We all keep hearing that there's a flood of bank owned REO foreclosures set to hit the real estate market and be listed in the MLS imminently. Buyers particularly cling to this urban myth which seems to be recirculated on various web sites periodically. Sorry, but this may not be the way the distressed housing marker plays out - at least relative to the shadow inventory in Redondo Beach.
When we look at actual current foreclosure listings in the MLS and foreclosure real estate activity in South Redondo Beach, CA 90277 for 2012 so far, the REO flow is steady but only about 10% on average of monthly sales. Take a look at the report below. There are far more auctions than bank owned inventory that you will ever see on a MLS list.
If you want to run the report for yourself and play with the results, click here for the foreclosure screen, then type in the zip code or name of the California city you are interested in. You will see up to the date foreclosure data on pre-foreclosure properties that are potential short sales (NODs), homes set for auction, and actual bank owned foreclosures (REO) that will be list on the MLS.
Currently, there are 3 bank owned foreclosure listings in South Redondo Beach. One is a free standing condo tonwhouse, another is a 3 level condo, and the final one is your prototypical South Redondo Beach mansion.
REDONDO BEACH BANK OWNED REO FORECLOSURES FOR SALE
1007 S Catalina Ave Unit 216, Redondo Beach CA, 90277: While this building looks like a standard condo project from the exterior, it is full of surpirses when you enter. There is a lush courtyard internally. You take the elevator to the second floor where you enter this tri-level town home style condo. The front door takes you into the middle of the 3 floors which is the living room and kitchen. Go up one flight to the top floor where there is a large loft and a balcony with ocean views. Downstairs from the main level, there's the bedroom. The bedroom and living room face east and have nice S Redondo views. MLS 12595601. List RE/MAX Executives $484,900.
502 S Maria Av, Redondo Beach CA, 90277: This is a detached townhouse (condo) foreclosure in South Redondo Beach built in 1998 in a private cul-de-sac community There are three bedrooms, 2.5 baths and the property measures 1816 sq ft. with a traditional floorplan with all three bedrooms located upstairs. The master suite has city lights view and huge walk-in closet. The entire property has fresh paint and new carpet. Kitchen has granite counters, custom cabinets and tile floors. Living room has wood type floors and fireplace. There is a private backyard-patio, laundry room, and direct access to the two car garage. Before this home was foreclosed on, it was listed as a short sale by Shorewood Realtors for about 200 days. Currently it is listed with local REO Broker Mark Arico for $649,000. MLS 7507017067.
407 S irena Av, Redondo Beach CA, 90277: Foreclosure Mansion! Very large and practically new (built in 2003) This two story, 5 bedroom, 3.5 bath, Mediterranean style home in South Redondo Beach is 4283 square feet, on a 7690 sq ft lot. With some minor cosmetic repair, this home will be a beauty. Features include high ceilings, marble tile floors, granite counters and back splashes, maple cabinetry, built-in stainless steel appliances, huge family room, dining room, separate laundry room, downstairs master bedroom would be perfect for in-laws or nanny, office/library upstairs with paneled walls, built-in book shelves and balcony, 4 bedrooms upstairs including the master suite with a walk-through closet, balcony overlooking rear yard and master bath with walk-in shower and spa tub. Great curb appeal, landscaped yards with rear wood deck, spa and a detached 3 car garage accessed from a private street. MLS V12036787. Listing Broker Prudential Californa Realty. $1,229,900 which is a killer deal at $287 sq ft.
So, these are the three for sale right now. Great deals? Maybe. If you are looking for a property similar to these and are willing to do some cosmetic work in order to save some money, go for it. You'll definitely be buying at a discount to a standard sale and getting some amenities not otherwise available. But, as stated previously, if you are waiting for a glut of foreclosed properties to hit the market driving prices down, not likely to happen anytime soon or propbably at all.
Here's a recap of the 13 other bank owned REO foreclosure sales in South Redondo Beach CA for 2012 as reported in the MLS. Most of these properties sold pretty close to list price, some over list (why is that a surprise?).
And lastly, if you are wondering where the foreclosure inventory is, check out the following graphic. NTS, the notice to sell, are way down and where are the bank owned foreclosures many buyers are waiting for to hit the market?
