El Segundo CA once again saw a fairly low number of home sales for September 2014. The real estate market continued to be a sellers market with very low inventory and very high demand in this coastal community of the South Bay outside of Los Angeles. The bulk of the home sales in September were dominated by condos, which is a bit unusual. Of the 8 homes sold on the MLS, 5 were condos, one was a townhome and only 2 single family homes. Visit our El Segundo CA homes for sale page to see the current active MLS listings or visit our recent home sale page for the South Bay to see other months and other South Bay Cities.
El Segundo is primarily a community of beach bungalows and remodeled homes with a very casual feel. Every once in a while a stunning luxury estate property comes on the market and 840 Center Street certainly fits that description. According to listing agent Raju Chhabria:
“Completed in 2010, this custom home designed by Tomaro Design Group is warm and inviting, yet privately secluded. Upon entering the Portico, you will find a secluded courtyard with fire pit, tranquil water feature, detailed architectural lighting, and detached private office. Dramatic 2 story living room with 22ft ceilings, surrounded by windows. See-thru fireplace shared with the open family room. Formal dining room looks out to one of the 3 water features that occupy the property. The gourmet kitchen consists of Thermador appliances, imported marble and granite countertops, large center island with built-in wine and beverage refrigerators, a sizable pantry and a Butler Pantry. The breakfast nook and open family room both lead out to the backyard which features a built-in BBQ, gas fireplace and tranquil water feature, perfect for entertaining! Master suite with fireplace, a concealed in-ceiling TV, balcony, his and hers walk-in closets, en-suite bath with vanity and spa tub. The west wing includes a laundry room and 3 additional bedroom suites, each complete with private baths, walk-in closets and individually controlled climate. 3-car garage with ample professional storage cabinets and a custom motorized bike rack.”
El Segundo doesn’t generally see too many open houses as home inventory is down and it’s a fairly small town with few homes for sale in the best of markets. This weekend sees more than usual with several advertised open houses. See the list below for El Segundo and the South Bay. If you’re seeing this post after the September dates please visit our South Bay open houses site for updated homes for sale and schedules.
El Segundo is a fantastic community oriented city in the South Bay. It offers a great small town feel, charming downtown and Main Street areas, award winning schools and proximity to the beach. From a real estate perspective, however, parts of El Segundo do have their challenges….and it’s all about the location. The challenge El Segundo has is that it happens to have some less than appealing neighbors. Directly to the north lies LAX, or Los Angeles International Airport. To the west lies the Hyperion Waste Water Treatment Plant. To the south lies the Chevron Oil Refinery (although the areas nearest to the refinery of primarily commercial) and to the east is a relatively busy, but nice commercial and retail corridor with high rise buildings, hotels and strip malls. Although each area may require some compromise on the part of buyers, each does offer lower prices than the neighborhoods in the center of town. If you’re working with a realtor, make sure that they are familiar with El Segundo and can offer insight into just what the various neighborhoods are like.
Real estate in the South Bay and specifically El Segundo continues at a pretty torrid pace. Slowly rising inventory should alleviate some of the pressure and we may be heading towards a more balanced market. July was the new high for active homes for sale with 30, topping the year high of 17 in June. Median home price of active listings is $799,000. The primary reason for this significant jump in inventory is due to the two new construction projects at the 100 Block of Walnut and the 900 block of Pepper, a 12 unit project from architect Pat Killen.
Currently there are 14 homes in escrow which is also a considerable jump from the 9 homes in escrow during the month of June.
We are still seeing quite the disparity between the average list prices of homes in El Segundo vs. the average sold home prices. This is primarily due to sellers often listing homes at a “make me move” type price in which they’re looking for something well beyond market values.