South Bay Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Nov. 7, 2019

Let's Come Together and Build - Meet the Figueroa Family

 

Meet The Figueroa Family: 

Macela Figueroa currently rents two bedrooms from a family of four, where she lives in one bedroom while her two sones share the second bedroom. One bathroom and kitchen is shared between Marcela and her sons as well as the family of four that she rents from, in which they have scheduled times to use the kitchen. Recently, her rent was increased and therefore she had to quickly find a new place to live. Marcela is a single mom and would like to provide security and privacy for her and her two sons. This new home will provide them with the safety, stability and security she has always hoped to give her family.  

Posted in Give Back
Oct. 24, 2019

Compass Bridge Loans Are Here!

A simple solution to bridge the gap between the home you have and the home you want.

A simple solution to bridge the gap between the home you have and the home you want. Compass Bridge Loan Services gets you access to competitive rates and dedicated support from industry-leading lenders, with the exclusive option to get up to six months of your loan payments fronted when you sell your home with us.

 

What is a Bridge Loan? 

A bridge loan is a short-term loan that uses the equity from your current home to help you make an offer on a new one without rushing to sell

 

Our Solution:

After months and months of extensive research, Compass has selected lenders that are offering competitive rates and dedicated services for Compass clients exclusively. Already working with a lender? No Problem. This unique solution lets you choose the provider that works best for you! 

 

How to Determine if a Bridge Loan Make Sense For you?

 

Is your Money tied up in your current home? 

If you need to move but your money is tied up in the equity of your current house, a bridge loan can help you secure funding to facilitate the transition to a new home — like for a down payment or mortgage payments. Once your current home sells, you’ll use the proceeds to pay the bridge loan back! 

Do You Need to Move Within a Specific Timeframe?

If you’re relocating for a new job or other reason, a bridge loan can afford you the freedom to move on your own terms and secure a new house when you need to, without having to wait for your old home to sell.

Does Your Home Require Renovations or Other Work? 

Whether you’re using Compass Concierge to increase your home’s value, or are making improvements on your own, it may be easier to have construction work done when you’re out of the house. A bridge loan can help you move faster so you’re out of the house while those improvements are being completed.

How it Works 

  1. Sign an Exclusive Listing Agreement with your Compass agent to sell your current home — while you work with them to find your next dream home.
  2. Apply and get approved for a bridge loan with the lender of your choice.
  3. Ask your Compass agent about getting the first six months of your bridge loan payments fronted.*
  4. Move into your new home while your Compass agent works to sell your current home.
    1. Use Compass Concierge home improvement services to sell your home faster and for more money.
  5. When your old home sells, simply use the proceeds to pay back the bridge loan and any fronted monthly payments.

Contact Us Today to see how Compass Bridge Loan Services can help you!

 

 

Oct. 21, 2019

FICO Score Facts and Ways to Increase your Credit Score

 

 

DID YOU KNOW? The average FICO credit score is 706. Which is considered to be a "good" score based on the scale of 350-850.  Here are some great tips about CREDIT SCORES...........This is useful information for first-time home-buyers and anyone looking for ways to maintain financial health and avoid costly mistakes. 

 

  • Seeking information about your own credit score is always a soft inquiry, and won’t cost you points on your score, unlike a bank - a HARD inquiry - checking your score for a mortgage application. 

 

  • Preferably use less than 30% of your available credit each month and ideally less than 10%. Paying off your bills fully every month while fully using your credit is less effective. Raising your credit limit could help keep your percentage of utilization down.

 

  • Keeping a balance on your cards doesn’t help and could set back your financial goals, which are better served by consistently paying off credit-card debt in full.

 

  •  Closing an older credit card won’t help your score and it might actually hurt you.

 

  • Every time you open a new credit card - or take out a loan or qualify for a mortgage - the overall average age of our credit takes a hit, and the hard inquiry subtracts more points from your credit score.

 

  • Getting that first credit card is important to building a thicker credit file, and retail cards are often among the easiest to qualify for.

 

  • Shopping around for a mortgage getting multiple credit scores can hurt your credit, but when credit scoring companies see different lenders pulling your credit score around the same time, they bundle multiple requests as a single query. So shop different rates at the exact same time, within 14 days or less.

 

  • Late payments, collections, foreclosures and chapter 13 bankruptcies hurt your credit score for 7 years. A chapter 7 bankruptcy will hurt it for 10 years. But, with the exception of the bankruptcies, the impact of the other problems diminishes as the information ages.

 

  • Banks typically won’t report any debit-card activity to credit-reporting companies, but choosing the credit option on your debit-card purchase means the funds could take up to 3 days to post, whereas the debit option means immediate withdrawal.

 

  • 21% of consumers studied in 2012 found errors that resulted in modifications by the credit-reporting firms. Not all credit reports are accurate. So check your credit by regularly looking at your credit report. You are entitled to a free copy of your credit report annually from each of the credit-reporting companies (TransUnion, Experian, and Equifax). You can request them at AnnualCreditReport.com or by calling 1-877-322-8228. (WSJ)

 

Sept. 11, 2019

Schneider Properties present: 7816 Berger Ave, Playa Del Rey, CA 90293

Schneider Properties present: 7816 Berger Ave, Playa Del Rey, CA 90293 

Listed for: $8,900,000

The Crown Jewel of Playa Del Rey! Positioned on the furthermost point of Playa’s coveted Bluffs, this stunning Architectural achievement was custom built to showcase the home’s unobstructed 270-degree views that encompass ocean, marina & vast Los Angeles cityscape from all three levels. The final design is a unique, contemporary haven that lays out over 8,000esf clad in slabs of white marble & sheets of glass, offering uncompromised privacy & seclusion.

Featuring dramatic, yet elegant interiors, soaring ceilings, Fleetwood accordion-style doors that seamlessly blur the line between the indoor/outdoor spaces & frame the breathtaking ocean & city views below. Custom-designed two-island chef’s kitchen has every detail imaginable w/ an effortless & functional flow. The master suite offers an enormous bedroom w/ lounging area lined w/ Fleetwood doors that open to a private deck w/equally expansive ocean & city-light views, complete with glass sauna, steam shower & heated floors for a spa-like experience. Other features include Private Movie Theatre, 38ft fully equipped bar & lounge area, gym, oversized infinity edge Jacuzzi, elevator, whole-house customizable scent system, Savant home automation system with touch-of-a-button control from anywhere with Internet and fully equipped security system w/keyless monitored access.

This home is a livable work of art that exudes contemporary elegance w/ a minimalist sensibility; all within minutes to LAX and all the beauty LA has to offer!

To view full property listing visit: https://www.schneiderproperties.com/property/SB19160961/

Posted in Local Profiles
Sept. 4, 2019

A Recession Does Not Equal a Housing Crisis [INFOGRAPHIC]

A Recession Does Not Equal a Housing Crisis [INFOGRAPHIC] | MyKCM

Some Highlights:

  • There is plenty of talk in the media about a pending economic slowdown.
  • The good news is, home values actually increased in 3 of the last 5 U.S. recessions, and decreased by less than 2% in the 4th.
  • Many experts predict a potential recession is on the horizon. However, housing will not be the trigger, and home values will still continue to appreciate. It will not be a repeat of the crash in the 2008 housing market.
Posted in Market Updates
Sept. 4, 2019

How Property Taxes Can Impact Your Mortgage Payment

How Property Taxes Can Impact Your Mortgage Payment | MyKCM

When buying a home, taxes are one of the expenses that can make a significant difference in your monthly payment. Do you know how much you might pay for property taxes in your state or local area?

When applying for a mortgage, you’ll see one of two acronyms in your paperwork – P&I or PITI – depending on how you’re including your taxes in your mortgage payment.

P&I stands for Principal and Interest, and both are parts of your monthly mortgage payment that go toward paying off the loan you borrow. PITI stands for Principal, Interest, Taxes, and Insurance, and they’re all important factors to calculate when you want to determine exactly what the cost of your new home will be.

TaxRates.org defines property taxes as,

“A municipal tax levied by counties, cities, or special tax districts on most types of real estate - including homes, businesses, and parcels of land. The amount of property tax owed depends on the appraised fair market value of the property, as determined by the property tax assessor.”

This organization also provides a map showing annual property taxes by state (including the District of Columbia), from lowest to highest, as a percentage of median home value.How Property Taxes Can Impact Your Mortgage Payment | MyKCMThe top 5 states with the highest median property taxes are New Jersey, New Hampshire, Texas, Nebraska, and Wisconsin. The states with the lowest median property taxes are Louisiana, Hawaii, Alabama, and Delaware, followed by the District of Columbia.

Bottom Line

Depending on where you live, property taxes can have a big impact on your monthly payment. To make sure your estimated taxes will fall within your desired budget, let’s get together today to determine how the neighborhood or area you choose can make a difference in your overall costs when buying a home.

Posted in Home Value
Sept. 3, 2019

5 Reasons to Sell This Fall

5 Reasons to Sell This Fall | MyKCM

Below are 5 compelling reasons listing your home for sale this fall makes sense.

1. Demand Is Strong

The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase…and are in the market right now. More often than not, in many areas of the country, multiple buyers are competing with each other to buy the same home.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Housing inventory is still under the 6-month supply that is needed for a normal market. This means that in the majority of the country, there are not enough homes for sale to satisfy the number of buyers.

Historically, a homeowner would stay an average of six years in his or her home. Since 2011, that number has hovered between nine and ten years. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.

Many homeowners were reluctant to list their homes over the last couple years, for fear that they would not find a home to move to. That is all changing now as more homes come to market at the higher end. The choices buyers have will continue to increase. Don’t wait until additional inventory comes to market before you decide to sell.

3. The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and simpler, as buyers know exactly what they can afford before shopping for a home. According to Ellie Mae’s latest Origination Insights Report, the time needed to close a loan is 43 days.

4. There Will Never Be a Better Time to Move Up

If your next move will be into a premium or luxury home, now is the time to move up. There is currently ample inventory for sale at higher price ranges. This means if you're planning on selling a starter or trade-up home and moving into your dream home, you’ll be able to do that in the luxury or premium market.

According to CoreLogic, prices are projected to appreciate by 5.2% over the next year. If you’re moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage) if you wait.

5. It’s Time to Move on with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to these questions. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.

That is what is truly important.

March 20, 2019

The South Bay and Beyond

 
 
Welcome back to The South Bay and Beyond brought to you by Schneider Properties. Being South Bay natives ourselves and enjoying everything amazing that the South Bay has to offer, we wanted to take some time to recognize and celebrate members of the community, events and local news and businesses that make our town so special.
 

in the news:

ARE SHORT TERM RENTALS BACK IN MB?

 

Manhattan Beach has vowed to step up policing of illegal short term rentals as officials again take up the hot button issue on March 6. Local opinion on the allowance of such rentals, which have been prohibited in the city since 2015, spans the spectrum. 

But, regardless of whether city leaders decide to double down on the ban as currently written or instead adopt an ordinance allowing limited short term stays—enforcement will be coming, according to Community Development Director Anne McIntosh.   Read more here...
 

life at the beach:

WILLIE NELSON, JASON MRAZ AND SLIGHTLY STOOPID COMING TO THE SOUTH BAY

 

Life by the beach is getting more musical as the lineup continues to grow for a new festival with a Grammy-winning singer and local reggae rockers coming to a massive Redondo Beach concert in May.

Officials with the three-day BeachLife Festival just announced the addition of Grammy Award-winning singer Jason Mraz, along with San Diego-born rock-reggae group Slightly Stoopid, Hermosa Beach’s Tomorrow’s Bad Seeds, Los Angeles folk-rock band Dawes, Big Head Todd, and The Monsters and singer-songwriter Anuhea to the May 3-5 music and food event.   Read more here...

When: May 3-5
Where: Seaside Lagoon, 137 N. Harbor Drive, Redondo Beach
Tickets: Prices range from $239 for a three-day general admission pass to $2,000 for Captain’s Pass, which includes amenities such as backstage access, drinks, and valet parking.
 

get involved:

JOIN THE FIGHT! SKETCHERS TOUR DE PIER COMMING IN MAY! 

 

The 7th Annual Sketchers Tour de Pier is a unique fundraising event that brings one of the hottest indoor fitness activities - stationary cycling - to the gorgeous outdoors of Manhattan Beach. Ride in place with an ocean view!

Stationary bikes on The Strand overlooking the Manhattan Beach Pier. You can register for a five-hour session and can either share the bike with team members or ride individually. The South Bay’s best instructors and celebrity guests will spin you through a session with energizing music and loads of excitement and energy.   

This Tour de Pier is organized to raise funds for the following cancer charities: The Hirshberg Foundation for Pancreatic Cancer Research (pancreatic.org), The Uncle Kory Foundation (unclekory.org) and Cancer Support Community(cancersupportredondobeach.org).

Read more here...
 

what's trending:

WANT TO ADD SOME CURB APPEAL TO YOUR HOME? TRY A COLORED DOOR! 


Inspiration is everything. Spring is coming and a great time to work on your homes curb appeal. An easy way to increase the charm of your home is to add a pop of color. Look at these four amazing color choices for doors! Which one is your favorite?
 

around town:

SOUTH BAY FARMERS MARKET SCHEDULE 

 

Tuesday:

Manhattan Beach @ 13th Street & Morningside 11 a.m. to 4 p.m.

Wednesday:
Hermosa Beach @ Pier Plaza 1 p.m. to 6 p.m.

Thursday:
Redondo Beach @ Veteran’s Park 8 a.m. to 1 p.m.
El Segundo @ Main Street between Holly & Pines Avenues 3 to 7 p.m.

Friday:
Hermosa Beach @ Valley Drive & 11th Street Noon to 4 p.m.

Saturday:
Torrance @ Wilson Park 8 a.m. to 1 p.m.

Sunday:
Riviera Village @ Via el Prado 9 a.m. to 2 p.m.
Palos Verdes/Rolling Hills  8 a.m. to 1 p.m.
 
 

designer spotlight:

KATE LESTER

Kate Lester is a Los Angeles based designer who has been practicing luxury residential and commercial interior design for over 15 years.

Drawing inspiration from classic architecture, design greats, and her own clients’ passions, she aims to create spaces that are carefully crafted, thoughtfully curated, and the embodiment of livable luxury.

Kate earned her BS degree from USC’s prestigious Marshall School of Business and went on to study Design and Architecture at Otis College in Los Angeles. Her industry experience includes working for some of Hollywood’s most famous designers before launching her own firm in 2010.

With a diversely talented design team in her studio and now a home store in Hermosa Beach, – Kate is spreading her vision of livable luxury and carefully curated interiors with the masses.
 

fun fact: 

DO YOU KNOW WHAT THE HIGHEST SOLD HOME IN HERMOSA BEACH WAS IN 1989?


Los Angeles Clipper DANNY MANNING bought a $2.9-million house in Hermosa Beach--the highest price ever paid for a home in that South Bay city.

"He was living in a rented apartment in Manhattan Beach and loved the area so much, he wanted to stay," said Michael Selsman, director of corporate affairs for Donald T. Sterling, who owned the basketball team.

The injured Manning sat on the sidelines most of last season, his rookie year, but the 6-foot-11-inch forward was still described as the team's "$10.5-million man" because he was getting $2.1 million annually for five years. His home purchase was an all-cash deal within 5% of the asking price.

After some years and remodels, this home did come back on the market in 2017 for $21MM and dropped down to $17.5 million before the listing was removed in late 2018.

Source: LA Times; CRMLS

Posted in Local Profiles
Oct. 18, 2018

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Posted in Market Updates
Aug. 24, 2018

Neighborhood Spotlight: The Brothers behind the Simms Restaurant Group

We've all heard about the infamous Simms Restaurant group and have seen first hand how everything they touch seem to be a success. Well, a strong family history and two hard working brothers are some of the secret sauce behind it. Here is a little more about two of our favorite local restauranteers Mike and Chris Simms...  

 

Mike Simms

“It’s in my genes, I had no choice!” A Southern California native, Mike Simms knew from an early age that he would foray into the world of hospitality. He and his brother grew up running around the kitchen and under the tables at French Market in West Hollywood and The Kettle in Manhattan Beach – his father’s and grandfather’s restaurants – but later did stints washing dishes and busing tables for spending money throughout high school. 

After graduating from Cornell’s prestigious Hotel School, Mike moved to the Napa Valley and managed Tra Vigne restaurant, where he was able to fully immerse himself in food. In trying his hand at home brewing, traveling to the world’s best wine regions and developing relationships with various winemakers, Mike came to realize his passion for beer and wine. In 2005, he took this experience and returned to his native Southern California, compelled to connect local restaurants to surrounding farms, breweries, and wineries and celebrate all things craft.  He joined forces with his father Tom and brother Chris to form the Simms Restaurant Group. 

In 2007, Mike developed the Tin Roof Bistro in Manhattan Beach. Amidst delays, he stumbled upon vacant space just steps from the ocean in Manhattan Beach and decided (along with his brother Chris) the neighborhood needed a spot that served a simple, delicious burger and quality craft beer and wine. This concept quickly came to fruition in the form of Simmzy’s and opened in 2009, three months before Tin Roof Bistro. In 2011 Mike partnered with Chef David LeFevre to open Manhattan Beach Post.  Building on their partnership, The Simms-LeFevre team later opened Fishing With Dynamite (2013), and The Arthur J (2015), named after Mike’s grandfather, also in Manhattan Beach.   Meanwhile, in 2012 Mike shared his knowledge and passion for wine and beer and ventured out of Manhattan Beach to open a second Simmzy’s in Belmonte Shore, followed by additional locations: Simmzy’s Burbank (2015), Simmzy’s Venice (2015), Simmzy’s Huntington Beach (2015).  And in 2016, Simms Restaurant Group debuts its newest concept, Lil’ Simmzy’s on the Deck at The Point in El Segundo, CA.  Lil’ Simmzy’s echoes the original Simmzy’s vibe with an ultra-laidback menu of beach grub designed for recharging and relaxing with a local craft brew on the patio.

Whether it’s teaching servers about new styles of beer, encouraging cooks to use new techniques, or honing his own palate with an Introductory Sommelier Certificate, Mike is a firm believer in empowerment through education. In the same vein, Mike prides himself on promoting from within (a current GM started off as a server, and a one-time dishwasher now boasts the title of executive chef), and truly believes in putting people first.

When he’s not at Simmzy’s, Mike can be found surfing in Manhattan Beach, spending time with his wife and four kids, or planning his next aerial flight over California’s wine regions.

 

Chris Simms

Born and raised in Southern California, Chris Simms has been involved in the restaurant business all of his life. While attending Cornell University, Chris worked his way up the ladder through various restaurants both in the kitchen and the dining room and began working for P.F. Chang’s China Bistro when he graduated.

After three years with P.F. Chang’s, Chris decided to continue his education in the restaurant industry by beginning work with Mimi’s Cafe?, the restaurant company founded by his father, Tom Simms. Chris and his team opened the first Lazy Dog in Huntington Beach, CA in 2003.

Lazy Dog serves handcrafted American food and drink with seasonally-inspired ingredients. When you walk in, you get a small mountain town vibe from the warm, caring service and the rustic social setting. Lazy Dog is a great place to get together with friends and family, making it the casual dining choice for the next generation.

As CEO, Chris keeps a close eye on operations while guiding the concept and developing new sites resulting in the 30th Lazy Dog to be opened in Chicago, IL in December of 2018.

Chris and his team look forward to executing an aggressive, yet prudent growth plan over the next several years that will include openings in markets across the country.

Posted in Local Profiles