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By Keith Kyle
El Segundo is a fantastic little town that has a small town feel that most areas can’t duplicate. While there are an abundance of townhomes and condos, the bulk of the homes are some version of the original beach bungalow. Many have been nicely updated and expanded while some are in fairly original condition.
Unlike neighboring Manhattan Beach, El Segundo hasn’t seen quite the same building boom creating oversized luxury homes and there are several reasons. The primary reason is that values, while having gone up considerably in the past 2 years, haven’t rocketed upwards to the same extent and builders eager to build high end luxury properties may not see the margins and are searching elsewhere.
View the current homes for sale in El Segundo priced over $2,000,000
So will El Segundo see an increase in luxury $2,000,000 homes? It still appears unlikely other than the rare case of a truly special home on an oversized lot in an A+ location. There will be a limited amount of homeowners that simply love El Segundo that build their dream house and at some point those homes will be sold, but it’s very unlikely we’ll see too many luxury spec homes built as the cost of lots/tear down homes, plus the cost of building makes for a challenging investment.
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.