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Does the preceding shown on my e-mails today sound familiar? Is there something leading to disaster perhaps?

I think it might make a good leason for more unexperienced clients to study long enough to learn what not to do.

Are people outside the So Bay aware for example that 4-unit properties are starting to come back on the market...it been a couple of years since we’ve had much to look at. And with rentals becoming more and more in demand...the positive aspect of foreclosure properties...multi-unit properties are popular as they become available. What’s it take to get into the market? Money. It takes solid financing unlike the stuff shown in the phony-baloney stuff above. No below 500 FICO scores. No ‘No Fico Scores Required.’ No stated Income.

Income in the So Bay is unlike a good portion of the city to the east, in that the buyers have the financing to back up their offers. Simple.

The nightmares created by funding options shown in the e-mail above, create buyers that soon become major problems.

Currently in the South Bay, there are 374 properties available, comprising:

El Segundo: Total 37
Single Family Residences: 23
Median: $1,499,000; Low: $699,500; High: $2,190,000
DOM: 67
Townhome/Condos: 14
Median: $747,500; Low: $439,000; High: $899,900
DOM: 54

Manhattan Beach: Total 116
Single Family Residences: 92
Median: $2,337,500; Low: $849,999; High: $8,150,000
DOM: 53
Townhome/Condos: 24
Median: $1,707,000; Low: $769,000; High: $4,950,000
DOM: 55

Hermosa Beach: Total 95
Single Family Residences: 57
Median: $1,499,000; Low: $819,000; High: $11,000,000
DOM: 57
Townhome/Condos: 37
Median: $1,305,000; Low: $479,000; High: $2,499,900
DOM: 49

Redondo Beach South: Total 126
Single Family Residences: 29
Median: $1,299,500; Low: $749,000; High: $2,690,000
DOM:45
Townhome/Condos: 97
Median: $899,000; Low: $357,500; High: $4,990,000
DOM: 66

Some Nice Selections

I’ve been sending out some of the nice selections locally to a picky market. Hard to figure. People seem to be very selective with no particular reason. Even 4-unit listings are beginning to make an appearance after it seems like a lifetime of sitting in the weeds. Buyers are simply finding it hard to make a buying decision these days. Even the rising prices, and euro’s 36% addition to the dollar have been less detering for US buyers in France, than the attitude created by our mystical press locally.

Poor loan availability is understandable...it should have been this way all along. Mortgages rates are very attractive and prices are only slowly making upward drifting in most cases; in some, they’re drifting down a tad.

In all, nothing dramatic has actually come cruising into the real estate market. It’s simply been the mythical creation of a plastic balloon of some sort engulfing our real estate holdings, threatening to explode at any moment. In the meantime, real estate in the south bay goes on in an undeterred fashion, except for an unexplained atmosphere of purchase avoidance. Amazing, except for the required capacity to qualify for a loan. One of these days, the rainbow will open and buyers will realize the beauty and availability of residences by the sea.

Currently in the South Bay, there are 374 properties available, comprising:

El Segundo: Total 37
Single Family Residences: 23
Median: $1,499,000; Low: $699,500; High: $2,190,000
DOM: 67
Townhome/Condos: 14
Median: $747,500; Low: $439,000; High: $899,900
DOM: 54

Manhattan Beach: Total 116
Single Family Residences: 92
Median: $2,337,500; Low: $849,999; High: $8,150,000
DOM: 53
Townhome/Condos: 24
Median: $1,707,000; Low: $769,000; High: $4,950,000
DOM: 55

Hermosa Beach: Total 95
Single Family Residences: 57
Median: $1,499,000; Low: $819,000; High: $11,000,000
DOM: 57
Townhome/Condos: 37
Median: $1,305,000; Low: $479,000; High: $2,499,900
DOM: 49

Redondo Beach South: Total 126
Single Family Residences: 29
Median: $1,299,500; Low: $749,000; High: $2,690,000
DOM:45
Townhome/Condos: 97
Median: $899,000; Low: $357,500; High: $4,990,000
DOM: 66

An El Primero Town

For a little town with nothing fancy going on, and a few entrances that make it look like a grungy scene from the old ‘78 film noir movie with Robert De Niro, “The Deer Hunter,” El Segundo is slowly becoming an El Primero town with one of a kind restaurants that are not found elseware in So. Cal.

Chef Hannes little walk-in spot on Main Street, with two white-linen covered tables on the sidewalk in front, makes anyone who’s been in parts of France find it hard to believe that they’ve not been transported. Waiters fit right in as well. And the food...Italian, French, Calif...chef’s creations of the day, are wonderful. The wine menu was created for the menu.

The same owner is opening an Italian resturant on Richmand Street, with a bandstand, dancing, and fine wine and food. It will be a beauty, judging by the decore. It’s taken over a year to make it ready to open.

And next to it, the 2nd City Bistro, which took a year and a half plus to open, has become a renown restaurant in the few years it’s been open...and it has never advertised. Word of mouth is all a great restaurant needs. The decore is as tasteful as one might expect from a master restaurateur, who also combined a masterful wine list to compliment a fabulous food menu. Restaurant critiques have created a following from out of town. The Wed. night wine tastings have created another loyal following.

The Farm Stand on Main Street, is subtitled “Urban Country Food,” but to be more specific, it is French, Italian, American & Countryside, and don’t forget Persian. The husband (Persian) and wife (French) owners come from restaurant family backgrounds which are reflected in the unusual menu.

So, as you can see, El Segundo is slowly becoming a town with a variety of fabulous restaurants. El Segundo is still quietly existing behind some of the grungy old business real estate architecture. It takes a while to avoid the distraction and unpopular surroundings and enjoy the unique quality of this 2nd city town. Once away from the surrounding approaches, the neighborhood homes are beautiful, impressive new designs, and beautiful old Spanish with upgraded interiors. And it’s a half mile up from the beach.

Currently, in the South Bay, there are 359 properties available comprising:

El Segundo: Total 35
Single Family Residences: 21
Median: $977,450; Low: $839,000; High: $1,069,890
DOM: 44
Townhome/Condos: 14
Median: $780,000; Low: $439,000; High: $899,900
DOM: 51

Manhattan Beach: Total 112
Single Family Residences: 86
Median: $2,350,000; Low: $899,000; High: $7,199,000
DOM: 63
Townhome/Condos: 26
Median: $1,597,000; Low: $755,500; High: $4,950,000
DOM: 46

Hermosa Beach: Total 96
Single Family Residences: 55
Median: $1,499,000; Low: $819,000; High: $11,000,000
DOM: 57
Townhome/Condos: 41
Median: $1,305,000; Low: $479,000; High: $2,499,900
DOM: 49

Redondo Beach South: Total 116
Single Family Residences: 27
Median: $1,299,500; Low: $749,000; High: $2,690,000
DOM: 51
Townhome/Condos: 89
Median: $899,000; Low: $357,500; High: $4,990,000
DOM: 72

The South Bay Real Estate Market?

How’s the South Bay Real Estate Market? Stable would probably be the best word to describe it. In Manhattan Beach, there are 6 fewer properties for sale compared to last month. The median price is $738,250 higher for Single Family Residences, and $200,000 lower for Townhome/Condos. The other So. Bay communities are equally similar to the preceding month. There are relatively modest increases and decreases, depending on the specific home location, style and condition.

Currently, in the South Bay, there are 347 properties available comprising:

El Segundo: Total 34
Single Family Residences: 21
Median: $977,450; Low: $839,000; High: $1,069,890
DOM: 44
Townhome/Condos: 13
Median: $780,000; Low: $439,000; High: $899,900
DOM: 51

Manhattan Beach: Total 111
Single Family Residences: 83
Median: $2,350,000; Low: $899,000; High: $7,199,000
DOM: 63
Townhome/Condos: 28
Median: $1,597,000; Low: $755,500; High: $4,950,000
DOM: 46

Hermosa Beach: Total 94
Single Family Residences: 57
Median: $1,499,000; Low: $819,000; High: $11,000,000
DOM: 57
Townhome/Condos: 37
Median: $1,305,000; Low: $479,000; High: $2,499,900
DOM: 49

Redondo Beach South: Total 108
Single Family Residences: 26
Median: $1,299,500; Low: $749,000; High: $2,690,000
DOM: 51
Townhome/Condos: 82
Median: $899,000; Low: $357,500; High: $4,990,000
DOM: 72

Feel free to contact me if you need help locating property in So. California's beautiful, balmy South Bay: Manhattan Beach, Hermosa Beach, Redondo Beach, El Segundo.

Make sure you are ready to buy a house. Don’t enter home ownership with a subprime loan. Make sure you have a good credit rating and are not in debt.

This is a fine time to purchase a home if you are qualified. Interest rates are low, and pricing is moderating. With a reasonable prime rate loan, the fraud nighmare of subprime loans can be avoided.

Senior Thoughts

Every once in a while one just needs to take it easy and examine ‘things of consequence’. Nothing too heavy, but worth the trip.

So you think there’s nothing to do today? Amazing how many seniors get this into their heads and it becomes as permanent as any landfill.

I had a dear friend who unfortunately passed away recently, and every day prior to his death he added to an ongoing novel he’d worked on for years. A fascinating murder mystery in Marin County, the final version I could hardly wait to read. He painted in oils, profusely and daily. His were pictorial descriptions of colorful old parts of California not seen that often by tourists: old neighborhoods in the Mission District of San Francisco, the rusting old Monterey Cannery, the remains of old Chinese fish canneries in nearby inlets of San Francisco Bay. He loved women and was a regular at local nude painting classes in the evening. Charmer that he was, it also became a regular locale for dating younger ladies. He was an avid swimmer and golfer. And at soirées for single parents, he was a regular. His days were full and satisfying.

Oh, and he was a Realtor in Marin, and a friend of unsurpassed presence for anyone who had the good fortune of knowing him at all.

Today in the South Bay

Manhattan Beach 5/04/07
For Sale—Single Family and Townhouses: 116
Sand Section: 37
Tree Section: 33
Hill Section: 12
Village: 4
Heights: 11
Mira Costa: 19
Pending/Sold—Last 2 months: 162

Hermosa Beach 3/22/07
For Sale—Single Family and Townhouses: 63
Sand Section: 33
Valley: 11
East: 19
Pending/Sold—Last 2 months: 53

Redondo Beach South 3/22/07
For Sale—Single Family and Townhouses: 67
No. of Torrance Blvd: 25
So. of Torrance Blvd: 13
So. of PCH: 12
Pending/Sold—Last 2 months: 79

El Segundo 3/22/07
For Sale—Single Family and Townhouses: 30
Pending/Sold—Last 2 months: 39