Manhattan Beach March 2011


As usual January and February were slow months for closed sales. Also as usual new inventory was scarce. As we ease in to March closed sales are on the rise and inventory is up slightly. Much of the increase in inventory are homes that went off market over the holidays and are now back hoping to find a buyer.

While rumors of shadow inventory are widespread we are not seeing any major increases in the South Bay Beach Cities. Agents are networking in hopes of finding properties that are fresh to the market before they are posted on the MLS.

Prices are bouncing around like Yo-yos. Homes that are priced right are receiving multiple offers while those that are not at market value remain on the market until the price reaches a level buyers deem to be correct . Sales at the entry level for all market areas continue to be brisk with many homes and townhomes closing escrow at prices well over the list price.

Buyers still tend to lack a sense of urgency. As long as rates remain on the low side and inventory somewhat stable most buyers don't mind continuing to search for property. Buyers who are writing offers are very specific about they want and often have been looking for a very long time. Many are realizing that prices may be about as low as they are likely to be in the Beach Cities and are willing to buy now.

Sellers are finding this is not the time to test the waters. Prices are flat at best and over priced homes tend to sit and soon become old news if the price is not adjusted quickly. Even with all the ups and downs of the market, our local Beach Cities real estate market continues to fare better then other parts of the county and state. Buyers waiting for huge discounts in prices in the Beach Cities have been disappointed.


Beach Cities: Sold January 2011











Beach Cities: Sold February 2011

El Segundo home sales from January 2000-June 2009....

It has been said that El Segundo is a small midwest town that was magically transported to California sometime before 1940... and that no one has yet told the residents the town has moved. There really is a Main Street and you can almost hear Judy Garland and Mickey Rooney rounding up the gang to stage a musical that is Broadway bound.

Unlike Manhattan, Hermosa and Redondo there are no homes along the beach. El Segundo was planned as a company town by Standard Oil around the turn of the century. The focus for El Segundo was the large Park in the center of town and the Standard Oil/Chevron plant just south of town where for many years almost everyone who lived in El Segundo worked.

Times have changed and today folks who choose to live in El Segundo are usually looking for a quieter lifestyle then is found in the rest of the Beach Cities. There are few tourists crowding downtown on the week-ends. But that may soon change as El Segundo continues to grow and new restaurants are making downtown a trendy dining area.

Real Estate in El Segundo is like the city itself... a market that seems a bit different then the other Beach Cities. While home prices rose as they did in the other Beach Cities, the volume of sales remained much the same until 2008-2009. Inventory and sales for homes and townhomes in El Segundo  have remained surprisingly stable over the last few years. The peak of the market was 2006 with a median value of $904,000. Since then prices have declined to 2004/2003 levels. 

 Richmond Street

 Take a tour of El Segundo

El Segundo is the last of the four South Bay/Beach Cities and the only one who doesn't have beach as part of the name.   A lot of people forget that El Segundo does have a stretch of beach just north of El Porto in Manhattan Beach.  El Segundo is the Country Cousin compared  to Manhattan Beach, Hermosa Beach and Redondo Beach. 

This is the little town that is off the traffic path of the other beach cities.  This is where  Main Street really is the name of the main street in town.  Many residents call it Main Street USA  because it looks  like a street from a 1940's movie set.  You can just see Judy Garland and Mickey Rooney leading the neighborhood kids to the High School auditorium where they will put on a play to save the town from the bad guys.  I love this town.. it is just so adorable and did I mention it doesn't  have a lot of traffic.

El Segundo actually started life as a company town. It was part of the  Rancho Sisal which included the areas we now know as Manhattan Beach and Hermosa Beach.  Most of the land along the coast was huge sand dunes. I'd be willing to bet that as commuters make their way along Vista del Mar each morning and afternoon they don't realize that those hills to the west are actually big sand dunes. I remember driving along Vista Del Mar one morning and almost getting in an accident because there were camels and desert tents on the dunes... turns out this is where they were filming a movie about Rudolf Valentino.

 In 1911 Executives from Standard Oil were looking for another location in California to use as a refinery.  They needed to have it close enough to the ocean that they could set up shipping and near enough to a major city they would be able to attract workers... El Segundo looked like the ideal spot.  The name El Segundo means the second and El Segundo became the second refinery for Standard Oil of California.   Six years later the town of El Segundo became incorporated on January 18, 1917.

El Segundo was truly a company town.  For many years probably 85% of the population worked in some capacity for Standard Oil.  Standard Oil has donated a lot of money for various city projects over the years. After World War II the dynamics of the community began to change as the aerospace industry began to be the major employer in the area.  By 1960 El Segundo became the "Aerospace Capital of the World".  Today El Segundo is home to people who work in many diverse fields. 

Walking down Main Street is like walking back in time to another era and place.  El Segundo has always had the feel of a small midwest town and over the years the city has maintained its charm. although it is literally surrounded by Standard Oil on the south, Los Angeles International Airport on the north and both Edison and the Hyperion plant on the west, the city is still a place where people enjoy living.  Many of the residents have ties that go back to the founding of the town.  

El Segundo has a terrific School system with two elementary schools , an Intermediate school and a High School.  The High School is a striking example of art deco and has been made famous in many TV Shows and films.

The July 4th Fireworks program is famous through out the South Bay.  The Hometown Fair is in May in Library Park . In the fall the El Segundo Art Association has a show in the Library.

Sports and sport programs have always been a part of El Segundo. The Lakers  have their practice sessions in El Segundo as do The Kings.  George and Bobby Brett are home town boys.  The Lakes is a wonderful Par 3 Executive golf course with a great practice area.

While El Segundo has had much success with their two Business Parks on Sepulveda and Rosecrans.. it may be commercial ventures and new restaurants that will make El Segundo famous.  The Plaza El Segundo on Rosecrans and Sepulveda and Rosecrans just opened  to rave reviews from the neighboring communities. 

The Real Estate market in El Segundo is always fairly stable.  There is rarely a lot of inventory.  Many of the homes are classic Craftsman and Spanish from the early days.  In recent years El Segundo has seen an upswing in townhomes.  There have been some  major projects on Grand Ave in the last few years.  One of the most popular seems to be a group of  work/live Artist townhomes that sold quickly.  El Segundo also had  Office/Living units on Richmond.      If you are looking for a small town feel close to the bright lights of the Big City then El Segundo may be the place for you

Search El Segundo Homes for sale 

Search El Segundo Townhomes for sale

 El Segundo Schools:

Center Street  K-5

Richmond Street for K-5

El Segundo Middle School 6-8

El Segundo High School

Library

The library is on Main street next to the park. The library features a number of programs and is one of the largest in  the Beach Cities. 

City of El Segundo

MEETINGS:
City Council: First and third Tuesday at 7:00PM
Planning Commission: Second and fourth Tuesday at 7:00 PM
School District: Second and fourth Tuesdday at 7:00 PM at 641 Sheldon
Parks and Recreation: Third Wednesday at 7:00

School District