As of April 6th there are 14 homes currently for sale in El Segundo ranging in price from $342,900 for a 2 bedroom condo at 770 W Imperial to $2,199,000 for an absolutely massive 8 bedroom 7 bath 5600 foot single family home located at 216 Walnut. March saw 8 closed escrows and sold homes as a sharp increase from the 5 year low in February of only 2 homes sold. See the recent El Segundo home sales for the list of homes sold in March and the months prior.
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
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 for 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.
The termite inspection process during an El Segundo offer and escrow is not always easy to understand, especially for a first time home buyer. 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.
|South Bay Public Open Houses – January 25th and 26th
Redondo Beach Open Houses
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.