Why Days on Market Can Be Misleading on El Segundo Homes

By Keith Kyle

I’m sure most MLS systems are different but here in the South Bay the days on market on the CRMLS can be a bit misleading.  Many buyer and agents use days on market as a negotiating tool….the longer the home has been on the market, the more leverage the buyer has to come in low or negotiate other favorable terms.

The problem is that days on market doesn’t always indicate just how long the home has been available and is not necessarily indicative of “active” status.  As realtors when our clients accept an offer we have the option of changing the status to “pending” or “active under contract”.  Pending stops the days on market from accruing, but active under contract does not.  A home can go into escrow on day one, change the status to active under contract (again meaning it’s in escrow) and if it falls out of escrow 20 days later the days on market for the home will show 20.  It’s very misleading as the home has not been available for those 20 days and now puts the seller and listing agent at a disadvantage…..even though it sold the first day.

The other aspect that leads to misinformation is that with this days on market accruing on many home, it does not allow for an accurate picture of the market.  For instance a certain area of town or city itself may show an average days on market for a certain month to be one thing….when many of those homes were not actually available.  It may show days on market at 45 when the reality is that the homes in the community actually go into escrow after 30.

It’s a problem that needs to be addressed as it can change perceptions….both on an individual home and the market in general.

Home Inventory on the rise in Hollyglen

By Keith KyleEl Segundo homes for sale

It’s been a while since we’ve seen more than just one or two single family homes for sale in the neighborhood of Hollyglen which may start to ease some of the pent up demand in this somewhat secret neighborhood. Although it has a Hawthorne mailing address, this great neighborhood is an unincorporated area and enjoys it’s own award winning school system known as the Wiseburn District. Hollyglen sits just north of Rosecrans and just west of the 405 freeway and has remained somewhat of an unknown jewel in South Bay real estate. I has the feel of Torrance neighborhoods of West Torrance and Southwood, with tree lined streets, schools within walking distance, and offer a very safe and social neighborhood feel. As of April 2, 2014 there are 7 single family homes for sale in Hollyglen, with 3 new construction in the 360 South Bay community, 2 additional homes in Del Aire (but west of the 405 so in somewhat similar neighborhood) priced from $544,000 (Del Aire) to $890,000 for a 4 bedroom new construction in 360. Prices for a 3/2 single family built in the 1950s, which most are, generally range lately between $640,000 and $690,000

Click here to view the current single family homes for sale in Hollyglen CA

Charming Home Hits the Market at 841 Loma Vista

One of the nice aspects of El Segundo is that, unlike some of its neighbor cities to the south, it still retains a small town feel.  One of the reasons forEl Segundo Home this is that instead of every “beach bungalow” being torn down and replace with mini mansions that overwhelm the smaller lots, many homes are updated and upgraded and have their original charm.  841 Loma Vista is one of these.

Click here to view the details and photos of 841 Loma Vista in El Segundo CA

 

Welcome to El Segundo Real Estate

By Keith KyleEl-Segundo-Sign

El Segundo real estate is often overlooked in the South Bay as the name perhaps isn’t quite as alluring as it’s neighbors in Manhattan and Hermosa Beach, but it  is a wonderful place to call home and is a more affordable option.  We hope you’ll take advantage of all of the information and resources on El Segundo MLS as we offer a number of ways to search for homes including free MLS access, current homes for sale sorted by both price and type, and if you really want to make your home search easy we will customize your El Segundo home search and send you free daily email updates.  View recent homes sales, current prices, market statistics and much much more.

El Segundo offers residents a small town feel yet closer to key parts of Los Angeles such as LAX, downtown, Santa Monica and more.  Located just north of Manhattan Beach and just east of Los Angeles airport, El Segundo is a true community with a charming downtown area, fantastic school system, endless activities and beautiful Dockweiler Beach.

El-Segundo Real Estate Map

Problems and Challenges Caused By Termite Inspection Uncertainty

The termite inspection process during an El Segundo offer and escrow is not always easy to understand, especially for a first time home buyer. Termite Fumigation in El Segundo There is uncertainty and confusion as to how it all works and the challenges it can present.  Here a few tips to understand options:

  • For home sellers – I always recommend getting a termite inspection prior to listing the home unless it is clear that the sale will be as is and no repairs will be done of any kind.   Whether there is a lot of damage and recommended work, or nothing at all….it’s better to know up front.
  • The challenge for home sellers is that when an offer comes in it often has a clause that contractually obligates the home seller to have an inspection and pay for any work that the termite company recommends.  It becomes a real challenge for sellers as to whether to accept this clause due to the fact that without previously having in inspection done, sellers don’t know what they are agreeing to.  They can try to negotiate this inspection or work out but it may not only be unnecessary (perhaps there isn’t much work needed) but may mean the difference in going into escrow or having the buyer walk away.
  • The loan process and how it is impacted by the WPA (wood destroying pest addendum) – If a loan is part of the offer, as it usually is, and termite work is agreed upon, the lender will not loan until all of the work is completed and termite company issues a certificate of completion.  This can get particularly challenging when fumigation is involved.
  • Fumigation – If fumigation is needed, and originally agreed upon between buyer and seller, fumigation (tenting) would need to take place prior to close of escrow.  This can be a real challenge as it takes a few days and home owners much be out of the house….all prior to closing escrow.
  • Condos and townhomes – Any situation in which homes are attached to one another presents another problem.  If the termite company recommends fumigation it is often impossible as it would involve displacing your neighbors…as well as the costs involved.  This poses an additional challenge the buyers lender will want to see completion when fumigation isn’t possible.  In addition condo complexes often have contracts with pest companies that handle exterior.

Whether you are a buyer or seller, make sure your realtor explains what is involved in the termite negotiation, agreement, and escrow process as it often has a number of challenges.

So What Is the Termite Inspection Process During and Escrow

As many of my clients are first time home buyers, the process of the termite inspection and termite/wood destroying pest repair process is often a bit confusing.  Unlike any traditional repair requests that come up during the escrow process, the termite inspection and repairs are generally agreed upon prior to acceptance and are therefore contractual and non-negotiable during escrow.

During the offer there are two times the inspection and work can be mentioned.  The Residential Purchase Agreement specifies whether an inspection will be performed and who will pay for it.  Another document called the WPA or wood destroying pest addendum can also be included in the offer and goes into greater detail explaining what will be inspected, who will pay for it, and if there is any work needed per the inspection, who pays for the work.  Most often sellers agree to pay for both the inspection and, what’s known as, section 1 recommendations.  This often includes wood repair, spot treatment and sometimes fumigation (tenting).  Every negotiation is different and some will not agree to pay for an inspection or the work.  Regardless I advise my sellers to have an inspection even if they are paying for it themselves as simply put…it makes a big unknown more understood and decisions can then be based on the results.  There are a number of challenges and problems that can be caused by the termite uncertainty and I’ve listed several here.2013-12-03 13.55.42

See This Weeks Open Houses – Jan 25-26, 2014

South Bay Public Open Houses – January 25th and 26th

Manhattan Beach Open Houses 
Hermosa Beach Open Houses 
Redondo Beach Open Houses 
Torrance,  El Segundo Palos Verdes and Other Cities

Manhattan Beach Open Houses

 

Days Hours Address Details Price
Sun. 1-4pm 1650 22nd St. 3 BD, 2 BA $1,249,000
Sat. / Sun. 2-4pm 2009 Faymont Ave. 4 BD, 2 BA, New Listing $1,249,000
Sat. / Sun. 2-4pm 711 Larsson St. 4 BD, 2 BA, 50′ Wide Lot
$1,475,000
Sun. 1-4pm 3615 Laurel Ave. 4 BD, 3.5 BA $1,739,000
Sat. / Sun. 2-4pm 3112 Poinsettia Ave. 4 BD, 3 BA, MB Tree Section
$1,795,000
Sat. / Sun. 2-4pm 1417 Pine St. 4 BD, 3 BA, New Listing, 2,340
S.F.
$1,850,000
Sat. / Sun. 1-4pm 1161 2nd St. 5 BD, 4.5 BA, New Listing,
Craftsman SFH, Almost 3,600 S.F.
$1,980,000
Sun. 2-4pm 3521 Palm Ave. 4 BD, 3 BA $1,995,000
Sat. / Sun. 1-4pm 433 Marine Pl. 3 BD, 3.5 BA, New Listing!,
New Construction
$1,999,000
Sun. 1-4pm 468 34th St. 5 BD, 4.5 BA, Ocean Views $2,399,000
Sat. 1-4pm 210 Terraza Pl. 3 BD, 3 BA, 2,147 S.F., SFH,
on 1/2 Acre, 1st Time on Market since 1961
$2,500,000
Sun. 1-4pm 226 13th Pl. 4 BD, 4 BA, Ocean Views, Lunch
& Drawing
$2,689,000
Sun. 1-4pm 1733 Pine Ave. 5 BD, 5.5 BA, New Construction,
3,115 S.F.
$2,749,000
Sat. / Sun. 1-4pm 880 11th St. 5 BD, 4.5 BA, 4,100 S.F., Stunning
Tuscan Family Hm. on Lg. corner lot
$2,850,000

Hermosa Beach Open Houses

Day Time Address Amentities Price
Sun. 2-4pm 1707
Pacific Coast Hwy. #308
1
BD, 1 BA
$379,000
Sat.
/ Sun.
2-4pm 406
28th St.
2
BD, 1 BA, 2,400 S.F. Buildable Lot
$1,250,000
Sun. 1-4pm 646
1st St.
4
BD, 3.5 BA, Ocean Views
$1,299,000
Sat.
/ Sun.
2-4pm 720
10th St.
4
BD, 4 BA, Ocean View
$1,325,000
Sun. 1-4pm 624
3rd St.
3
BD, 2.5 BA, New Listing! Stylish Remodeled, SFR
$1,389,500
Sat.
/ Sun.
1-4pm 301
Manhattan Ave.
3
BD, 3.5 BA, Ocean View, Rooftop Deck
$1,599,000
Sun. 1-4pm 531
Loma Dr.
Gorgeous
Ocean Vu., Custom SFR
$2,599,000
Sun. 1-4pm 2710
El Osete
4,500
S.F. Home, Ocean View
$2,690,000

Redondo Beach Open Houses

Days Hours Address Details Price
Sun. 2-4pm 720
Meyer Ln. #109
2
BD, 2 BA
$469,000
Sat.
/ Sun.
2-4pm 2520
Graham Ave.#1
2
BD, 1.5 BA
$475,000
Sat.
/ Sun.
1-4pm 2000
Mathews Ave. #6
2
BD, 1.5 BA, End Unit, Designer Perfect
$519,500
Sat.
/ Sun.
1-4pm 705
N. Guadalupe Ave.
1
BD, 1 BA, Remodeled, Bonus Rm. Bch. Bungalow, w/ all the right touches
$550,000
Sat.
/ Sun.
1-4pm 1910
Grant Ave. #3
2
BD, 2 BA, Spacious Townhouse, Oversized Bedrooms
$555,000
Sun. 1-4pm 2510
Nelson Ave. #1
3
BD, 2 BA, New Listing
$575,000
Sat.
/ Sun.
2-4pm 2608
184th St.
3
BD, 2 BA
$749,000
Sun. 2-4pm 220
S. Helbert Ave. #C
3
BD, 2.5 BA, Ocean View
$775,000
Sat.
/ Sun.
1-4pm 2416
Grant Ave. #A
3
BD, 2.5 BA, New Construction
$799,000
Sat.
/ Sun.
1-4pm 2416
Grant Ave. #B
4
BD, 3 BA, New Construction
$810,000
Sat.
/ Sun.
1-4pm 2416
Grant Ave. #C
4
BD, 3.5 BA, New Construction
$820,000
Sat.
/ Sun.
1-4pm 2006
Harriman Ln. #A
4
BD, 2.5 BA, 2,352 S.F. Front Townhome
$829,000
Sun. 1-4pm 519
S. Francisca Ave.
3
BD, 3 BA, Beach Bungalow, Deck & Ocean View
$849,000
Sat.
/ Sun.
1-4pm 1519
Wollacott St.
4
BD, 2.5 BA, Elegant & Spacious, Great for a Family
$925,000
Sun. 1-4pm 2303
Mackay Ln.
4
BD, 2.5 BA, Detached w/ Separate Driveway
$979,000

Neighboring Cities Open Houses

Day Time Address City Description Price
Sun.
2-4pm
827
Washington
El
Segundo
3
BD, 1.5 BA
$799,000
Sat.
/ Sun.
2-4pm
945
Eucalyptus Dr.
El
Segundo
3
BD, 2 BA, New Listing
$799,000
Sat.
/ Sun.
10-5pm 5428
Strand
Hawthorne Studio
to 4 BD, Resort Amenities
From
the $400,000s
Sat.
/ Sun.
1-4pm 2628
Via Rivera
Palos
Verdes Estates
3
BD, 2 BA
$1,275,000
Sat.
/ Sun.
2-5pm 1658
Granvia Altamira
Palos
Verdes Estates
3
BD, 2.5 BA, 1,879 S.F. SFR
$1,299,000
Sat.
/ Sun.
1-4pm 1800
Via Estudillo
Palos
Verdes Estates
4
BD, 3 BA, Beautiful Lunada Bay 2 Story
$1,350,000
Sun. 1-4pm 1416
Via Zumaya
Palos
Verdes Estates
5
BD, 3 BA
$2,049,000
Sat.
/ Sun.
1-4pm 34
Pepper Tree Ln.
Rolling
Hills Estates
2
BD, 2.5 BA
$1,250,000
Sun. 1-4pm 15
Cerrito Pl.
Rolling
Hills Estates
4
BD, 4 BA, Cul-de-Sac, 2,487 S.F. Approx.
$1,359,000
Sun. 1-4pm 235
S. Meyler St.
San
Pedro
2
BD, 2 BA, 1,134 S.F. SFR, 1917 Bungalow
$389,000
Sun. 1-4pm 2224
Dominguez St. #13
Torrance 3
BD, 2.5 BA, End Unit
$549,000
Sat.
/ Sun.
1-4pm 1640
Fern Ave.
Torrance 2
BD, 1 BA, + Bonus Rm. w/ Kitchen & .75 BA
$675,000
Sun. 2-4pm 5132
Zakon Rd.
Torrance 3
BD, 2 BA, Views
$789,000
Sat.
/ Sun.
1-4pm 5520
Arvada St.
Torrance 4
BD, 3 BA, 2,000 S.F.
$838,000
Sun. 1-4pm 27753
Hawthorne Blvd.
Torrance 3
BD, 2 BA, Desirable Location, New Price
$870,000
 

Pocket Listings in El Segundo

With the extremely tight inventory of homes for sale in the South Bay, many buyers approach me looking for off market, or pocket listings. Pocket listings and exclusive listings are the hot trend at the moment as eager buyers clamor for a chance to purchase a home without all of the competition. In this market knowing about it first may not ultimately make a difference, but it certainly helps. Many agents seem to be trying to keep listings private as well in the hopes that perhaps they can represent both buyer and seller, which is much easier if fewer agents know that the home is for sale. So what do the terms actually mean? A pocket listing can be anything from a realtor simply knowing about a home that a seller might consider selling and not having a listing agreement, to something coming to the market but not yet on the MLS, to the intentional withholding of the listing from the MLS.  Sign up for information on El Segundo pocket listings.

But is it beneficial to the seller? In terms of price, exposure, etc. the answer is generally no. The more exposure the home gets, the more potential buyers see it, and the likelihood that it will sell for a better price and with more favorable terms for the seller. Eliminate that competition and generally speaking the chances of such favorable terms decrease.

There are very legitimate reasons for exclusive or “pocket” listings and for keeping the property off the market…..work being completed, tenant issues, or simply a seller who doesn’t want the world touring their home. Seller’s just need to be sure that the reasons for keeping a home off of the South Bay MLS are beneficial to them….and not just to the listing agents.

Whether keeping a listing from the MLS is good or bad for the seller ultimately depends on the situation and whose best interest is the primary reason, but working with a top local realtor who has the network and knowledge to seek out these possible opportunities is certainly key for the buyer.

770 West Imperial – Lowest Priced Condo in El Segundo

If you’re looking for a home in El Segundo but feel priced out of the market you may want to consider 770 West Imperial #32 priced at $342,900El Segundo Condos for saleThis two bed/1 bath condo in the Pacific Sands building is just a short bike ride to Dockwieler Beach and has been upgraded with granite counters, newer cabinetry and may be an ideal fit for the right El Segundo home buyer.  To see more information view the details of 770  W Imperial  AV   # 32, El Segundo 90245


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Will Overpriced Homes Slow the El Segundo Real Estate Market?

Torrance HomesI’ve noticed an early January trend in some of the local markets as many homes now seem to be listed at prices that recent sales just don’t seem to justify. Will this overpricing help slow the market down a little as we’re starting to see some homes sit on the market and even eventual price reductions.

We’ve seen the market increase in value dramatically in the past 12 months with values generally rising each month but since late November we seem to be seeing more homes priced well above the current market and well above the pricing trend. Only time will tell what 2014 has in store in the Beach Cities real estate market but as perception is such a real part of real estate, buyers now seeing El Segundo homes sit on the market without selling may mark the beginning of a slow down.