As of today, 11/23/09, there are only 3 active foreclosure (REO) listings in Redondo Beach. Not much to choose from! In addition, there are 4 bank owned homes already under contract.
In October, total of 7 bank owned homes sold at the average price of $586,129. Average DOM (days on the market) was just 16 days. Foreclosure listings are in high demand, they sell quickly after usually generating multiple offers, which results in sales over asking price. Average listing price was $575,114; avg selling price - $586,129.
Total of 3 bank owned homes sold in October '08, at average price of $691,333. Average listing price was $703,167 a year ago. Also, it took much longer to sell a foreclosure lisitng - avg DOM was 42 days.
As of today, 11/22,09, there are only 6 active foreclosure (REO) listings in Torrance. 31 REO homes are currently under contract. Foreclosure lisitngs stay on average 30 days on the market. A lot of those listings end up with multiple offers and sell above asking price. Here is more date to back it up:
In October 2009, total of 16 foreclosure homes were sold at the average selling price of $377,982. The average listing price in that period was $374,939.
The number of foreclosures in Torrance dropped drastically this year compared wiith the same period last year. There were 32 foreclosure sales in October 2008 vs. only 16 sales in October '09. Average foreclosure selling price was $391,895 in October '08 vs. $377,982, which translates into the 3.6% price drop. All information quoted in this article is based on MRMLS (local multiple listing service).
In summary, the number of foreclosure listings in Torrance has dropped by about 50 percent, compared with the same perior last year. The demand for those foreclosures is high and they sell quickly. More buyers want to take advantage of the new expanded homebuyer tax credit before it expires in April 2010.
If you want more information on buying Torrance foreclosures and taking advantage of $8000 or $6500 homebuyer tax credit, call me at (310) 918-5027 today! I'll be glad to help!
Buying a Torrance home just got easier with a new Homebuyers Tax Credit bill, which was signed into law last week. The bill extends the tax credit for first-time homebuyers (FTHBs), as well as opens it up to current homeowners who are looking to buy. And even if you aren't looking to purchase - pass on this article to anyone you think might be in the market to do so. This is information that might benefit them greatly, and I'll be happy to be of service to them.
Here is a brief overview of the Homebuyers Tax Credit - and its benefits - based on the new bill.
Tax Credit for First-Time Homebuyers
FTHBs (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000.
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
Tax Credit for Current Homeowners
The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
What are the New Deadlines?
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010. Those in the military do have some special extensions on the timelines available.
What's So Great About a "Tax Credit"?
The benefit of a tax credit is that it's a dollar-for-dollar benefit, rather than a "tax deduction", or reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer who qualified for the entire benefit were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.
Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little or no income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!
Higher Income Caps
The amount of income someone can earn and qualify for the full amount of the credit has been increased.
Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.
Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sales price of $800,000.
Remember, the new tax credit program includes a number of details and qualifications. Call or email today if you have questions or would like to see if you can benefit from the tax credit...and email this article along to anyone else you feel it might benefit as well!
If you know anyone looking to buy their first Torrance or South Bay home at a time when prices and interest rates are at 3-5 year lows, or if you are thinking of buying another home and getting the new $6,500 credit please contact me today!!
The Torrance average sales price decreased by 1.2 percent in October 2009 compared to October 2008, bringing the average price to $513,136The number of sales went down significantly. This drastic drop in sales last month, after continuous increase over last few months, might be a result of a decrease in the number of foreclosure sales in Torrance. Please note the number of sales is still larger on the month to month basis.
Torrance
Sold Listings
Average Sales Price
Average DOM
October 2009
120
$513,136
45
October 2008
243
$519,368
50
*All stats are compiled from the Multi Regional Multiple Listing Service. Information is deemed reliable but not guaranteed.
Increased sales, on the month to month basis, 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, March and May and continued to rise as follows: December 2008 - $478,307, January 2009 - $451,563, February 2009 - $477,944, March 2009 - $519,707, April '09 - $458,037, May '09 - $514,395, June '09 - $506,104, July '09 - $508,543, August '09 - $505,433, September - $525,829.
If you're interested in seeing a similar market report for your specific area of Torrance, or any area in the South Bay, please call me at 310-918-5027 or email at info@ISellSouthBay.com and I'll be glad to provide this report via e-mail or in person
What price could you sell your home in the current market for? Please contact me anytime and I'll furnish a market report for your property at no cost to you!
The Redondo Beach average sales price in October 2009 decreased by 8.8 percent compared to the same period a year ago, bringing the average price to $736,797. The number of sales went up by 4 sales to the total of 63 sales.
Redondo Beach
Sold Listings
Average Sales Price
Average DOM
October 2009
79
$736,797
66
October 2008
75
$807,595
71
All stats are compiled from the Multi Regional Multiple Listing Service. Information is deemed reliable but not guaranteed.
Sales in Redondo Beach over last few months reflect a stabilization of the South Bay real estate market as home buyers respond to increased affordability and more moderate prices. Home prices may have stabilized - November 08 avg Redondo Beach home sold at $790,493, in December 2008 avg home price was $714,310, and it went up to $749,974 in January 2009; it went down again in Feb to $653,411. Average price went up in March '09 to $712,135 and it increased again in April to $763,785. Average price in May was $734,942 and dropped 3% in June to $713,346 and it increased to $715,639. Average price went up again in August '09 to $744,190 and in September to $779,487.
For a no-cost market report in your area or neighborhood, please call Krystyna Baty - your local realtor - at 310-918-5027 today!
Or visit www.SouthBayHouseValues.com for confidential property value report which will be delivered to your e-mail.
The Redondo Beach average sales price in September 2009 decreased by 3 percent compared to the same period a year ago, bringing the average price to $779,487. The number of sales went down dramatically to the total of 63 sales.
Redondo Beach
Sold Listings
Average Sales Price
Average DOM
September 2009
63
$779,487
80
September 2008
136
$797,111
54
All stats are compiled from the Multi Regional Multiple Listing Service. Information is deemed reliable but not guaranteed.
Despite this recent drop, sales average property price in Redondo Beach over last few months have increased and reflect a stabilization of the South Bay real estate market as home buyers respond to increased affordability and more moderate prices. Home prices may have stabilized - November 08 avg Redondo Beach home sold at $790,493, in December 2008 avg home price was $714,310, and it went up to $749,974 in January 2009; it went down again in Feb to $653,411. Average price went up in March '09 to $712,135 and it increased again in April to $763,785. Average price in May was $734,942 and dropped 3% in June to $713,346 and it increased to $715,639. Average price went up again in August '09 to $744,190 and in September to $779,487.
If you want to learn more about South Bay real estate, please contact me at 310-918-5027.
For more Redonod Beach real estate information, free MLS search, market updates and more please visit my Redondo Beach Real Estate Blog.
The Torrance average sales price increased by 0.5 percent in September 2009 compared to September 2008, bringing the average price to $525,629. The number of sales increased by 10.3% Y-O-Y to 114 closed sales.
Torrance
Sold Listings
Average Sales Price
Average DOM
September 2009
107
$525,629
55
September 2008
97
$522,843
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 but it rose in February, March and May and continued to rise as follows:December 2008 - $478,307, January 2009 - $451,563, February 2009 - $477,944, March 2009 - $519,707, April '09 - $458,037, May '09 - $514,395, June '09 - $506,104, July '09 - $508,543, August '09 - $505,433, September - $525,829
For more information or to request a market report for your area please call Krystyna at (310)918-5027
The area of Redondo Beach known as The Village, or Seascapes I, II and III offers the finest in resort living. Located near the Redondo Beach pier and a short walk to both King Harbor and the beaches of Redondo, these upscale condominiums offer a resort feel, fantastic views of the Pacific Ocean, Catalina, and the beaches. This is South Bay living at its finest.
The Village in Redondo Beach lies along North Catalina Avenue in South Redondo Beach, between Garnet and Beryl, overlooking the famous Redondo Horseshoe Pier. The project consists of large condominium structures and apartment units.
Seascape I was built in 1978 and consists of 119 units total. Seascape is situated on the far South Side of Catalina near the entrance to the pier.
Seascape II, was built in 1980 and consists of 171 units.
Seascape III, was also built in 1980 and the 58 units are mostly condominium style, with a few townhome units mixed into the Seascape project. these units are larger than the other mentioned properties.
Enjoy miles of beautiful beaches, wonderful weather, and stunning ocean views!
Below are currently listed homes for sale in the Village, on the Esplanade, in the Avenues, Hollywood Riviera as well as other Redondo Beach ocean front single family homes, townhomes and condos.
Click on any property address below for additional information, pictures and virtual tours. Contact Krystyna Baty at 310.918.5027 - your Redondo Beach expert with any questions, or to request a property showing.
One of the most charming neighborhoods in all of the South Bay is the hillside community of the Hollywood Riviera. Part of both Redondo Beach and Torrance, Hollywod Riviera is a community primarily of one story original homes often offering incredible ocean views, the lush greenery and the Mediterranean atmosphere.
The area lies in a "hillside overlay" district meaning approval from the city and neighbors must be granted to build up and obstruct the views. It is this approval process that generally keeps the area from experiencing the "mansionization" often found in other parts of the South Bay. Much of the architecture in the community is Mediterranean in style, especially the original homes, which were built in the late 1920s and early 1930s.
The original developer of the Hollywood Riviera was entranced by the movie business and felt that the seaside properties would be a natural location for the Hollywood "set" to buy and build. A few movies were made in the thirties and few smart producers bought properties, but the Hollywood scene never materialized. What did materialize are delightful cluster of shops, restaurants, café bistros and galleries known as the "Riviera Village".
If you're considering moving into this wonderful neighborhood, call or email me. I'll be glad to help!
Located on a quite cul-de-sac street in the best part of Lomita - South of PCH, adjacent to Rolling Hills
Property features:
* 3 Bd/ 2.5 Baths; 1347 sq ft of living space*free standing townhouse (no common walls)*attached 2 car garage with direct access *large fenced backyard *cathedral ceilings
*low HOA - $130
Please call me at (310)918-5027 with any questions or to arrange showing.
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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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