In March I wrote a post about government online help for homeowners who needed information about refinancing or loan modification. While the government site can be helpful many homeowners have found that the information there may not have quite fit their situation.

Lew Sichelman is a Washington D.C. columnist who writes a terrific weekly column called The Housing Scene that is usually found in the LA Times Sunday Real Estate section. Lew always provides excellent information for buyers, sellers and even real estate agents. If you don't take the LA Times Sunday edition check out his columns online... you will be glad you did.

Once again Lew offers good advice for homeowners who need mortgage information and or help with their current loans. The guys who gave you FICO scores, Fair Issac, are now offering online help for homeowners who are in trouble with their mortgages. Lew not only gives details about the program but also offers some sage advice to owners who are in trouble and looking for help. Even if you are not having mortgage issues there is a lot of good information for homeowners.

If you are in trouble with your mortgage or think you may have a problem in the future I strongly suggest you read the article. It may save you a lot of grief... not to mention money. I am always happy to answer questions offline for those with specific issues.

Days on Market: April 2009

According to the MLS, March saw 23 homes and 5 townhomes close escrow*. Currently there are 178 homes and 44 townhomes for sale in Manhattan Beach. There are 39 homes and 11 townhomes in escrow.

The Sand section seems to be the main point of activity this month with 15 homes and 8 townhomes going in escrow. 9 of the 15 homes are priced over $2 million and 7 of the sales went into escrow after April 1, 2009. The big question will be how many actually close escrow. As buyers get smarter about what they need to have in order to qualify and as more loan programs open up I suspect we will see a larger percentage of pending sales close escrow.

At the other end of the spectrum there are 10 properties in escrow under $1 million. A number of these homes sat on the market for months before finally going into escrow. You can expect to see more price reductions and homes selling in the $600,000 range in east Manhattan. A home on the corner of Marine and Aviation closed escrow at $480,000 in March.

Manhattan Beach: Market Snapshot April 14, 2009

Manhattan Beach: Price Ranges April 14, 2009

 Manhattan Beach: Market Snapshot March 14, 2009

Manhattan Beach: Market Snapshot February 10, 2009

 Manhattan Beach: Market Snapshot January 19, 2009

 Manhattan Beach: Market Snapshot December 4, 2008

Manhattan Beach: Market Snapshot November 8, 2008

Manhattan Beach: Market Snapshot October 13, 2008

Manhattan Beach: Market Snapshot September 15, 2008

Manhattan Beach: Market Snapshot August 19, 2008

Manhattan Beach: Market Snapshot July 17, 2008

Manhattan Beach: Market Snapshot July 7, 2008

Manhattan Beach: Market Snapshot June 20, 2008

Manhattan Beach: Market Snapshot June 5, 2008

Manhattan Beach: Market Snapshot April 29, 2008

Manhattan Beach:Market Snapshot April 14, 2008

Manhattan Beach: Market Snapshot March 31, 2008

Manhattan Beach: Market Snapshot March 13, 2008

Manhattan Beach: Market Snapshot February 26, 2008

Manhattan Beach, CA: Market Snapshot February 11, 2008

*There are a few more sales and pending sales not on the MLS that are not included in the graphs.

Days on market (DOM) March 14, 2009

Inventory continues to creep up with 188 homes and 49 townhomes listed for sale on the MLS in Manhattan Beach. In February 17 homes and 3 townhomes closed escrow which was much better then January numbers. Since March 1, 2009... 5 homes and 3 townhomes have closed escrow while 12 homes and 1 townhome have gone into escrow. Certainly these numbers are not earth shaking but they are better then November-January numbers.

The big surprise is the increase in homes for sale under $1 million... there are 30 on the market. Most buyers in this price range are waiting for Fannie and Freddie to get their act together and begin allowing lenders to fund loans up to $729,750. It seems very strange that a program that was in effect until November of 2008 can't seem to get funding started again just a few months later. Then again when you consider the source I guess it's no real surprise.

On the other end of the spectrum there are 29 homes on the market priced over $4 million. This is a big bump in inventory in the higher price levels. I'm guessing more then a few long term owners want to cash out at 15% rather then 20% capital gain. In those price ranges that 5% is a chunk of change.

There are some real issues with Fannie and Freddie guidelines about condominium /townhome projects that I will address in a future post. A word to the wise...if you are currently living in a 2 on a lot townhome and you do not have an active association you should talk with an attorney about getting one up and running ASAP if you intend to sell in the next year. The new guidelines will mainly apply on loans of $729,750 or less but I'm betting lenders are going to want to see reserves and active associations even on loans above that amount.

Manhattan Beach: Market Snapshot March 14, 2009(click to enlarge graph)

Manhattan Beach: Price Ranges March 14, 2009

Manhattan Beach: Market Snapshot February 10, 2009

Manhattan Beach CA: Market Snapshot January 19, 2009

Manhattan Beach: Market Snapshot December 4, 2008

Manhattan Beach: Market Snapshot November 8, 2008

Manhattan Beach: Market Snapshot October 13, 2008

Manhattan Beach: Market Snapshot September 15, 2008

Manhattan Beach: Market Snapshot August 19, 2008

Manhattan Beach: Market Snapshot July 17, 2008

Manhattan Beach: Market Snapshot July 7, 2008

Manhattan Beach: Market Snapshot June 20, 2008

Manhattan Beach: Market Snapshot June 5, 2008

Manhattan Beach: Market Snapshot April 29, 2008

Manhattan Beach:Market Snapshot April 14, 2008

Manhattan Beach: Market Snapshot March 31, 2008

Manhattan Beach: Market Snapshot March 13, 2008

Manhattan Beach: Market Snapshot February 26, 2008

Manhattan Beach, CA: Market Snapshot February 11, 2008

Manhattan Beach, CA: Market Snapshot December 12, 2007

Manhattan Beach: Market Snapshot November 8, 2007

Manhattan Beach: Market Snapshot October 12, 2007

Manhattan Beach: Market Snapshot September 29, 2007

Manhattan Beach: Market Snapshot September 15, 2007

Manhattan Beach: Market Snapshot August 25, 2007

Manhattan Beach: Market Snapshot July 18, 2007

Manhattan Beach: Market Snapshot June 25, 2007

Manhattan Beach: Market Snapshot June 2, 2007

Manhattan Beach: Market Snapshot May 6, 2007

Manhattan Beach: Market Snapshot April 23, 2007

Beach Cities: January-December 2008... Foreclosure and pre-foreclosure

It seems that more changes are on the way in our local real estate market as more pre-foreclosure and foreclosure properties hit the market. Last year North and South Redondo took the biggest hits from properties entering foreclosure. This year year Manhattan , Hermosa and El Segundo are showing increases in the number of properties in trouble. The numbers reflect an increase in new construction projects... both homes and townhomes... along with older homes and townhomes.

Short sale listings are on the rise in all the Beach Cities but these often take a long time to get bank approval. This is especially true if the bank is out of state or a small lender. I'm guessing that the February increase in NOD's(notice of default) and NOT's(notice of sale) is a reflection of the low home sale volume in the 4th quarter in the Beach Cities.

A number of buyers are passing on the short sale option and waiting for these homes to become REO's(bank owned) in the expectation of a better deal. However that may notalways prove to be true as some banks would rather cut their losses quickly rather then go through a long foreclosure process if they see a good offer.

Beach Cities: NOD's January-February 2009(click on graph to enlarge)

Beach Cities: NOT's January-February 2009

Beach Cities: REO's January-February 2009

In this market we are so concerned with how low will it go... that we forget that there are buyers who will pay a high price for a property they feel has value. A lot of people who live in Manhattan Beach don't realize that there are some truly spectacular homes in our town. They rarely come on the market and were generally owner built. They are not all found on The Strand or in the Sand. There are a number of them in the Hill section and in parts of East Manhattan that most residents don't realize exist.

I'm not a big fan of contemporary architecture and I never blog about another agent's listing...in this case Bob Lane of Shorewood and Julie Lyon of RE/MAX Beach Cities... but  I'm going to make an exception for 218 Anderson, Manhattan Beach,  as most residents will never view this home or even realize just how lovely it is.

This is what a home in this price range should be. The views and the grounds are splendid. It really does remind you of a fabulous vacation spot.... but you know this a place where a family can live. It is adult and kid friendly. There are wonderful spaces that make entertaining a snap for adults. Kids of any age would love inviting their friends over to shoot hoops, swim in the pool or watch movies in the home theater. There is a separate suite for older parents if the need arises or guests.

As you would expect the home is large... 8500 sq ft on a 13,000 sq ft lot. There are 8 bedrooms, 8.5 baths, formal living and dining areas, a gym, home theater, a couple of family rooms, a caterer's kitchen and more. The home is incredibly light with windows galore and spaces that are open to indoor/outdoor living. You have fabulous ocean and PV views while maintaining your privacy. The home generates a sense of serenity. If you haven't guessed by now I really loved this home.

                                       The property is being offered at $9,988,000

While the price limits the number of buyers, I suspect that those in this price range will not be disappointed. As for me... if I win the lottery this would be first on my list of things to buy!