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Manhattan Beach, CA Real Estate News

By Kaye Thomas, e-PRO, Manhattan Beach CA
(Real Estate West)
Manhattan Beach Home Prices : DOM & Median Price...2000-2007 part IIThe Manhattan Beach real estate market has been slow the last few months when compared to the first part of the year. The national credit crunch along with continued high prices and fears of a recession have created a lot of questions about the direction of housing in most of California, Los Angeles County and locally in the Beach Cities.While working on Part I and Part II of this report one of the things I noted is that trends in the Manhattan Beach market seem to be far more stable then many realize. The market started going up in 2002 and while price levels have bounced around they have not showed any major declines. Sales volume is off but not drastically when compared to the last three years. The DOM(Days on Market...
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By Kaye Thomas, e-PRO, Manhattan Beach CA
(Real Estate West)
Manhattan Beach Home Prices 2000-2007 Part II've been compiling a lot of numbers in the last week on home prices in Manhattan Beach and the Beach Cities. Over the next two weeks I will be posting that information beginning with Manhattan Beach. The following information is based on the number of sales and the price per sqft for single family homes in Manhattan Beach from January 2000-December 2007.Manhattan Beach: Home Prices January-June 2000-2007 ( click on graphs to enlarge) Manhattan Beach: Home Prices July-December 2000-2007One of the things I noticed is that the number of sales for 2005, 2006 and 2007 are fairly consistent from January-December with the exception of November 2007 when sales were half of previous sales in November for the last three years. The number of first quart...
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By Kaye Thomas, e-PRO, Manhattan Beach CA
(Real Estate West)
I thought I would start the New Year with a few observations. The last week has seen the R word rear it's ugly head in most of the media. The problem with recessions is that you are usually in one before the smart guys have figured it out. I know a number of people who believe that all the signs for a recession are staring us in the face. Others tend to think that while the economy may be on the weak side.. it still has enough punch to keep things rolling along.. slower but still rolling.I'm not sure how much difference a small recession is going to make in our area. Right now there are no signs of big trouble in the South Bay. That of course could change in about 20 minutes but for now we seem to be somewhat stable since our job sector diversified from being 90% aerospace oriented. The...
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By Kaye Thomas, e-PRO, Manhattan Beach CA
(Real Estate West)
If you've been following the financial news the last few days... amid all the Holiday hoopla... the financial pages have been running articles pointing the finger of blame about the real estate crisis, continuing credit liquidity issues, plans for government bailouts for some homeowners, and today the plight of credit card companies who are seeing some major delinquencies by customers.Now as I've noted before...I'm not a certified financial planner or an economist from a prestigious east coast university. But I do know a thing or two about the Southern California South Bay-Beach Cities real estate market and life in general.It seems to me that many of the developing financial problems stem from a view by the financial community that higher rates are smart business. Yes.. I understand al...
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By Kaye Thomas, e-PRO, Manhattan Beach CA
(Real Estate West)
Walk Street Hermosa BeachOnly 11 more days until the end of the year. Inventory is down in most of the beach cities. Much of that is due to the time of year. Many builders have taken homes off the market until after the first of the year in hopes buyers will be more receptive. Rates are bouncing around with jumbo loans still priced well above rates for conforming loans. But even at that rates are still at historic lows.The market is slow.. not dead. Price doesn't seem to be as big a factor as perceived value. There are a number of homes selling in the high range in Manhattan Beach as well as small townhomes under $600,000 in North Redondo. South Redondo had a fairly good month while Manhattan Beach saw some really bad numbers.We still have not been hit with a high number of foreclosures...
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By Rebecca Chambliss
(Vista Sotheby's International)
Luxury home buyers are always looking for new upgrades.  The latest must haves in top tier homes are:Elevator car lifts, indoor car washes - The more garage space the better.  Mega garages  are being built on several levels with lifts to save lot space.  Indoor car washes make keeping the fleet clean a breeze.Walk-in refrigerators - Professional kitchens are desirable in luxury homes.  Multiple dishwashers, ovens and islands provide space for catering staff.  Spas, gyms and yoga and Pilates studios - The home gym is out and full professional in house wellness studios are in.Wine cellars and tasting rooms - These continue to be popular with a dining area to be able to entertain in the wine cellar.Concierge services - Professional concierge service serving individual households or entire ...
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By Kaye Thomas, e-PRO, Manhattan Beach CA
(Real Estate West)
  Last week I went to a Christmas party that featured a Magician. The gentleman was a close up illusionist. I was in the front row and was determined not to be tricked by his sleight of hand... not a chance. This guy was so good I didn't have a prayer. I thought I was following his every move but he was misdirecting my attention the entire time. It's one thing to see a little misdirection at a show that is supposed to be entertaining.. it's quite another to have the government try to pass it off as a solution to a serious problem. Much has been written about the arm freeze to help homeowners who may go into foreclosure if their payments increase because of loan resets. The problem is that like the magic of a Master of Illusion.. I'm afraid our attention is being misdirected from the rea...
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By Rebecca Chambliss
(Vista Sotheby's International)
The Yuletide 5K sunset run is coming up December 22 on the sand in Manhattan Beach, don't panic, the hard packed sand near the water..not the soft sand!Kids and strollers are welcome and there are festivities follwing the run at the MB pier.I had such a great time at the Turkey Trot in Torrance on Thanksgiving, I'm looking forward to this run which finishes with the sunset.www.SandSectionRealtor.com 
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By Robert Kissig
(Real Estate West)
The 2007 National Housing Pulse Survey from October 2007, indicates that 59 percent of Americans think .And yet, these are the figures that are completely out of sinc with logic :    = Existing Homes Sales dipped to 4.97 million in October, the lowest since 1999    = New Homes Sales counted 728,000, just off its 12-year lows    = The supply of homes on the market is now at 10.8 monthsCan you believe the power of the press? Only the negative thoughts are spewed out by print and TV to fill space. And their audience absorbs it. Thus, many are missing some prime opportunities. Yes, home values are relatively low and so are mortgage rates. What appears to be happening, however, is mortgage guidelines are getting tighter by the week. Even strong credit borrowers coud well have financing diff...
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By Kaye Thomas, e-PRO, Manhattan Beach CA
(Real Estate West)
Buying in a Buyers Market... How to Buy The Home You Really Want. I can hear you now.. "It's a buyers market and I'm a buyer.... what's so difficult"?.... It may surprise you but buying in this market may be a little tougher then you think . A Buyers market can be a harder market to maneuver in then a Sellers Market. I know this sounds crazy but it's true.In a Sellers real estate market everyone knows where the market and prices are going... upward. You know you need to make a quick decision on a home you want. You know there will be a lot of competition. You know there will not be much inventory in any price range. The key is to try and outbid the other offers yet not go too crazy. It's all very nerve racking but everyone knows the rules of the game.In a Buyers real estate market it is...
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By Prem & Jan Chhatwani
(Re/Max Palos Verdes Realty)
East Manhattan (Area 147)No. of listings stayed at 31 same as last month. Only two homes were sold in October and trend has been sliding down since June, 07.Of the two sold in October , one was 1990 built with 5 bedrooms and office  with  4900 plus Sq. Ft. living area on a almost 7500 Sq. Ft. Lot. Sold in 40 days The second house was 1999 year built with 5 bedrooms and almost 4500 Sq. Ft. living area on full 7500 Sq. Ft. lot. Excellent house sold in 8 days.No Teardowns and no new construction sold this month. However 4 sales are in pending and should show up next month.Call us with any questions or any help we can provide marketing your home or help you find one or build one for you. 1-800-GET-PREM  (1-800-438-7736 ) or respond to this blog.Thanks.
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By Prem & Jan Chhatwani
(Re/Max Palos Verdes Realty)
Tree section ( Area 143 )Listings went down from 51 in September to 46 in October. The closed Sales for October were 5  compared to 8 in Sept. However 8 sales were pending at the end of October hopefully they will show up as sales in November . Of the 5 sales in October, two were 1950 older homes with approx. 1500 Sq. Ft. living space and possible future tear down and rebuild potential. One took 9 days to sell and another 211 days. Additionally 3rd house sold in 6 days built in 1989 with 5 bedrooms and 3100 Sq.Ft.  and nicely redone. The 4th house 2007 built , about 3500 Sq. ft. sold in 66 days over 3 Million. The 5th and the last house of the month was also 2007 built got sold while being built, with 4800 Sq. ft living on a 6200 plus lot for 4.2 Million.So the Tree section sold somethi...
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By Prem & Jan Chhatwani
(Re/Max Palos Verdes Realty)
Tree Section Sweet Spot #18 sold properties out of 51 in market in September.Price range from 1 Mil to 3 Mil approx.4/8  were  1950 properties with future Tear down and rebuild opportunities.  2/8 were 2004 and one sold over asking price. Balance two properties were 2007 built new construction.  One of them 72 DOM and another 197 DOM.Summary: Good market for selling Tear downs and Cape cods are appealing!East Manhattan Area 147  Sweet Spot #2.6 properties were sold out of 31 in market in September.4 were Tear down future potential ( one was quit Claim transfer )One was a private saleAnd the last one sold over listed price in 5 days at 1.7 Mil.Summary: Tear down older properties are being sold here too. While many newer properties are waiting to be sold!Comment: If you own a older , poss...
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By Prem & Jan Chhatwani
(Re/Max Palos Verdes Realty)
 Overall  Manhattan Beach effective July thru Sept., 07 had slight increase in inventory from 107 listings in July to 122 in September, 07. However Sales fell slightly from 28 in July to 26 in September. Avg. Sale price changed from 1.637 Mil to 1.270 Mil. However Avg.  price per Sq. Ft. went up from 585  to 652 and Avg. marketing time went down from 39 to 28. However  sold Vs. listed prices have stayed at 99%.One thing is sure Inventory is up! Buyer's have more choices.The sweet spots were TREE SECTION (143) and Mira Costa (147).Tree section from July thru September had listings increase  from 37 to 51.    The sales fail from 11 to 8 in same time period. Avg. sold price was 1.98 Mil to 1.87 Mil which was 99 to 100% of listed price. The Avg. /Sq. Ft. price went up from 684 to 711. The d...
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By Kaye Thomas, e-PRO, Manhattan Beach CA
(Real Estate West)
El Segundo Craftsman HomeAs we enter into the 4th quarter sales are still very sluggish. Inventory is moving upward slowly... mainly because not much is selling and old overpriced inventory continues to sit. After some very slow months... townhomes in North Redondo are beginning to move as a number of units seem to have found the magic numbers to entice buyers. Townhomes in Manhattan Village also saw a surge in sales after sitting around for most of the late summer and fall.Price doesn't seem to be the factor as much as perceived value. In Manhattan Beach and Hermosa Beach there are are a number of homes selling well over the $3.5 mark while others from $1.9- $2.5 seem to languish with no end in sight to their plight. There are a few foreclosures and short sales hitting the market but t...
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By Kaye Thomas, e-PRO, Manhattan Beach CA
(Real Estate West)
   Unless you have been living in a cave in Sibera you know that the market has turned from the hottest Sellers real estate market in history to a very slow Buyers market. Aside from the fact that it was time for a market correction the subprime loan crisis and subsequent credit crunch have punched up the number of foreclosures to record numbers in most areas and created a fear of buying even in fairly stable markets.As expected more foreclosures are showing up in North Redondo and we can expect to see an increase in Manhattan Beach, Hermosa Beach, South Redondo and El Segundo in the next few months. The question has never been whether we would have short sales and foreclosures but rather the number we will see in each city compared to other parts of LA County and California. So far we ...
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By Kaye Thomas, e-PRO, Manhattan Beach CA
(Real Estate West)
Manhattan Village... The Hottest Market in Town?There is a lot of speculation about real estate prices in Manhattan Beach and the Beach Cities. One side is praying prices drop drastically while the other side is praying just as hard that they don't. I think we will see a little of both in our local real estate market. Yesterday I posted an article about the number of homes over $3.5 million that have sold since 2000 in Manhattan Beach. The big surprise is that this year has seen more homes sell over that number then any other year.... and the year is not over.Last week I was walking along The Strand from Manhattan Beach to Hermosa Beach. There are 8 projects in Hermosa along the Strand north of the Pier and 2 in Manhattan Beach south of 10th Street. We are talking about some very seriou...
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By Kaye Thomas, e-PRO, Manhattan Beach CA
(Real Estate West)
Beach people always tend to think of the Beach Cities as different from the Westside and most of LA. We have small communities that are true towns, our schools are better and we just seem to be more California casual then say Beverly Hills or Bel Air or even Malibu. Our homes are on small lots without gates or guards and we let the public use our beaches.We are surrounded by LA but we don't feel as if we are part of LA. The fires in Malibu and Santa Clarita brought lots of smoke and ash but physically we were far removed. However it looks as if we may get pushed.. kicking and screaming into the LA scene after all.If the Writers Guild of America strikes on Thursday, and they probably will, then the Beach Cities may be affected. A number of local residents work in the  TV industry and all...
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By Kaye Thomas, e-PRO, Manhattan Beach CA
(Real Estate West)
 On my post a few days ago... South Bay-Beach Cities: Buyers Vs Sellers ... the comments turned out to be very interesting... It's funny how sometimes comments take on a life of their own and become almost another post.I found it fascinating that questions about using or not using an agent were posted on an agent blog. I don't think you pose those questions if you are not looking for answers. As I read and responded to the comments a few things struck me that seemed worth writing about.Unless a buyer plans to buy directly from an owner (FSBO)... at some point they are going to be dealing with an agent as most real estate that is for sale is listed by an agent. This means that if you don't have an agent you will either wind up having no representation or using the seller's agent as your ...
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In the last year over 100 mortgage lenders have gone out of business due to the "mortgage meltdown" as most of you might now it is getting much more difficult to qualify for mortgages in Manhattan Beach. The reason it is difficult to qualify for your Manhattan Beach mortgage is because guidelines have changed drastically. Even reverse mortgages in Manhattan Beach are getting harder to qualify for, leaving many looking for a honest mortgage company in Manhattan Beach.Since many mortgage brokers in Manhattan Beach are going out of business, and others are not able to get you qualified, you need to call a reputable company to help you with your home mortgage in Manhattan Beach. We here at America One Mortgage Group are a national company headquartered out of Southern California. We have of...
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