Every month I post both the Recent South Bay Home Sales as well as the Median Home Prices for the various cities that I work and specialize in. I try my hardest to explain that the year over year change, when only looking at a specific month, doesn't necessarily paint an accurate picture. As an example Hermosa Beachhas so few monthly sales when compared to a city such as Torrance or Long Beach, that something as simple as a Strand sale can alter the numbers significantly. It's a valuable piece of information that can help track what is going on in the market over time, but as it's such a brief period, it needs to be looked at in context. In the 2 years I've been pulling this information and the noticeable decline in most South Bay cities over the past 8 months I've never seen a downward trend across the board....until August 2008.
In August of 2008, the median home prices in every city that I keep track of in the South Bay was down from August of 2007. For the past 6 months there are always some positive numbers in some of the stronger markets of Hermosa Beach, Manhattan Beach, Palos Verdes or Redondo, but there was no increase in August. While this information needs to be taken in context, it is still a telling statistic.
Some of the August Median numbers were
This information needs to be looked at on a long term basis, but there is no doubt that the market is becoming more affordable. To see all of the median prices over the past 2 years visit our median home price site.
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
I had a listing about a year ago for a very nice townhome in Inglewood, California. I knew I had a challenge ahead when I pulled up the street to meet the owner and saw at least 15 for sale signs, many of which had "bank owned" or "foreclosure" on them. As I have written in prior articles, in terms of real estate the South Bay is not one large community, but a number of very different towns with values and demand basically increasing as you get towards the beach. The cities within couldn't be more different and factors that impact one area, such as in Inglewood, may not play any role in some of the areas such as Manhattan Beach. I've noticed lately that the market slowdown, economic crisis, financing difficulty may be starting to make their way towards the beach. While the market in the Beach Cities has remained fairly strong compared with other nearby areas, we're definitely seeing an increase in inventory, days on market, and the inevitable reductions in price.
Signs of the times....coming to Redondo Beach
What does this mean for you? For home sellers in Redondo Beach it means that if they really want to sell their home, they need to understand that pricing aggressively and preparing the home is key. There is a short window when the house is a new listing, that agents and buyers will be focusing their search and it's critical to be the home that they feel is the nicest, or best value.
For home buyers, this means that it's a wonderful time to be looking. Motivated sellers, price reductions, negotiable terms, and ample choices make it an ideal time to be looking. Keep in mind that if you're waiting for the "bottom" of the market....so are many others. Not only might you miss it, but once the market swings you may be back in a situation in which you're competing against other buyers, struggling to find deals, and may no longer be dealing with sellers just so willing to negotiate.
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
Who would have thought that in a town with a seemingly endless beautiful sand beach, one of the best places to go get some exercise would be on a hill....or more precisely a big sand dune. As there is some structure or another on just about every part of Manhattan Beach, most people are unaware that the hills we see and live on along the coast are really just big sand dunes. One great place to find this out is a small park just North of Rosecrans known as Sand Dune Park. The park is certainly aptly named as the main feature of the park is a big 100 foot high sand dune. As if running through sand isn't difficult enough....try it on a big slope! The dune isn't all that long but it sure feels that way about half way up the slop. It's a fantastic way to get some quick exercise while enjoying the weather outdoors. It's better than any stairmaster and certainly much better for the knees.
In addition to being a great workout for you, it's a great place to bring the kids. There is a great little playground for the kids with swings and slides, and the city has designated the left side of the hill to be an area for kids to run and play.
Parking can sometimes be a challenge after work hours and during the weekend....and watch out for the street sweeping signs. The park is located at 33rd and Bell in the Manhattan Beach Tree Section and the park hours are 6:00AM - 9:00PM during daylight savings, and open till 8:00PM the rest of the year. The streets leading to the park and the park itself are nestled in a quiet neighborhood, so please be courteous. (See Map of Sand Dune Park)
View from above - Doesn't look too hard from here View from the bottom on a beautiful sunny day
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
Needless to say that much of the appeal to the South Bay has to do with it's proximity to the ocean and all that it entails. Beautiful views, dazzling sunsets, warmer winters and cooler summers and outdoor activities of every variety. One of the cities most often thought of, especially for those relocating from other parts of the country, is Redondo Beach. Redondo Beach is the largest of the "Beach Cities" (Manhattan Beach, Hermosa Beachand Redondo Beach) and has the greatest number of housing options. Everything from a studio condo in the $300K range, to oceanfront estateswell into the millions. If your searching for that dream of living oceanfront, you really only have a few options and almost all are on the street known as the Esplanade. The Esplanade is in the area known as South Redondo and has every housing option available. Some of the least expensive oceanfront options are the condos in one of several buildings.
The first is located at 531 Esplanade and is known as the Ocean Plaza. This building features a pool, workout room and is located on the bluffs in South Redondo. Although oceanfront, most of the units at 531 Esplanade are at an angle and do not look straight out on the ocean. While you don't quite get the "right on top of the sand" feeling that you do in some of the other buildings....it's generally priced a bit lower with larger homes. All units in 531 have some views with units higher up having more dramatic and unobstructed views. All units are accessible through the inside of the building which some owners like, but units are down a rather dark hallway.
531 Esplanade - Ocean Plaza View from one of the units for sale
575 Esplanade. As this building is a bit smaller, oceanfront units are rarely for sale at 575 Esplanade. Unlike the Ocean Plaza at 531 Esplanade, not all units are oceanfront or have views as some are in the back and face the Esplanade. Those that do have views can be pretty spectacular.
575 Esplanade View from one of the units currently for sale
615 Esplanade. This building is known as the Sand Castle and is probably the most "right on the water" oceanfront building of any of them. The bottom two levels of the rear building somewhat obstructed or no views, but all other units and floors have panoramic ocean views. The Sand Castle really feels like a vacation and from the moment you open your door, it's breathtaking pacific ocean views. One bedroom units often start in the mid $500K range with a close to 800 square feet, with larger 2 bedroom units pricing in the high $800k to over $1.0 range. Units are accessible from the walkway in the rear (see below picture) which would be a problem if we had weather other than sunshine, but it does make for a much more open feel. If sleeping to the sound of breaking waves is what you're searching for....this might be the place for you.
615 Esplanade - "The Sand Castle" Overlooking the ocean at 615 Esplanade
The last of the main condo complexes in South Redondo is known as San Simeon and is located at 625 Esplanade. Many of the homes in San Simeon have breathtaking panoramic views although some units are towards the back with ocean peeks at best. Prices in San Simeon generally range from the low $700Ks to well over $1,000,000.
625 Esplanade - San Simeon Panoramic ocean views and crashing surf!
View the current homes on the market:
For more information, current listings please contact us.
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
I have many clients contact me that are interested in buying a home in the South Bay and they've often read headlines that often don't give them an accurate picture of the South Bay. The reality is that there are many individual real estate markets in the South Bay based primarily on the individual city, but often can get down to the neighborhood level. The South Bay in terms of real estate generally reaches up to parts of Inglewood in the north, Torrance and Harbor Gateway to the east and Palos Verdes to the south. What lies in between are neighborhoods that vary in just about every way. The real estate market in Gardena is incredibly different the market in nearby Manhattan Beach. Gardena has been dramatically impacted by foreclosures and a had been impacted in a very different way than the Beach Cities. Often clients will read stories that prices are down, foreclosures are up, and they can expect to pay well below market value. While this may be the case in some cities and neighborhoods, that's not the case in some others. Someone searching for distressed properties in Hermosa Beach may wait a while, while searching for distressed homes in Torrance may yield plenty of opportunities. Before you begin to search in the South Bay get a better understanding of the communities in your price range, the recent home sales, what is going on in the market, and how best to find just what you're looking for.
Some references that might help:
Let us know if we can help.
Keith Kyle - South Bay Brokers - 310-251-2344 - Keith.Kyle@SouthBayBrokers.com - www.KeithKyleHomes.com
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