1.  Hollyglen is very close to the beach cities, especially Manhattan Beach and Redondo Beach.  Located just East of Aviation Boulevard, North of Marine, West of the 405, and South of El Segundo Boulevard,  the area touches both cities.  The bulk of the best single family homes in Hollyglen are in the little area North of Rosecrans, East of Aviation, South of El Segundo, and West of the 405. This makes it an ideal location for someone who has to commute, as the easy freeway and airport access is terrific.

2.  It is affordable.  During our last brokers open, for example, there were two darling homes newly on the market, and they were both really well priced. The first home at 5453 W. 123rd was a 3 bed 2 bath listed at only $475,000. This home is on the North end of the area in the “Del Aire” section.

The second home is located at 5317 W 137th Place, is a 3 beddroom 1.5 bath beauty with over $130,000 in upgrades, listed at $599,000. It is already in escrow, but backup offers are still being taken!

Now where else in the beach cities can you get 3 bedroom single family homes in good condition priced below $600,000?

3.  It has an excellent school system. The parents in the area decided to form their own school system, the Wiseburn District, and secede from the Centinela Valley Unified District that serves the rest of the Hawthorne and Lawndale areas. Wiseburn now has three excellent elementary schools, an award winning middle school, and two charter high schools. Efforts to create a public high school are also underway. Test scores at these schools rival the local school districts in Torrance, Redondo Beach, and Manhattan Beach.

4.  It looks like a real old-fashioned neighborhood, with tree lined streets, well kept homes, and kids playing together. There is a nice mix of retired people (substitute grandparents?), families with small children, and younger couples who do not have children yet living in the area, giving it a real small town feel and contributing to the safety of the area.

5.  The original builder did quality work, and many of these homes are still in great condition, even if original!  They have solid oak hardwood floors that can usually be refinished for about $7000 and had terrific floorplans that are very amenable to family room additions (which can be found in many of the homes already.)

Whenever someone comes to me and it turns out that they can’t afford the Beach, I immediately turn to Hollyglen. I have some very happy clients there too!

Here are all the listings in this great part of Hawthorne:

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Not only did he have the stress of going to a war zone and leaving behind his wife and children, but he had this property hanging around his neck like an albatross.  It isn’t like he’ll get reassigned here — he’s already been told that he’s moving to a new area when he gets back from his tour over there.  And his wife … what a saint!  She had to pack up their entire household, relocate to New York state, live in her parents home with four dogs and two small children under 3 years old, while holding down her  full-time job (she telecommutes so was able to keep the same job), and all while handling all the paperwork for the sale via power of attorney.

Short sales really should be called long sales, because there is a LOT of paperwork.  A sometimes seemingly endless demand for financial statements,  proof of income, etc.  I am in awe of my client’s patience and resilience as she negotiated the many requests that we received from the bank.  Let me tell you, military wives are TOUGH!

I am proud that I was able to negotiate a settlement with the bank that even got my clients a small cash sum to help them with their relocation expenses!  This was a difficult escrow as the home had lost almost 50 percent of its value since they purchased it, but I feel really good that I was able to help send these great people onto their next duty station without the financial worry that this home was causing them.

And, hey Major T?  Come home safely!  God Speed!

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So I was really excited today when my client, a sound operator who works in  television production, said we might be able to get the house on one of these HGTV shows where they help fix the place up.  I’m not sure we’ll pass the screening — but it is really cool to even be considered for such a thing, I think!  This will help my clients to get some help with all the improvements, too… and maybe help me to stay on my New Year’s diet!

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Last week, Congress passed a bill raising the FHA upper limit for Los Angeles and other “high cost” areas back to $729,750 and President Obama signed it into law on Friday.  However, whereas before the expiration of the upper loan limits, these loan limits applied to all GSE loans including Freddie Mac, Fannie Mae and FHA, this time the limit will only apply to FHA.  Freddie Mac and Fannie Mae loans still remain at the lower limit of $629,500.  This will mean that FHA loans become even MORE popular than they are now.

The thing about FHA loans, as we have discussed in this column, is that for condominium complexes they are limited to approved complexes or fully detached units.  Several lenders I work with have been successful in getting FHA approval for  condo projects that were not previously approved, especially Nader Chahine of Cornerstone Mortgage.

This is great news for us in the South Bay, as that extra $104,250 makes a big difference in being able to purchase much of the housing stock in Redondo Beach, West and South Torrance, Southwood, the Hollywood Riviera, El Segundo, and other mid-priced neighborhoods in the South Bay and Palos Verdes area.

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PVP, PVE, RPV, RH, and RHE 10 year price history

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Manhattan Beach, Redondo Beach, and Hermosa Beach 10 year Price History

The bad news:  We are still down around 2005 pricing.   The good news:  the general trend is up over ten years, and the recent trend is just slightly up (when adjusted for “noise”).

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The other amazing Esplanade unit I saw was at 565 Esplanade Unit 107. This is actually two condominium units that have been turned into one and therefore has a huge amount of space including a formal dining room, gorgeous master suite, and a remodeled kitchen. The views are incredible, with essentially a solid wall of windows facing the ocean, with a great view of the Redondo Beach pier, the jetties with sea lions playing, and the spot where the blue whales come each winter right outside your home. This condo was priced at $1.295M, which again is an incredible price for what is essentially TWO Esplanade condos.

The last deal was an amazing short sale at 203 Calle Mayor. This totally redone 2 bed 2 bath plus a bonus room home is available at an asking price of only $575,000. This unit also had unbelievable ocean views and a nice, airy feel. The Village Palos Verdes assessment has already been paid and that makes this a really great unit for the price.

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As shown in the above chart, there are a surprising number of homes even here in Manhattan Beach that are in some stage of distress. The good news is that this week, at least, didn’t see any new filings in Manhattan Beach. The really amazing thing is that many of these homes are NOT listed for sale; I wish I could somehow let all these people know that they don’t have to go to foreclosure; short sales are a much better option for most people that will allow you to still purchase another house — in some cases, almost right away!

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Unfortunately, as Elizabeth Kubler-Ross first pointed out, the first stage of grief is denial.  This is definitely the case when the threat of foreclosure is looming!  No one wants to talk about or admit financial troubles—even when millions of others have founds themselves in a similar spot. It’s completely understandable, but for homeowners who are behind on mortgage payments, decisive action is often the most critical step toward ensuring the best possible solution.

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, I help homeowners to deal with every aspect of the grief and uncertainty that accompanies a mortgage which is no longer manageable. In the process, I help them to get on a path of financial solvency.

If you or someone you care about would like to change the course of a life that’s facing foreclosure, I get it and I can help.
Contact me today at 310-418-5353, or check out my website that I’ve created just for these folks at http://www.SouthBayShortSaleHelp.com.

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Some weeks, there is nothing to see on Brokers’ Open — it sometimes starts to seem like all the houses are cookie-cutter clones of each other. But this week, there were some unusual (and fantastic) homes in Manhattan Beach! My favorites are as follows:

Newly listed, 625 13th street is a fantastic deal for the $1.5M price point. Technically in the tree section, but feeling much more like a sand section house (and within terrific short walking distance to the beach), this home has 3 spacious bedrooms, each with it’s own contemporary, remodeled bathroom. Ocean views and a killer open living area make this a wonderful choice — a quiet street with all the benefits of sand section living. I loved the vibe in this home and think you might too!

Another great option this week was 576 33rd. This fantastic open, airy, and remodeled tree section one-level really had the wonderful feeling of indoor/outdoor California living. Also in the $1.5M range (actually at $1.475M), the home flows between indoor and outdoor spaces. With exposed rafters and terrific floorplan, this one really hits it out of the park.

There were some other properties on that were also pretty nice, but these two were so special they are truly the “Top Picks” for the week of 9/9/11.

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