e-Pro with South Bay Brokers in Manhattan Beach. He serves his clients throughout the South Bay and his websites KeithKyleHomes.com and FindYourSouthBayHome.com offer the most comprehensive real estate websites in the South Bay with free MLS access, current home listings, open houses, recent home sales information and more. Keith can be reached at 310-251-2344 or by email at info@KeithKyleHomes.com

With downward pricing pressure from foreclosures and short sales, the market for lower priced homes in Del Aire is really picking up. Homes that had been sitting on the market are now going into contract. Of the 5 single family homes priced below $400,000 (which would have been unheard of a year ago) 4 have gone into escrow in the past month after some were sitting on the market for quite a while. Of the 5 homes 2 are bank owned homes, 1 is a short sale, one is a court ordered (not probate) sale and only one is traditional seller. Click here to view the current Hollyglen and Del Aire homes for sale.

Keith Kyle is a licensed Realtor and e-Pro with South Bay Brokers in Manhattan Beach. He serves his clients throughout the South Bay and his websites KeithKyleHomes.com and FindYourSouthBayHome.comoffer the most comprehensive real estate websites in the South Bay with free MLS access, current home listings, open houses, recent home sales information and more. Keith can be reached at 310-251-2344 or by email at info@KeithKyleHomes.com

Hermosa Beach home sales update for December 2008. We saw 12 properties close escrow during the month of December. Of the 12 properties to sell, 3 were single family homes, 8 were townhomes and one condominium. Of the homes to close in December two were distressed property with one short sale and the other being a bank owned home. The median price was just under $1,050,000.

Click to see pictures and descriptions of December Hermosa Beach Home Sales

Keith Kyle - Realtor, e-Pro - South Bay Brokers- 2501 N Sepulveda Blvd Manhattan Beach, CA 90266 - 310-251-2344 - Keith.Kyle@SouthBayBrokers.com

For real estate information, open houses, and FREE MLS access visit www.KeithKyleHomes.com