While the media argues about where the California real estate market is headed and rumors of massive foreclosures are whispered about on blogs; there are actually a few folks who are buying homes. Over the last few weeks in all the South Bay-Beach Cities escrows have been opened and sales have closed.

Two factors are fueling the slight rise in sales... price and interest rates. In 2006 a lot of folks dropped out of the Beach Cities housing market and have been quietly sitting on the sidelines waiting for the market to turn. Others sold homes a year or two years ago and have been renting. Some are tired of renting and want a home of their own. Others got married, divorced or had a new addition to the family. Contrary to popular opinion they have excellent credit and they didn't lose a lot of money in the stock market crash.

So just who are these intrepid souls who are venturing forth in Manhattan, Hermosa, Redondo and El Segundo? They are not flashy speculators or risky flippers. They are conservative buyers. They are looking in all price ranges. They have cash for a large down payment. They are looking for a home not a retirement account. They are planning to live in the home for at least 10 years or more. They are buying below what they can afford. A few are willing to buy cosmetic fixers at the right price. They understand that the market values may decline more but believe the safety of a long term fixed rate loan will work in their favor.

They are careful and patient. They will wait for the right house. They have determined upfront how much they will pay for a property. They will pay more for a home that meets their exact needs... but they won't overpay. They will bargain and are not afraid to negotiate. They will walk away and find another house if the price isn't right. They aren't interested in "old inventory" at "old prices". They don't necessarily believe that an REO or short sale is a bargain... unless it is. They are pre-approved and have shopped lenders for the best rate and terms.

Since April 1, 2009 they have opened escrow on 9 homes and townhomes in El Segundo, 30 in Manhattan Beach, 15 in Hermosa, 26 in North Redondo and 22 in South Redondo. Most of these escrows will close on time.