We all keep hearing that there's a flood of bank owned REO
foreclosures set to hit the real estate market and be listed in the MLS
imminently. Buyers particularly cling to this urban myth which seems to
be recirculated on various web sites periodically. Sorry, but this may
not be the way the distressed housing marker plays out - at least
relative to the shadow inventory in Redondo Beach.
When we look at actual current foreclosure listings in the MLS and foreclosure real estate activity in South Redondo Beach, CA 90277 for 2012 so far, the REO flow is steady but only about 10% on average of monthly sales. Take a look at the report below. There are far more auctions than bank owned inventory that you will ever see on a MLS list.
If you want to run the report for yourself and play with the results, click here for the foreclosure screen, then type in the zip code or name of the California city you are interested in. You will see up to the date foreclosure data on pre-foreclosure properties that are potential short sales (NODs), homes set for auction, and actual bank owned foreclosures (REO) that will be list on the MLS.
Currently, there are 3 bank owned foreclosure listings in South Redondo Beach. One is a free standing condo tonwhouse, another is a 3 level condo, and the final one is your prototypical South Redondo Beach mansion.
1007 S Catalina Ave Unit 216, Redondo Beach CA, 90277:
While this building looks like a standard condo project from the
exterior, it is full of surpirses when you enter. There is a lush
courtyard internally. You take the elevator to the second floor where
you enter this tri-level town home style condo. The front door takes you
into the middle of the 3 floors which is the living room and kitchen.
Go up one flight to the top floor where there is a large loft and a
balcony with ocean views. Downstairs from the main level, there's the
bedroom. The bedroom and living room face east and have nice S Redondo
views. MLS 12595601. List RE/MAX Executives $484,900.
502 S Maria Av, Redondo Beach CA, 90277:
This is a detached townhouse (condo) foreclosure in South Redondo Beach
built in 1998 in a private cul-de-sac community There are three
bedrooms, 2.5 baths and the property measures 1816 sq ft. with a
traditional floorplan with all three bedrooms located upstairs. The
master suite has city lights view and huge walk-in closet. The entire
property has fresh paint and new carpet. Kitchen has granite counters,
custom cabinets and tile floors. Living room has wood type floors and
fireplace. There is a private backyard-patio, laundry room, and direct
access to the two car garage. Before this home was foreclosed on, it
was listed as a short sale by Shorewood Realtors for about 200 days.
Currently it is listed with local REO Broker Mark Arico for $649,000.
MLS 7507017067.
407 S irena Av, Redondo Beach CA, 90277:
Foreclosure Mansion! Very large and practically new (built in 2003)
This two story, 5 bedroom, 3.5 bath, Mediterranean style home in South
Redondo Beach is 4283 square feet, on a 7690 sq ft lot. With some
minor cosmetic repair, this home will be a beauty. Features include
high ceilings, marble tile floors, granite counters and back splashes,
maple cabinetry, built-in stainless steel appliances, huge family room,
dining room, separate laundry room, downstairs master bedroom would be
perfect for in-laws or nanny, office/library upstairs with paneled
walls, built-in book shelves and balcony, 4 bedrooms upstairs including
the master suite with a walk-through closet, balcony overlooking rear
yard and master bath with walk-in shower and spa tub. Great curb
appeal, landscaped yards with rear wood deck, spa and a detached 3 car
garage accessed from a private street. MLS V12036787. Listing Broker
Prudential Californa Realty. $1,229,900 which is a killer deal at $287
sq ft.
So, these are the three for sale right now. Great deals? Maybe. If you are looking for a property similar to these and are willing to do some cosmetic work in order to save some money, go for it. You'll definitely be buying at a discount to a standard sale and getting some amenities not otherwise available. But, as stated previously, if you are waiting for a glut of foreclosed properties to hit the market driving prices down, not likely to happen anytime soon or propbably at all.
Here's a recap of the 13 other bank owned REO foreclosure sales in South Redondo Beach CA for 2012 as reported in the MLS. Most of these properties sold pretty close to list price, some over list (why is that a surprise?).
And lastly, if you are wondering where the foreclosure inventory is, check out the following graphic. NTS, the notice to sell, are way down and where are the bank owned foreclosures many buyers are waiting for to hit the market?
When we look at actual current foreclosure listings in the MLS and foreclosure real estate activity in South Redondo Beach, CA 90277 for 2012 so far, the REO flow is steady but only about 10% on average of monthly sales. Take a look at the report below. There are far more auctions than bank owned inventory that you will ever see on a MLS list.
If you want to run the report for yourself and play with the results, click here for the foreclosure screen, then type in the zip code or name of the California city you are interested in. You will see up to the date foreclosure data on pre-foreclosure properties that are potential short sales (NODs), homes set for auction, and actual bank owned foreclosures (REO) that will be list on the MLS.
Currently, there are 3 bank owned foreclosure listings in South Redondo Beach. One is a free standing condo tonwhouse, another is a 3 level condo, and the final one is your prototypical South Redondo Beach mansion.
REDONDO BEACH BANK OWNED REO FORECLOSURES FOR SALE
1007 S Catalina Ave Unit 216, Redondo Beach CA, 90277:
While this building looks like a standard condo project from the
exterior, it is full of surpirses when you enter. There is a lush
courtyard internally. You take the elevator to the second floor where
you enter this tri-level town home style condo. The front door takes you
into the middle of the 3 floors which is the living room and kitchen.
Go up one flight to the top floor where there is a large loft and a
balcony with ocean views. Downstairs from the main level, there's the
bedroom. The bedroom and living room face east and have nice S Redondo
views. MLS 12595601. List RE/MAX Executives $484,900.502 S Maria Av, Redondo Beach CA, 90277:
This is a detached townhouse (condo) foreclosure in South Redondo Beach
built in 1998 in a private cul-de-sac community There are three
bedrooms, 2.5 baths and the property measures 1816 sq ft. with a
traditional floorplan with all three bedrooms located upstairs. The
master suite has city lights view and huge walk-in closet. The entire
property has fresh paint and new carpet. Kitchen has granite counters,
custom cabinets and tile floors. Living room has wood type floors and
fireplace. There is a private backyard-patio, laundry room, and direct
access to the two car garage. Before this home was foreclosed on, it
was listed as a short sale by Shorewood Realtors for about 200 days.
Currently it is listed with local REO Broker Mark Arico for $649,000.
MLS 7507017067.407 S irena Av, Redondo Beach CA, 90277:
Foreclosure Mansion! Very large and practically new (built in 2003)
This two story, 5 bedroom, 3.5 bath, Mediterranean style home in South
Redondo Beach is 4283 square feet, on a 7690 sq ft lot. With some
minor cosmetic repair, this home will be a beauty. Features include
high ceilings, marble tile floors, granite counters and back splashes,
maple cabinetry, built-in stainless steel appliances, huge family room,
dining room, separate laundry room, downstairs master bedroom would be
perfect for in-laws or nanny, office/library upstairs with paneled
walls, built-in book shelves and balcony, 4 bedrooms upstairs including
the master suite with a walk-through closet, balcony overlooking rear
yard and master bath with walk-in shower and spa tub. Great curb
appeal, landscaped yards with rear wood deck, spa and a detached 3 car
garage accessed from a private street. MLS V12036787. Listing Broker
Prudential Californa Realty. $1,229,900 which is a killer deal at $287
sq ft.So, these are the three for sale right now. Great deals? Maybe. If you are looking for a property similar to these and are willing to do some cosmetic work in order to save some money, go for it. You'll definitely be buying at a discount to a standard sale and getting some amenities not otherwise available. But, as stated previously, if you are waiting for a glut of foreclosed properties to hit the market driving prices down, not likely to happen anytime soon or propbably at all.
Here's a recap of the 13 other bank owned REO foreclosure sales in South Redondo Beach CA for 2012 as reported in the MLS. Most of these properties sold pretty close to list price, some over list (why is that a surprise?).
And lastly, if you are wondering where the foreclosure inventory is, check out the following graphic. NTS, the notice to sell, are way down and where are the bank owned foreclosures many buyers are waiting for to hit the market?
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