March 2025 Newsletter
As we start the third month of 2025 here are some observations on the first 60 days in local real estate. Typically things move quickly with new inventory hitting the market, however, there was lot of old inventory left over from 2024. So for the first time in probably 5 years buyers were not lunging at the first new listing that hit the market. Interest rates were near or at 7% for the first 60 days which might have influenced buyer’s decisions. Interest rates came down close to 6.5% just recently and activity should increase dramatically in the next 90 days. March, April and May are and have been the best three months to sell your home, condo, units, etc. I am seeing trends in this market that are hyper local. There are over 160 single family homes available on the Peninsula which is leading to price adjustments. Just the stigma of being close to the slide area is affecting buyers decisions, even if the properties are miles away. Condos and townhomes are selling at a much slower rate, especially in N Redondo & PV as HOA’s and homeowner insurance have created several issues which affect lending and of course sales.
West & South Torrance are selling in normal time frames for the most part, some with multiple offers. Hollywood Riviera is seeing inventory increase as prices have gone up dramatically in the last two years, surpassing some of Palos Verdes for price per square feet sales. 2-4 unit properties are also slowing down as values have dropped due to the laws favoring tenants. Most of my investor clients are either cashing out or exchanging into units or homes out of state, mostly in the Phoenix metro area.
Homeowners who were smart or lucky or both to refinance a few years ago at the 3% mark or below are very reticent to sell. This created the low inventory dynamic we had for the last 5 years. While they still may not sell anytime soon other sellers are coming to the market. Retirees who are relocating, trust & probate sales, sellers with large reverse mortgages or elderly moving in to retirement or assisted living facilities. Whatever the reason give me a call. I have 45 years of local experience. Both Scott & I are glad to assist you in any way we can.
5105 Macafee Road
Lot Value Only Sold for $1,000,000
1153 9th Street
New to the market. Large spacious Hermosa Beach home with wide lot and ocean views.
Listed for $2,949,000
2222 Harriman Lane
Just went into escrow on this 4-plex
on a corner lot in N. Redondo Beach
Listed for $2,450,000
23426 Clearpool Place
My buyer beat out multiple offers
and can’t wait to close escrow.
Listed for $925,000
Shredding Event
On April 5th from 9-12 or until the truck is full I am hosting the Annual Shred Event at my office. Bring your old files, paperwork, bills, folders and I will have a company shred them for you. Limit to 4 boxes or 4 bags. See you around the neighborhood!
Bring your old files, paperwork, stuff taking up space in your home or office on April 5th from 9-12 or until the truck is full.
Staples are okay. Limit is either 4 bags or boxes. I have assistants that take them out of your car for you so just drive up and we will take care of you.
February Winners / March Giveway
Congratulations to Erika Jerez & Sharon & Paul Oda on winning the two $50.00 gift certificates to Islands and Tokyo Central. Have fun! For April I will be giving away two $50.00 gift certificates to Lowe’s and Home Depot so you can spruce up your gardens. Entries must be received by April 10th. Just email me or Scott or send a note in the mail. Good Luck!
Trust Attorney Referrals
Many of you responded to my last newsletter when I detailed how expensive it is to have to probate your estate. I was able to refer a handful of you to a local, respected and reasonable trust attorney. Reach out to me and I will be happy to do this again.
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