Carl Clark – www.BeachChatter.com

Recent South Redondo Sales

We monitor local South Bay real estate activity daily. The data is charted to show the direction of the market in terms of tendency to favor Sellers versus Buyers. Ideal market conditions are in the the center band where both have roughly equal market strength. As you can see, South Bay activity was right down the middle for July. The daily market trend has been more or less level since the beginning of the year, with only a slight upward movement each month.

Cumulatively, since the beginning of the year, the market has shifted from almost being a Buyers’ Market to being almost dead center on the chart. What that means in terms of value can be seen by looking at the most recent three months sales. The list below represents only houses, and only those sold in two neighborhoods. If you’re interested in real time information about homes like yours, or near yours, call and ask about our Neighborhood Notice service.

Image of list of South Redondo Sales from May through June of 2020. — These sales are for a select period and a select area. If you have interest in similar data for your neighborhood, we can provide you with our instant Neighborhood Notice. Call us for details.

55+ Options in South Bay

This is not intended to be an exhaustive list of 55+ housing choices, but a reference point for the more commonly known, age-restricted accommodations available in the Los Angeles South Bay. We welcome your input, but cannot guarantee inclusion.

Condominiums

Breakwater Village, 2750 Artesia Blvd, Redondo Beach, CA 90278
Courtyard Villas Estates, 3970 Sepulveda Blvd, Torrance, CA 90505
Gables, 3550 Torrance Blvd, Torrance, CA 90503
Meridian, 2742 Cabrillo Ave, Torrance, CA 90501
Montecito, 2001 Artesia Blvd, Redondo Beach, CA 90278
New Horizons, 22603-23047 Maple Ave and 22601-23071 Nadine Circle, Torrance, CA 90505
Pacific Village, 3120 Pacific Blvd, Torrance, CA 90505
Parkview Court, 2367 Jefferson St, Torrance, CA 90501
Rolling Hills Villas, 901 Deep Valley Dr, Rolling Hills Estates, CA 90274
Sol y Mar, 5601 Crestridge Road, Rancho Palos Verdes, CA 90275
Sunset Gardens, 24410 Crenshaw Blvd, Torrance, CA 90505
Tradewinds, 2605 Sepulveda Blvd, Torrance, CA 90505
Village Court, 21345 Hawthorne Blvd, Torrance, CA 90503

Independent/Assisted Living/Memory Care Facilities

Belmont Village, 5701 Crestridge Road, Rancho Palos Verdes, CA 90275; 310-377-9977
Brookdale Senior Living, 5481 W Torrance Blvd, Torrance, CA 90503; 310-543-1174
Canterbury, 5801 West Crestridge Road, Rancho Palos Verdes, CA 90275; (877) 727-3213
Clearwater at South Bay, 3210 Sepulveda Blvd,Torrance, CA 90505; 424-250-8492; (previously Wellbrook)
Kensington, 320 Knob Hill Ave, Redondo Beach, 90277; (424) 210-8041
Manhattan Village Senior Villas, 1300 Parkview Ave, Manhattan Beach, CA 90266; (310) 546-4062
Silverado Senior Living, 514 N. Prospect Avenue, Redondo Beach, CA 90277; (310) 896-3100
Sunrise of Hermosa Beach, 1837 Pacific Coast Hwy Hermosa Beach CA 90254; 310-937-0959
Sunrise of Palos Verdes, 25535 Hawthorne Blvd, Torrance, CA 90505; 408-215-9608

Independent Living Only

Casa De Los Amigos, 123 S Catalina Ave, Redondo Beach, CA 90277; 310 376 3457
Heritage Pointe Senior Apartments, 1801 Aviation Way, Redondo Beach, CA 90278; (844) 220-4169
Seasons at Redondo Beach, 109 S Francisca Ave, Redondo Beach, CA 90277; (310) 374-6664

Mobile Home Parks

Skyline, 2550 Pacific Coast Hwy, Torrance
South Bay Estates, 18801 Hawthorne Blvd, Torrance
South Shores, 2275 25th St, San Pedro

2020 — The First Six Months in South Bay

Faced with the Covid-19 pandemic, a particularly contentious national election, and weeks of nation-wide civil rights protests, It looked like there was no way 2020 could ever be called a normal year. Then we learned about a growing recession. So halfway through the year, what do we see?

Prices – Up and Down

The South Bay is a nice place to live. Here, the real estate market is frequently shielded from the vagaries of the nation at large. And it’s no different this year. In this chart we compare the average sales prices during the first six months of 2019 versus 2020, by zip code. In nearly all cases the average property price is still going up. Torrance was very nearly flat and 90274 actually dropped slightly. (If your zip code or city is not included here, and you would like statistics, give us a call.)

Volume – Mostly down

With prices are still climbing, albeit slower than they were, what about sales volume. Here we see some negative impact. Hermosa Beach is the only local city not experiencing a drop off in sales. In Manhattan Beach, for example, sales are off by 38% for the first six months of this year. South Redondo is off by 35%. Torrance and the peninsula cities are all down by roughly 5-10% from the number of homes sold in the same period of 2019.

My Crystal Ball

Our Market Trend chart is designed to show whether market conditions generally favorable for sellers or buyers. The year started as a buyers’ market and moved even further toward buyers in February. Since then we have been seeing a slow, but steady movement toward a sellers’ market. Things could change dramatically before the year is out, but right now the red trend line indicates the probability the South Bay will be in a sellers’ market before the end of 2020.

$ Money Matters $

The Federal Reserve Bank (the Fed) moved to lower the federal funds rate by a half-point to a range of 1% to 1.25% March 3 in response to the “evolving risks” of the COVID-19 corona virus outbreak. The Fed doesn’t directly impact housing loans, but they generally move in tandem.

Mortgage rates in the U.S. roughly track the yield on the 10-year Treasury note which has been dropping as the corona virus epidemic expanded. As the yield on the 10-year note drops, there is typically a drop in mortgage interest rates.

Yesterday, purchasers and refinance borrowers were looking at rates of about 3.7%. Today that’s about 3.5%. Some lenders are forecasting that rates could drop as low as 3% before COVID-19 is controlled.

Some analysts report that the stock market anticipates a least a quarter-point rate cut at the Fed’s meeting in April.

Around the world some other central banks have dropped rates as well. Since consumer spending is a large measure of our economys, there is reason to press for more cuts.

In the words of the President, @realDonaldTrump, “The Federal Reserve is cutting but … more easing and cutting!”

Photo by Vladimir Solomyani on Unsplash

Salad as the Main Course

My favorite meal is a fresh salad, transformed to a main course with the addition of a grilled, or roasted, or sauteed piece of meat or seafood. This recipe is a more sophisticated version, with colorful and tasty endive taking the place of standard greens.

Salmon is a great go-to for this dish. If you’re not fond of the taste, or it isn’t readily available, there are several delicious options. Mahi-mahi or rockfish work well, as will chicken breast, or even scallops. The goal is the freshness of the salad combined with the hearty flavor of your meat, poultry or seafood.

Ingredients

3 heads red Belgian endive
3 heads Belgian endive
2 crisp and juicy apples
Juice of 1/2 Meyer lemon
2 cups (2-3 oz.) of frisée and/or arugula greens, torn to bite-size
1/2 cup walnut halves or pieces, toasted
6 tbsp. white vinaigrette dressing (recipe below)
1 tsp. finely cut chives
4 fillets of a firm fish, e.g., salmon, mahi mahi, or rockfish

White vinaigrette dressing
1/4 cup white balsamic vinegar or fresh lemon juice
1 tbsp Dijon mustard
1/4 shallot, peeled and minced
2 tsp. honey (optional)
1 pinch finely chopped garlic
3/4 cup extra virgin olive oil
Salt and pepper, to taste

Instructions

Salad
Wash and dry endive and apples. Cut endives lengthwise into julienne strips. Slice apples and cut into julienne strips. (If made in advance, you can preserve the color of the apple with a spritz of lemon juice.) Tear the frisée and/or arugula greens into bite-size pieces. Set aside.

White balsamic vinaigrette dressing
In a bowl or large measuring cup, whisk together all the vinaigrette ingredients and set aside.

Salmon: Heat olive oil in a sauté pan over medium-high heat. Score skin and season fish with salt and pepper. Place skin-side down in hot oil. Cook until skin is crispy, shaking pan to prevent fish from sticking. Turn fish over and continue cooking until medium rare. Remove and keep warm. (Alternatively, salmon may be grilled or baked.)

In a large bowl, combine endives, apples, greens, walnuts and vinaigrette, tossing gently. Season to taste and center on plate. Top the salad serving with one fillet each and sprinkle with chopped chives.

Photo by Jason Briscoe on Unsplash

Pundit Quotes on the 2020 Real Estate Market

Usually this time of year I stick my neck out and make some forecasts about the local market in the coming year. What I’ve discovered is my quotes are boring by comparison to those made by the pundits. So, this year I decided to publish some of the more exciting projections by people who claim to know what’s going on.

Let’s set the stage by noting that the real estate market has been notoriously stable for the past few years. Stable, and on a very slight decline. The charts have shown volume and prices all within the normal range, with tiny losses increasing as time goes on. Several pundits have pointed to these stats and projected a recession on the horizon.

At the same time, as I point out in another article, this is a presidential election year. Can anyone remember an election year when the economy failed? It doesn’t happen very often. Let’s look at some quotes.

“Were we to have a recession, I’d argue housing would provide a cushion because the shortage of supply at the entry-level suggests builders could actually continue to build.”
Doug Duncan, Fannie Mae’s chief economist

Well now, I know quite a few builders and developers. But, I don’t know any who will start a project when prices start dropping. As a theory it sounds great, but I think it needs further study.

“While the housing crisis is still fresh on the minds of many, and was the catalyst of the Great Recession, the U.S. housing market has weathered all other recessions since 1980.”
Odeta Kushi, deputy chief economist at First American

Kushi says, “…since 1980.” So he had to look back 40 years to find good news?!?!

“Housing people are the most optimistic people, but it takes a lot of optimism to buy a house and tie up your income for 30 years.”
Nela Richardson, investment strategist at Edward Jones.

He’s right, at least as far as purchasers would go. Most tenants wouldn’t be very optimistic after renting for 30 years.

“The vast majority of housing economists project that mortgage rates will remain below 4% in 2020.”
Jacob Passy, personal-finance reporter for MarketWatch

Ha! Like we’re going to see the Fed argue with President Trump! He tweeted and they gave. It’s an election year!

“In the Los Angeles metropolitan area (which includes Orange County), the share of homes that sold for more than the listed price dropped from nearly 35 percent in 2018 to 28 percent in 2019.”
Elijah Chiland, reporter for Curbed, Los Angeles

There is a large difference between our little corner of the world here in 90277 and Los Angeles County in general, and it extends to the LA Metro and to California and to the nation as a whole. In 2019 only 17% of homes sold in 90277 sold for over asking. It is different here. Many brokers/agents have found that the statistics generated by state and national pundits are simply not applicable in the Beach Cities.

Here’s CAR betting on a positive market for the year! It’s an election year, and I can see this happening!

2019 vs 2020 in 90277

Last year saw property prices in 90277 drift down a little. Looking at a five year picture of shifting prices we see that from 2014 to 2018 there was a clear upward trajectory. By the end of 2019 the average price had dropped and the median price followed.

The final numbers for 2019 show the decline continuing and even growing. The median was only down .4%, but the average was down 7.1%, an even larger drop than projected for the fourth quarter of the year.

On a more positive note, 2019 showed a 16% increase in sales volume for 90277.

The downward shift in prices and upward trend in volume of sales are consistent with the overall greater South Bay area. The upper end of the local market is showing signs of having reached an apex in prices, which has stimulated more listings and more sales.

At the same time, the moderate and lower priced neighborhoods have maintained price increases. Prices of lower priced homes are still climbing, but at a slower rate. Sales on the other hand, declined from 2018, or were unchanged.

So what’s the outlook for 2020? To get an early look, we compared January 2019 to January 2020. The statistics show both prices and sales climbing. Sales for the month were 22% greater than January last year. Average prices increased by 14.7%, while median prices were up 5.9%.

All right, so things are looking pretty good, at least in the Beach Cities/South Bay area. But, let’s face it. This is an election year. The status of everything is subject to change in mere seconds, based on the latest poll/post/tweet hitting the internet. There’s not much we can do about the politics, but if you’re looking for a quick update on the real estate market, give us a call. Better yet, take out a free subscription to BeachChatter and we’ll send you a note to keep you abreast of the latest news. There should be a subscription form in the side column. And, we don’t sell your data!

Upgrade Your Home for Senior Living Convenience

As if there has ever been a doubt, surveys clearly demonstrate that those of us in the Baby Boomer generation want to maintain our independence and remain in our family homes as long as possible. The older we get, the more adamantly we pursue that goal. Along with us getting older, our homes are also aging. Things we loved about the house when we were younger are not so lovable now that we’re less agile and adaptable than we were those many years ago.

That upstairs kitchen, with the tremendous views–getting up those stairs becomes a dreaded task when joints become creaky and complaining. Likewise, getting down on hands and knees to reach into the back of a corner cabinet can make one curse the arthritis creeping in on us.

Photo by AndriyKo Podilnyk on Unsplash

In some cases the solution is medical. Doctors can literally rebuild a body today, replacing old, failing parts with new technological wonders. On a more practical level, rebuilding our homes to meet our changing needs can be easier and less expensive. Depending on the structure and your needs, you may be able to adapt the family home to your new lifestyle demands more readily than you can change residences.

In our experience, inability to climb stairs is the most expensive and challenging difficulty to remedy. In multi-story homes, options include installing an elevator or adding a chair lift, while in single story homes, it may be as simple as adding a ramp at the exterior entrances.

Elevators may add up to tens of thousands of dollars, but don’t let that deter you from investigating. Sometimes the architect has designed in a space that’s just waiting to be used. Besides, it’s probably less expensive than moving the kitchen downstairs. Though not as aesthetically appealing, a chair lift can be a relatively inexpensive solution, costing only a few thousand dollars.

In terms of cost and difficulty, bathrooms and kitchens come right behind stairs. The key problems are usually related to getting in and out of bathtubs, and manipulating faucet knobs. Whether the result of declining strength, arthritis, or another aspect of aging, these are literally pains we can avoid.

Walk-in bathtubs are available, but very expensive, and most of us haven’t been in a tub since we were children. The most common solution is a “curbless” shower which eliminates the pain and the trip hazard. Adding a seat to your shower is a minor effort for the contractor and a major plus for you. Any update of your faucets will probably solve the knob issue, since nearly all manufacturers have shifted from knobs to levers to meet the needs of the disabled.

Many of the complaints we have as aging boomers have been addressed by manufacturers of “add-on” or “after market” products. Roll out drawers, pull out shelves, lazy susan corner units and similar tools can be wonderful. For the most part these fixes are inexpensive and easy to install. None of them will make us any younger, but with them we can all feel better about growing older.

Main Photo by Jason Pofahl on Unsplash

Growing Old at Home

You knew someone would conduct a survey asking senior citizens where they would prefer to live as they grow older. I’m sure you also knew the answer before the survey was done. There’s no place like home!

A study by the American Association of Retired Persons (AARP) shows an overwhelming 76% of seniors aged 50+ want to stay in their current home and 77% want to remain in their community as long as possible. Sadly, only 46% expect they’ll be able to stay in their home. Another 13% believe they’ll be able to move to a different residence in the same community.

How strongly do those surveyed feel about staying in their home? Over half wanted it to the extent they were willing to share their home (32%), build an accessory dwelling unit (31%) or join a “village” that provides services to enable aging in place (56%). (We plan to explore “senior villages” in a future article.

“half of the survey respondents indicated they would be
willing to share their home simply for companionship”

In an interesting sidelight, half of the survey respondents indicated they would be willing to share their home simply for companionship. The strength of this psychological need is supported by anecdotal tales we’ve all heard about retirees who move in together for companionship, but remain single for financial reasons. Even more telling is the response of 30% who reported lacking companionship, feeling left out or feeling isolated.

About one third of those surveyed expect their existing home to require major modifications. Most of that group, roughly 25% of the respondents, are not willing or able to make those changes. As a result, they plan on relocating completely to a new area. Moving to a new area can offer a tremendous incentive in that the average price of housing varies dramatically from state to state across the nation.

“less than 25% of seniors are attracted to senior developments”

Some active adult communities, designed for the 55+ cohort, offer pools, gyms, coffee bars, workshops, golf courses and cooking classes. Despite all the amenities, less than 25% of seniors are attracted to senior developments.

In many cases, the problem lies with the lack of social interaction. The AARP concluded “creating a social environment that appeals to everyone is a key part of forming strong, livable communities.” The group cited results showing over 80% of seniors felt it important to socialize with friends and neighbors; engage with both young and old residents; volunteer in the community; and continue formal education.

While we’re looking at the things seniors desire, it’s equally interesting to see what it is they don’t want. On the list of “least important community features” we find that over 75% of the respondents don’t want “Activities specifically geared towards adults with dementia.” Nor are they interested in “Local schools that involve older adults in events and activities,” or “Activities geared specifically towards older adults.” This further reinforces the idea that seniors want to interact with both young and old people.

There are those who say “Children will keep you young.” This survey would suggest a whole lot of us believe that maxim.

Photo by Vidar Nordli-Mathisen on Unsplash

What is the California Department of Aging?

The California Department of Aging (CDA) is practically unheard of. I recently discovered it and knew immediately we would have to publish the information for our Beach Cities seniors. The Department administers programs that serve older adults, adults with disabilities, family caregivers, and residents in long-term care facilities throughout the State. These programs are funded through the federal Older Americans Act, the Older Californians Act, and through the Medi-Cal program.

To get things done, the CDA contracts with the network of Area Agencies on Aging (AAA), which are organized roughly along county lines. The local AAA directly manages services that provide meals; support for family members, and to generally promote healthy aging and community involvement. In this article we’ll focus on meals and family help, both of which are elements of “Aging At Home.”

“Meals On Wheels”

Here in Los Angeles County, seniors are eligible for home delivered meal service if they meet the following basic requirements. (For detail, see http://wdacs.lacounty.gov/ or call them at (213-738-4004.)

Persons 60 years of age or older who are homebound because of illness, incapacity, disability, or are otherwise isolated regardless of income level
Spouses and caregivers of eligible participants if it is beneficial to the participant
Persons with a disability who live at home with a participant

The Home-Delivered Meals Program also provides nutrition education, nutrition risk screening and nutrition counseling.

Being a senior citizen can be very challenging in our society. Even with family care givers, there can be a lot of questions, and a good deal of confusion. High on the priority list is finding ways so family members can help as much as possible.

Many times close relatives would be happy to stay home and help, but a formal job leaves no time to do so. The In-Home Supportive Services (IHSS) program is designed to provide training and income for a person who provides services to family members under the program.

Getting paid to take care of a family member

Are you caring for a senior member of the family? Or, are you a senior caring for a grandchild? Either way, you are performing a valuable service, and one you can be paid for! The California Department of Social Services (CDSS) can help you with qualifying for a paycheck in 90 days or less. The best part–it can be tax free income! The requirements:

Adult family members or other informal caregivers age 18 or older providing care to individuals age 60 or older
Adult family members or other informal caregivers age 18 or older providing care to individuals of any age with Alzheimer’s disease or related disorder with neurologic and organic brain dysfunction
Relatives, not parents, age 55 or older providing care to children under the age of 18
Relatives, including parents, age 55 or older providing care to individuals of any age with a disability

CDA also contracts with agencies that certify approximately 242 Adult Day Health Care Centers participating in the Medi-Cal Community Based Adult Services (CBAS) Program.

So every Californian has the opportunity to enjoy wellness, longevity and quality of life in strong healthy communities, CDA actively works to ensure:
– transportation,
– housing and accessibility
– wellness and nutrition,
– falls and injury prevention,
– dementia care.
For additional information, contact the CDA at https://www.aging.ca.gov/Programs_and_Services/ or you can locate the AAA in your area by selecting your county on the Find Services in My County page of this website.

Photo by CDC on Unsplash

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