If you read my other entry South Bay Auctions!  and Auctions! What a Bummer…  Then you know what houses I am referring too.

As you know NONE of the houses sold at the auction and so the seller put them back up for sale in a standard sale format, here is the upate as of today:

2509 Palm Dr. Manhattan Beach, was on the market for a little while, apparently did not receive any offers that were good enough to take and so it was taken back by the bank.  From what I understand the bank then immediately turned around and sold it to a “buyer”  the price is to be rumored at $1,500,000+, very close to what Vineyard bank lent against the property (the builder paid 1,250,000 for the land a couple years ago).  The craziest part of all this is Raju of Shorewood Realtors advertised the property for sale at a new price of $1,799,000 in last weeks Beach Reporter!!! So either Raju himself or someone under his advisement bought this off the bank and is turning around and selling it for a higher price.

The other is 1405 Faymont Lane, Manhattan Beach, this house was handled a little differently, “they” meaning the seller inconjuction with the bank lowered the asking price on the MLS to $1,399,000 and made it a short sale, they got atleast one offer right away that was approved quickly by the bank and closed today at $1,350,000.  This buyer got a pretty good deal in my opinion.

the house on 11st has been cancelled, and the 2 in Hermosa Beach are still available in the low $2,000,000′s.

I will be brief, but there is a lot to talk about.First off is the new construction in the tree section, 1901 Walnut sold last week with 2 offers, the person that bought it is paying all cash.  I personally like the house and think the builder did a nice job, the price is yet to be disclosed but I was told that it sold between 2.1 and 2.2 … This house has been available for a while but once the new year hit so did new buyers.

Second to talk about is the new listing that came and went at 322 24th st. in Hermosa Beach, a full lot duplex really close to the beach in a great part of north Hermosa listed for 895,000 and sold in one day with 3 back up offers.  In my personal opinion this property was easily UNDER priced by 100,000 or more.  But this proves that buyers are out there and they are willing to act quickly if they see something they like.

Third, Also to sell is another new construction home in the tree section of Manhattan Beach, Bob Lane of Shorewood Realtors listing on 2829 Valley Dr.  A new construction house built by Gary Lane.  It too sat around for a while but sold shortly after the first of the year to an all cash buyer.

Forth, 505 Anderson st. Manhattan beach, listed for 799,000 a single family home in the “hill section”.  It was listed for 4 or 5 days had multiple offers and sold over the asking price.  Some people thought this was an amazing deal, but personally I did not care for the property…yeah you are in the Hill Section but you are on a 25 foot wide lot most lots over there are 40-50 feet wide, the hosue was in need of a lot of work and you were not in a great section of the Hill with other “tall and skinny houses around you.”  For the same amount of money I would rather live in East Manhattan on a much bigger lot and in house with better condition.

There have been 19 new escrows in the month of January in all of Manhattan and Hermosa.

Doug and I had a great show last week!If you missed it click on the link below and give a listen…we talked about 2008 and what it was like and what we see happening in 2009.  Also a caller called in to ask about financing and investment property.Click below, scroll to the bottom of that page and click on PLAY for the January show.http://www.latalkradio.com/Recap.php

This week happens to be my listing…

This is a great starter home in East Manhattan Beach with 3 bedrooms 2 baths, updated kitchen, Dining area, recessed lighting, front and back yards, Hardwood floors!

This property is located at 1340 2nd st., walking distance to Pennycamp elementary school and Mira Costa high school.

This will be a great test for the market, this property is priced to sell! So it should sell fast and for close to asking if not at asking.  10 months ago I sold a similar house on a better street for well over 900K.  Also there is a house 3 doors away that just sold 2 months ago for $900,000 and it was not in as good of condition.  If this sells fast it is a small sign that values may be down from their highs but things are still selling if they are price well. I will keep my readers up to date with what happens with this one.

Here is a picture but to see more CLICK HERE.