More South Bay Inventory and better pricing

I introduced my deals of the week in my last blog, and despite my small following, maybe the market has responded positively (I don't really believe this but just humor me for a while). This week has brought a new deal of the week by virtue of two very quick price drops in no less than 15 days on the market (DOM).

$1.2m and under:
The property is 2900 Oak Avenue in the Manhattan Beach Tree Section.

It is listed at $849k but started at $965 on January 22nd. 1709 Oak sold in December at $990k - granted the house does not back up to Sepulveda and boasts an update with additional 3/4 bath - but $849k isn't to far off at $755/ft. With the extra money you can do some updates and add a bath. When you consider 1801 Elm sold at $805k at a frenzied auction, and it practically needs to be torn down, 2900 Oak looks even better. Now if you want a close second, take a look at 3212 Palm listed at $899k by Tony Barberi of Remax. It's a fixer and only has a one car garage but it's in a better location. Recent sales on Laurel and Pacific tell me this might go a little lower, but I'd throw out the comp on Poinsettia as that sold under $800k and seems a little fishy. Finally, for those looking for another starter option, 3004 Oak, listed at $799k boasts a pool and although it too backs up to Sepulveda, it has a nice wall blocking most of the noise and sights of Highway 1.

Under $660k:
As for the real deal of the week, I'm big on 4721 Milne Drive in South Torrance. It's a fixer on a 9000' lot, but is a very liveable 1078' with 2 beds and 1.75 baths.
You don't see too many places in this area of Torrance under $700k, let alone a 9000' lot under $600k. It may be tough for standard FHA financing but it may be worth considering a FHA loan with a rehab option. The neighborhood borders the famed Christmas Tree section and you can walk to Sea Aire Golf Course (that's where I had my only hole in one - when you see it you won't be that impressed with my golf game - it was a worm burner). Recent sales in the neighborhood include many in the neighborhood ranging from as low as $560k and as high as $865k. The lot sizes were all generally smaller but most of the places under $600k were on the market less than a month and many less than a week.

Finally, on the financing front, the word from David Curry at Platinum Capital is that things are getting easier on loans up to $1.5m, with rates under 6% with 20% down.

Have a great week and stay dry.