Tag: south bay
At Long Last….A New Listing in Fusion at 5406 149th
It’s been a while since there was a home for sale in Fusion in the South Bay, the gated townhome community in the Hollyglen area of Hawthorne. Ideally located just east of Manhattan Beach, it’s is a fantastic alternative to Redondo, Manhattan and El Segundo. Prices would be exponentially higher if it were located just across the street, but the location still offers residents easy access to the active South Bay lifestyle with the beach, dining, shopping and more close by.
The current unit for sale is a “C” floorplan (see our video walkthrough of a different Fusion C townhome for a sense of the layout) which offers a very open kitchen/dining/living room areas with 2 bedrooms and laundry upstairs. The C floorplan also offers a 2 car attached garage. The ammenities of the complex include pool and spa, small playground, half basketball court and various exercise stations.
Located at 5406 W 149th Place unit #18, (see Fusion South Bay map) it is priced at $499,000 which, in our opinion, is low and would be a good deal for the buyer that purchases the home. Square footage is listed as 1,110 by listing agent Young Kim of Landmark, but in our experience the square footage is actually larger when measured.
South Bay Appraisal Questions and Answers
Appraisal Frequently Asked Questions
What is an appraisal?
What does an appraiser do?
Why would a person need a home appraisal?
What is the difference between an appraisal and a home inspection?
What is the difference between an Appraisal and a Comparative Market Analysis?
What does the appraisal report contain?
After completing the report, what assurance is there that the value indicated is valid?
How are appraisers certified?
Who do appraisers work for?
Where does an appraiser get the information used to estimate value?
Why do I need a professional appraisal?
How do I get ready for the appraiser?
What is ”Market Value”?
Who Actually Owns the Appraisal Report?
Which home renovations add the most to the price?
What is an appraisal? Back to top
An appraisal is a thought process leading to an opinion of value. This opinion or estimate is arrived at through a formal process that typically uses the three ”common approaches to value”. They are the Cost Approach – which is what it would cost to replace the improvements, less physical deterioration and other factors, plus the land value. There is the Sales Comparison Approach – which involves making a comparison to other similar, nearby properties which have recently sold. The Sales Comparison Approach is normally the most accurate and best indicator of value for a residential property. The third approach is the Income Approach, which is of most importance in appraising income producing properties – it involves estimating what an investor would pay based on the income produced by the property.
What does an appraiser do? Back to top
An appraiser provides a professional, unbiased opinion of market value, to be used in making real estate decisions. Appraisers present their formal analysis in appraisal reports.
Why would a person need a home appraisal? Back to top
There are many reasons to obtain an appraisal with the most common reason being real estate and mortgage transactions. Other reasons for ordering an appraisal include:
- To obtain a loan.
- To lower your tax burden.
- To establish the replacement cost of insurance.
- To contest high property taxes.
- To settle an estate.
- To provide a negotiating tool when purchasing real estate.
- To determine a reasonable price when selling real estate.
What is the difference between an appraisal and a home inspection? Back to top
The appraiser is not a home inspector nor does he/she do a complete home inspection. An inspection is a third-party evaluation of the accessible structure and mechanical systems of a house, from the roof to the foundation. The standard home inspector’s report will include an evaluation of the condition of the home’s heating system, central air conditioning system (temperature permitting), interior plumbing and electrical systems; the roof, attic, and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement, and visible structure.
What is the difference between an Appraisal and a Comparative Market Analysis (CMA)? Back to top
To a certain extent this depends on the realtor providing the CMA. The CMA relies on market trends and local knowledge of the market whereas the appraisal relies on specific, verifiable comparable sales. In addition, the appraisal looks at other factors like condition, location and construction costs. A CMA delivers a ”ball park figure.”An appraisal delivers a defensible and carefully documented opinion of value.
What does the appraisal report contain? Back to top
Each report must reflect a credible estimate of value and must identify the following:
- The client and other intended users.
- The intended use of the report.
- The purpose of the assignment.
- The type of value reported and the definition of the value reported.
- The effective date of the appraiser’s opinions and conclusions.
- Relevant property characteristics, including location attributes, physical attributes, legal attributes, economic attributes, the real property interest valued, and Non real estate items included in the appraisal, such as personal property, including trade fixtures and intangible items.
- All known: easements, restrictions, encumbrances, leases, reservations, covenants, contracts, declarations, special assessments, ordinances, and other items of a similar nature.
- Division of interest, such as fractional interest, physical segment and partial holding.
- The scope of work used to complete the assignment.
After completing the report, what assurance is there that the value indicated is valid? Back to top
In communicating an appraisal report, each appraiser must ensure the following:
- That the information analysis utilized in the appraisal was appropriate.
- That significant errors of omission or commission were not committed individually or collectively.
- That appraisal services were not rendered in a careless or negligent manner.
- That a credible, supportable appraisal report was communicated.
Most states require that real estate appraisers are state licensed or certified. The state licensed or certified appraiser is trained to render an unbiased opinion based upon extensive education and experience requirements. To become licensed or certified, appraisers must fulfill rigorous education and experience requirements. In addition, appraisers must abide by a strict industry code of ethics and comply with national standards of practice for real estate appraisal. The rules for developing an appraisal and reporting its results are insured by enforcement of the Uniform Standards of Professional Appraisal Practice (USPAP).
How are appraisers certified? Back to top
Regulations regarding licensing and certification of Real Estate Appraisers vary from state to state. However, licensing and certification is most often associated with many hours of coursework, tests and practical experience. Once an appraiser is licensed, he or she is required to take continuing education courses in order to keep the license current. To see the specific requirements for any state click here.
Who do appraisers work for? Back to top
Typically, appraisers are employed by lenders to estimate the value of real estate involved in a loan transaction. Appraisers also provide opinions in litigation cases, tax matters and investment decisions.
Where does an appraiser get the information used to estimate value? Back to top
Gathering data is one of the primary roles of an appraiser. Data can be divided into Specific and General. Specific data is gathered from the home itself. Location, condition, amenities, size and other specific data are gathered by the appraiser during an inspection.
General data is gathered from a number of sources. Local Multiple Listing Services (MLS) provide data on recently sold homes that might be used as comparables. Tax records and other public documents verify actual sales prices in a market. Flood zone data is gathered from FEMA data outlets, such as a la mode’s InterFlood product. And most importantly, the appraiser gathers general data from his or her past experience in creating appraisals for other properties in the same market.
Why do I need a professional appraisal? Back to top
Anytime the value of your home or other real property is being used to make a significant financial decision, an appraisal helps. If you’re selling your home, an appraisal helps you set the most appropriate value. If you’re buying, it makes sure you don’t overpay. If you’re engaged in an estate settlement or divorce, it ensures that property is divided fairly. A home is often the single, largest financial asset anybody owns. Knowing its true value means you can the right financial decisions.
How do I get ready for the appraiser? Back to top
The first step in most appraisals is the home inspection. During this process,the appraiser will come to your home and measure it, determine the layout of the rooms inside, confirm all aspects of the home’s general condition, and take several photos of your house for inclusion in the report. The best thing you can do to help is make sure the appraiser has easy access to the exterior of the house. Trim any bushes and move any items that would make it difficult to measure the structure. On the inside, make sure that the appraiser can easily access items like furnaces and water heaters.
The following Items, if available, will help your appraiser to provide a more accurate appraisal in a shorter period of time:
- A survey of the house and property.
- A deed or title report showing the legal description.
- A recent tax bill.
- A list of personal property to be sold with the house if applicable.
- A copy of the original plans.
What is ”Market Value?” Back to top
Market value or fair market value is the most probable price that a property should bring (will sell for) in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically
motivated; (2) both parties are well informed or well advised; (3) a reasonable time is allowed for exposure to the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.
Who Actually Owns
the Appraisal Report? Back to top
In most real estate transactions, the appraisal is ordered by the lender. While the home buyer pays for the report as part of the closing costs, the lender retains the right to use the report or any information contained within. The home buyer is entitled to a copy of the report – it’s usually included with all of the other closing documents – but is not entitled to use the report for any other purpose without permission from the lender.
The exception to this rule is when a home owner engages an appraiser directly. In these cases, the appraiser may stipulate how the appraisal can be used; for PMI removal, or estate planning or tax challenges, for example. If not stipulated otherwise, the home owner can use the appraisal for any purpose.
Which home renovations add the most to the price? Back to top
The answer to this is different depending upon the location of the home. Different markets value amenities differently. In the South Bay that is true as well. Additions or renovations that enhance the view greatly add to value.
As a rule, the most value returned from renovating a home comes in the kitchen. According to one national survey, kitchen remodels returned an average of 88% of the investment. In other words, a $10,000 kitchen remodeling project would add approximately $8,800 to the value of the home.
Bathrooms were second, returning 85%.
South Bay Communities
If you’re interested in some of the neighborhoods nearby El Segundo you’ve come to the right place. Search each city and neighborhood for information on schools, homes, community information and more.
South Bay Brokers Real Estate in El Segundo
When working with Keith Kyle, you get more than just the expertise and service of one person….you get the backing and support of South Bay Brokers Inc., one of the most successful and reputable real estate companies in the South Bay and El Segundo. His website, www.KeithKyleHomes.com has long been one of the top real estate websites in the area.
Founded in 1985, South Bay Brokers has been an industry leader since it’s inception and continues today to be a leader in terms of expert, honest real estate in the South Bay. With offices in Manhattan Beach and Redondo Beach, South Bay Brokers are area experts in the cities of Manhattan Beach, Hermosa Beach, Redondo Beach, Torrance, El Segundo, Lawndale, Hawthorne, Palos Verdes and surrounding neighborhoods. South Bay Brokers has recently become noted as short sale experts and can help both buyers and sellers through this rather challenging process.
Serving all of your South Bay real estate needs. With offices in Manhattan Beach, Hermosa Beach, and Redondo Beach we are your South Bay Realtors.
South Bay Brokers
South Bay Brokers
Manhattan Beach Office
2501 North Sepulveda Blvd Manhattan Beach, CA 90266 310-546-7611×366
Redondo Beach Office
1640 S Pacific Coast Highway
Redondo Beach, CA 90278 310-251-2344
At South Bay Brokers we take pride in our consistently high sales volume, unquestioned ethics and deep community involvement – and have done so for the past 20 years. All of these winning qualities stand firm upon a strong, stable, enduring foundation provided by our founding Brokers, our dedicated agents, staff longevity, cooperative working environment and continuing education program.
If you’re looking to buy, to sell or just get a feel for the area, you’ve come to the right place. We are here to help. Please select a link and take a step toward a partnership sure to meet your highest standards of excellence.