It was only a few weeks ago when the inventory of distressed homes hovered at around 10 and it's been that way for the past 6 months with any short sales or bank owned homes in Manhattan Beach being quickly replaced by a new listing. That's certainly changed with only 2 current distressed active MLS listings and now 9 pending home sales which is absolutely an amazing turn of events.
Below is a list of the current "active" distressed MLS listings in Manhattan Beach along with a list of the current pending home sales.
While the market for townhomes in Fusion had slowed to a virtual stop due to the pending litigation against the builder, that issue has been resolved, lenders are once again financing, and the abundant inventory has just about withered down to nothing. What was a great opportunity for buyers may be short lived as the inventory is now so far down. 2011 saw a total of 2 sales in Fusion, of which both were all cash buyers. 2012 couldn't have started of more drastically different with 6 townhomes currently in escrow. To view Fusion floorplans and currently active homes for sale in Fusion visit our Fusion townhome information page.
In addition to the pending home sales there are 3 townhomes for sale ranging from the smallest 2 bedroom unit to a large 3 bedroom unit at 5403 149th Place currently listed at $549,000.
Although it doesn't quite enjoy the status of both Manhattan or Hermosa, it also doesn't come with the same price tag which is how I often end up showing homes there. The typical buyer is a first time buyer currently living in the Beach Cities and hoping to make their transition into home ownership. The challenge that we often run into is that in the usual sub $500K price range, the options in North Redondo Beach are often fairly old with few upgrades. The price range in Manhattan Beach is virtually non-existent. The townhomes of Fusion are often a great alternative. The complex offers a comparable location and for the same, or less money, you just get more. Built from 2005-2007, the homes are newer, more upgraded, often larger with landscaped grounds, pool, spa and some nice entertainment areas. The units range from smaller A and B units with 2 bedrooms and a one car garage, to larger 3 bedroom units with over 1700 square feet. In addition the complex is located in a pocket that is within the award winning Wiseburn School District. Visit our Fusion Townhome MLS listings page for the current units for sale. In years past values were almost exclusively $500K+ but with recent events including a now resolved litigation threat, and a number of foreclosures and short sales, some units have sold in the high $300s....for very nice homes.
As part of our ongoing tour of South Redondo Beach real estate, today we take a look at one of the oceanfront condominium complexes in South Redondo Beach known as The Sand Castle. The Sandcastle is located at 615 Esplanade. The Sand Castle consists of two buildings with panoramic ocean views from both (the exception is the 5th floor which is actually the 1st floor of the rear building. The 5th floor does have views but overlooks the roof of the front building so no sand or wave views which makes that location more affordable and less valuable). The Sand Castle has 96 units of which most are 1 bedroom with 719 square feet. The layout has the bedroom in the back with the kitchen in the middle overlooking the living room in the front. As mentioned above most units directly overlook the sand and surf making this a great place to own as a beach house, rental unit, or vacation home.
Panoramic views and sounds of the ocean View of a 5th floor unit with partial views
There are a few larger units but sales are very rare with the last 2 bedroom selling in 2007 for $772,500 and a very unique 4 bedroom penthouse (was originally 2 2 bedroom unitsthat were combined) selling in 2010 for over $1.5M. The larger 2 bedrooms are only top floor units (both buildings) so views are unbelievable. One bedroom units have sold for a low of $335,000 for a bank owned on the 5th floor (limited views) to over $600,000 for a remodeled oceanfront unit.
The Sand Castle as seen from the Beach
Click on the video below to tak a tour of the Redondo Beach oceanfront home options
The number of bank owned homes in South Redondo Beach has continued to be steady with any new pending or closed sales quickly being replaced with new listings and the overall number generally hovering under 10. While bank owned homes, or REOs (Real Estate Owned) may not be quite the discounted price that is often seen in short sales, much of the delays, unknowns and aggrevations are alleviated. Currently ther are 6 bank owned homes on the market with all of them being townhomes or foreclosures. For an updated list of the foreclosures and short sales in Redondo Beach visit our distressed property page.
Benefitting the Hermosa Beach Education Foundation, this Saturday, October 15th the Hermosa Beach Firefighters association will be hosting the 3rd annual poker and casino night at Sangria at Pier Plaza.
Poker Night includes: - Seat at Poker Event - Entrance to Casino Night - Silent Auction/music - Hors d’oeuvres/no host bar - Poker prizes – including a 2 night Stay at the Hard Rock Casino & Hotel in Las Vegas, Los Angeles Kings Hockey tickets and signed memorabilia, I Pad2, I touch, Apple TV and more
Casino Night includes: - Casino prizes – including a Women’s Strand Crusier Bike, Dinner at the Firehouse and more - Silent auction/music - Hors d’oeuvres/no host bar - $150 Casino “play money”
Silent Auction items include- Private Wine Dinner for 10 People, Sonoma Wine Experience includes stay at the Fairmont Sonoma Mission Inn, Whole Foods Gift Basket, Big 5 Sporting Goods gift cards and more
Redondo Beach open houses for the Labor Day weekend.
What better way of spending the long weekend (other than the beach, park, etc of course) than checking out the local real estate offerings in Redondo Beach. There are a number of open houses this weekend ranging from
Unlike Manhattan Beach and Hermosa Beach, Redondo Beach offers a much wider variety of housing options and living ocean front may be more affordable than you think. In this tour we'll take a quick look at the first 3 ocean front buildings on the Esplanade, the bluff top street overlooking the beach. In this tour we'll show you the 531 Esplanade building known as the Ocean Plaza, the 535 Esplanade building known as Casa Bahia, and the 565 Buildings known as the Surfrider. All were built in the 1970s with some condos for sale having been completely remodeled while others are fairly original. All three buildings have a limited amount of ocean front condos with the majority having partial ocean views.
Keith Kyle is a licensed Realtor, short sale specialist and Top Producing agent with South Bay Brokers in Manhattan Beach. He serves his clients throughout the South Bay and his websites KeithKyleHomes.com, ManhattanBeachLuxuryRealEstate.com and FindYourSouthBayHome.com offer the most comprehensive real estate destinations 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.For more information on the South Bay, visit my Beach Cities Real Estate blog.
Fusion South Bay, one of the few relatively newer construction complexes in the Beach Cities vicinity has been hit rather hard by a wave of short sale listings which have certainly impacted prices. As the first wave of owners primarily bought when construction was finished in 2005-2007 unfortunately this was at the very peak of market prices. Currently there are an abundance of listings with very few sales partly due to a potential litigation against the builder. While certain lenders are still doing loans in Fusion, it has slowed down sales fairly dramatically compared with the brisk sales of late 2010.
There has only been one sale in the past few months and ironically the buyers flipped the home and it is now the only current pending sale.
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