Posted on March 12th, 2013 No comments
Home buyers still appreciate travertine. It’s elegant and has a crisp, clean look. Travertine can be a challenge to keep clean however because it is porous. It’s important to seal the travertine – a couple of coats – to make it easier to clean. Otherwise, polishing powders, and such, can accumulate in the holes. Travertine is great for floors, but not as good an idea for highly used countertops.
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In this graph you can see that inventory continues to dwindle. And in the past few months, the number of transactions that have closed actually out numbers the number of homes for sale. Buyers are desperate for properties. This could be a great time to put your home on the market, if you have been considering it. As I stated in an earlier post today, many properties are get multiple offers and the prices are being pushed up.
Prices continue to go up in Redondo Beach. Case in point, 1625 Morgan Lane came on the market last week (brokered by KW). This is a 3 bedroom Tall & Skinny in the Golden Hills, close to Jefferson Elementary. It has been nicely remodeled. The kitchen has been redone, There are hardwood floors downstaris. And unlike most Tall & Skinnys, all the bedrooms are upstairs which is a huge selling point. The bathrooms were not remodeled, but are very clean. The biggest down side, in my opinion is that the living space (on the first floor) does not get much light. Anyway, it was priced at $759,000. In a few days, the seller had amassed 16 offers, going well over asking. I can reveal the final price once the property closes. This home is ultimately going to sell for more than it may even appraise at. However, the winning bidder may have removed the appraisal contingecny, eliminating this issue altogether.
A few more examples are:
1641 Ford Ave: Listed at $699,000. Sold at $720,000
1517 Stanford Ave: Listed at $739,000. Sold at $769,000. This was my listing. I had 4 offers and the winning bidder was all cash, no appraisal contingency.
1503 Stanford Ave: Listed at $759,000. Sold at $7990,000
1610 Van Horne Lane: Listed at $825,000. Sold at $840,000.
Buyers are being aggressive. If inventory continues to remain low, this marke could continue to rise. The question is are we creating another bubble?
The well recognized fencing has just gone up around the small 1967 built home at 2210 Robinson St in Redondo Beach. Just purchased for $505,000 which is, effectively, lot value, the owner/builder is going to tear it down and build a brand new single family home. This is a 5,000 sq. foot lot, zoned R-1. Redondo Beach will only allow a single family on this property which is largely the case up and down the south side of Robinson St. The north side of Robinson has larger lots and therefore town homes greatly populate this side of the street.
Construction is scheduled to take approximately 7 months and the finished product should be ready by October 2013.