South Bay Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Jan. 18, 2021

Palos Verdes Estates Home Sales & Prices

Palos Verdes Estates Home Sales & Prices - Jan 2021

Palos Verdes market can be described as "hot" and "seller's market" with low inventory pushing home prices to record levels. Despite the economy uncertainties due the the Covid pandemic, buyers take advantage of the historically low interest rates, are often competing for properties, outbidding one another. Another market drivers are the desire to live in the suburbs and the possibility to "live anywhere" and work remotely.

Currently in Palos Verdes Estates, the average cost per sq ft is $944; average listing price is $5.5M

View recent home sales in Palos Verdes Estates:

Palos Verdes Estates Sales

View Detailed Palos Verdes Estates Market Report below:

market report

Low inventory and strong demand in Palos Verdes CA are pushing prices at a faster pace than household income growth in the area.  This negatively influences affordability. Only time will tell how the uncertain political and economic environments at home and abroad will influence mortgage interest rates and the economy in the coming months. Stay tuned...

Curious about your home values in this market?  Contact us for a free home evaluation.  Call (310)918-5027 or send us an email/text.

Posted in Market Updates
Dec. 17, 2020

Torrance CA Market Report

Torrance CA Market Report - December 2020

Torrance CA real estate market can be described as "hot" and "seller's market" with low inventory pushing home prices to record levels. Despite the economy uncertainties, buyers take advantage of the historically low interest rates, are often competing for properties, outbidding one another.

Currently in Torrance, the average cost per sq ft is $492; average listing price is $996,752.

Average sales price in the last 6 months was $853,317, average price per sq foot was $537. Homes stayed on the market 29 days on average.

View Detailed Torrance Market Report below:

real estate market report

Low inventory and strong demand in Torrance CA are pushing prices at a faster pace than household income growth in the area.  This negatively influences affordability. Only time will tell how the uncertain political and economic environments at home and abroad will influence mortgage interest rates and the economy in the coming months. Stay tuned...

Curious about your home values in this market?  Contact us for a free home evaluation.  Call (310)918-5027 or click here

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Posted in Market Updates
Dec. 15, 2020

Advantages of Living in a Senior 55+ Community

Advantages of Living in a Senior 55+ Community

Many boomers are moving into active senior 55+ communities. We see this trend here in Torrance and South Bay CA as well.  55+ condos are in demand and have been selling quickly. Below is the info on Torrance area 55+ communities and current listings:

South Bay 55+ Condo Communities

over 55 homes

Below I outlined the main advantages of living in a 55+ community:

Seniors want to be around people who share common interests, goals, and challenges. That comfort in a community doesn’t wane with age – it actually deepens. Whether it’s proudly talking about grandchildren or lamenting the fact that our eyes aren’t as good as they used to be, it's nice to be surrounded by people who feel the same joys and concerns.

These are the reasons why so many boomers are deciding to move into an active adult 55+ community. Baby boomers are now reaching the age when moving to an active adult 55+ community is the right choice for them. Many boomers now want to downsize, experience a maintenance and worry-free lifestyle, and take advantage of more social opportunities. 55+ communities offer this kind of opportunity.

At the same time, there’s still a desire, however, among many seniors to “age-in-place.” According to the Senior Resource Guide, aging-in-place means: “…that you will be remaining in your own home for the later years of your life; not moving into a smaller home, assisted living, or a retirement community etcetera.”

The challenge is, many seniors live in suburban or rural areas, and that often necessitates driving significant distances to see friends or attend other social engagements. The Joint Center for Housing Studies of Harvard University (JCHS) titled Housing America’s Older Adults report addressed these concerns: “The growing concentration of older households in outlying communities presents major challenges for residents and service providers alike. Single-family homes make up most of the housing stock in low-density areas, and residents typically need to be able to drive to do errands, see doctors, and socialize.”

The Kiplinger also analized the subject: “While most seniors say they want to age in place, a much smaller percentage of them actually manage to accomplish it, studies show. Transportation is often a problem; when you can no longer drive, you can’t get to medical appointments or to other outings.”

Driving may not be a challenge right now, but think about what it may be like to drive 10, 20, or 30 years down the road.

There are also health challenges brought on by a possible lack of socialization when living at home versus a community of seniors. Sarah J. Stevenson is an author who writes about seniors. In a recent blog post for A Place for Mom, she explains: “Social contacts tend to decrease as we age for reasons such as retirement, the death of friends and family, or lack of mobility.” The research from the same source suggests if you’re spending time with others in a community, thus reducing or eliminating the impact of loneliness and isolation, there’s less of a risk of developing high blood pressure, obesity, heart disease, a weakened immune system, depression, anxiety, cognitive decline, Alzheimer’s disease.

Though the familiarity of our current home may bring a feeling of warmth, comfort, and convenience, it’s important to understand that staying there may mean missing out on crucial socialization opportunities. Living with adult children, joining a retirement community, or moving to an assisted living facility can help us continue to be with people we enjoy every day.

“Aging-in-place” definitely has its advantages, but it could mean getting “stuck-in-place” too. There are many health benefits derived from socializing with a community of people that shares common interests. It’s important to take the need for human interaction into consideration when making a decision about where to spend the later years in life.

Contact your local real estate expert - Krystyna Ryan at (310)918-5027 to explore South Bay LA active senior 55+ communities

 

Posted in 55+ Communities
Dec. 15, 2020

Buying a Home in Today's Market

Buying a Home in Today's Market

Buying a home in today's real estate market, in South Bay, Torrance or Beach Cities, doesn't have to be difficult. The fact is that South Bay market is what we call "Seller's market".  Due to the low inventory of available homes, more buyers than sellers, home sellers often are in the position to dictate prices and terms.  Buyers often find themselves in the multiple competing offers situation. How to positions yourself as a buyer in this market?  Below are steps you may take to make your offer stand out:

home buying in seller's market

Contact us anytime for a Free consultation.  We'll be happy to help. Feel free to use this website's resources and browse all current MLS listings.

Posted in Buyer Tips
Nov. 13, 2020

New Horizons Torrance Market Report

New Horizons Torrance Market Report - October 2020

Currently there are 6 condos listed at New Horizons Torrance, resort style 55+ condo community. They are all 2 beds 2 bath units. Three of them are larger 2 bd units with 1117 sq ft. and other three are smaller units with 950 sq ft.

Listing prices range from $442,000 to $599,000.

15 New Horizons condos were sold in last 6 months; Prices ranged from $385,000 (for an upstairs unit which usually sell for less), to $589,000 (for a sought after bungalow unit).

Please click below for a detailed New Horizons Torrance market report:

New Horizons Market Report

New Horizons Homes For Sale

 

new horizons torrance

Oct. 29, 2020

Benefits of a Single Story Home

Benefits of a Single Story Home

The number of single-family 1-story homes being built today is on the rise, improving your odds of finding the right home for your changing needs. In a recent article, The National Association of Home Builders (NAHB) explains:

“Nationwide, the share of new homes with two or more stories fell from 53% in 2018 to 52% in 2019, while the share of new homes with one story grew from 47% to 48%.”

Here’s a map showing the breakdown of newly constructed homes being built by region, and the percentage of 1-story and 2-story homes in that mix:

Still not sure about buying a single-story home? An article from Home Talk covers several advantages of switching from two floors to one:

1. Energy Efficient

“It is easier to heat and cool a single-story house [than] it would be to regulate the temperatures of a multi-story house.”

Most single-story homes only need one heating or cooling unit, and they typically stay cooler than a two-story home, both of which can lead to significant savings.

2. Easier Maintenance 

“Doing a general cleaning in a single story requires less effort and you will be able to see all areas that need cleaning and the areas are easily accessible.”

Cleaning and maintenance of a single-story home can take less time and effort, and better upkeep helps improve the overall value of the home.

3. Easily Accessible for Everyone

“A single-story house can be accessed by anyone, whether they are young children or the senior citizens.”

If you’re looking for a house that provides a safe and easily accessible environment at any age, a single-story home may be optimal.

4. Good Resell Potential

“When buying a single-story house, you should consider the resale value should you think of reselling it in case of a circumstance that can happen. Look at the growth rate of that area. Due to the high demand of these types of houses it is [easy] to resell them and depending on the growth rate of an area, it increases in value significantly.”

Single-story homes have a lot of benefits and are often in higher demand. This bodes well for future resale opportunities.

South Bay Single Story Homes For Sale

 

Posted in Buyer Tips
Oct. 20, 2020

New Horizons 55+ Torrance - Featured Community

Today's Featured Community - New Horizons Torrance

New Horizons Torrance 55+New Horizons of South Bay is a resort style community, built in 1963-1964.  Unlike at many other South Bay 55+ communities, New Horizons offers wide green open spaces, house-like feel to condos, especially the bungalow style homes you see at New Horizons. 

View New Horizons Homes For Sale

new horizons 55+ community Torrance CA Among many New Horizons recreational facilities are: the Clubhouse with lounge, billiard room, ballroom with large kitchen, the 9-hole golf course.  The sports facility includes a gym, sauna, jacuzzi, second pool, tennis court, wood shops. There is something for everybody at New Horizons. It is located just a few miles from the beach and even closer (in many cases walking distance) to shopping, dining and medical facilities. 

Contact us at (310)918-5027 for showings or to be alerted via email when new homes become available at New Horizons.

Check out the advantages of downsizing into a senior 55+ home:

Posted in 55+ Communities
Oct. 16, 2020

How To Price Your Home For Sale

How To Price Your Home For Sale

selling a home

When you decide how to price your South Bay California home for sale, the goal is to increase visibility and drive more buyers your way. Instead of trying to win the negotiation with one buyer, you should price your house so that demand is maximized and more buyers want to take a look.

As a home seller, you might be thinking about pricing your house on the high end while so many of today’s buyers are searching harder than ever just to find a home to purchase. You’re thinking, higher price, greater profit, right? But here’s the thing – a high price tag does not mean you’re going to cash in big on the sale. It’s actually more likely to deter buyers and have them looking at the houses your neighbors are selling instead.

Even today, when the advantage tips toward sellers because there are so few houses for sale, your house is more likely to sit on the market longer or require a price drop that can send buyers running in the other direction if it isn’t priced just right.

how to price a home for sale

It’s important to make sure your house is priced correctly by working in partnership with a trusted local South Bay real estate professional. When you price it competitively, you won’t be negotiating with one buyer over the price. Instead, you’ll have multiple buyers competing for the home, and that’s what ultimately increases the final sale price.

The key is making sure your house is priced to sell immediately. That way, it will be seen by the most buyers. More than one of them may be interested, and your house will be more likely to sell at a competitive price. Whether you're selling your Redondo Beach home, Torrance home, Manhattan Beach home or any South Bay Area home, we can help!

 Contact us for a Free Home Evaluation today! We'll help you price your home correctly with the goal of generating multiple offers.

 

Posted in Seller Tips
Oct. 15, 2020

Buying a Retirement Home - 55+ Community

When should I buy a retirement home? How about a South Bay 55+ community?

When is the right time to buy a 55+ condo? Wait till I retire or purchase a beach 55+ condo such as one of our South Bay active senior condos?

Approximately 10,000 people turn 65 in this country every day. Prior to the health crisis and covid pandemic, most people had to wait until they retired to make a move to the beach, the golf course, or the senior living community they were looking to settle into for their later years in life. This year, however, the game changed.

 

Many of today’s workers who are nearing the end of their professional careers, but maybe aren’t quite ready to retire, have a new choice to make: should I move before I retire?

If the sand and sun are calling your name and you have the opportunity to work remotely for the foreseeable future, now may be a great time to purchase that beach bungalow you’ve always dreamed of or the single-story home in the sprawling countryside that might be a little further out of town.

Whether it’s a second home or a future retirement home, spending the next few years in a place that truly makes you smile every day might be the best way to round out a long and meaningful career.

The health crisis this year made us all more aware of the importance of our family and friends, and many of us have not seen our extended families since the pandemic started. It’s no surprise, therefore, to see in the same report that 32% of those surveyed cited the top reason they’re making a move is that they want to be closer to family and friends (See graph below):

55+ homes retiring

The survey also revealed that 73% percent of retirees currently live in single-family homes. With the overall number of homes for sale today hitting a historic low, and with the buyer demand for single-family homes skyrocketing, there’s never been a more ideal time to sell a single-family home and make a move toward retirement. Today’s market has the perfect combination of driving forces to make selling optimal, especially while buyers are looking to take advantage of low interest rates.

Contact us today to book a Free Tour of South Bay 55+ active senior homes. Call (310)918-5027

July 31, 2017

Curious About Local Real Estate?

Receive the Latest Local Market Stats

Curious about local South Bayreal estate? So are we! Every month we review trends in our local real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please Contact us for clarification or to have any questions answered.

We'll be happy to provide you with details that are not listed on the report and help you determine the best South Bay California home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates