San Pedro, CA Real Estate
Condo & Townhome Sales
For the Month of September 2013
There were 19 closed sales of condos & townhomes in San Pedro, CA in the month of September 2013. Prices ranged from $185,000 to $449,000.
As the market continues to be slim pickens for properties, many buyers have turned to condos and townhomes as options for purchases. However, of the 19 closed sales in San Pedro, CA in September, NONE of them were purchased with FHA loans! This is bad news for so many buyers trying to enter the market and purchase their first home. Many would think that buying a condo or townhome would be easier and less expensive. Right now, it is quite the opposite.
Of the 19 units that sold, financing was as follows;
14 purchased with conventional loans, 5 purchased with cash. NO FHA financing was used in any of the sales. Partially because an entire complex must qualify for FHA approval in order for an FHA loan to be obtained to buy a unit there. For those buyers that either don't have a FICO score that qualifies them for a conventional loan OR do not have at least 5% down, it makes it impossible for them to purchase in certain complexes. It limits their choices.
The areas of San Pedro where these sales occured are broken down as follows;
Point Fermin 1
Miraleste Pines 3
San Pedro North 9
Sales types do play a part as well. Standard sales accounted for almost all of the sales (14). Short sales have become more rare (4). HUD homes are government owned homes that were acquired through the foreclosure process and (1) property was this type.
|Closed Sales 19|
|List Price||ADOM||Selling Price||BR||BA||Year Built||SqFt||Lot SqFt|
It helps to have a Realtor that knows San Pedro and all of it's neighborhoods. Your agent should also be well versed in loan programs and which complexes will allow you to purchase with FHA financing should you opt to use that type of financing.
I live and work in the community of San Pedro and I am here to help you to navigate through this competitive market.Whether you are buying or selling a San Pedro condo or townhome; Give me a call today! 310-944-8062
This is Wendy Rich-Soto, Your San Pedro Real Estate Girl~ Signing off...