A Time to Remember... Memotrial Day 2012

A Time to Remember... Memorial Day 2012






Every May when I was a child Veterans would hand out poppies made of red, white and blue paper on the street as a sign of remembrance for those who died in the service of their country. The poppies were to be used to decorate the graves of the soldiers. At that time it was still called Decoration Day. Over the years the name has changed and Memorial Day is now more often thought of as a three day holiday than as a time to honor the dead.

Since 9/11 we have been involved in numerous conflicts in the Middle East. This year we are finally seeing an end to our involvement in many of these actions. While the actual fighting may be over we still need to be sure those who have given so much get the support and in many cases the care they need to continue their lives. We are very good at saving lives.. now we need to consider how help these men and women so they can continue to be a productive part of our society.


How we view the military has changed over the years and we see battles in the streets as part of the nightly news. But one thing remains constant... the loss of our men and women in combat. So take a few moments from your celebration this weekend to remember those who have died in the service of their country.



Local Memorial Day events:


Redondo Beach:

The city of Redondo Beach will hold its annual Memorial Day tribute from 1 to 2 p.m. Monday at the new Veterans Memorial at Veterans Park, adjacent to the Redondo Beach Pier

Donations are being accepted for the Redondo Beach Veterans Memorial. For information, visit www.RBVeteransMemorial.com/.

The Redondo Beach Elks Lodge 1378 is sponsoring a Memorial Day barbecue in the Elks parking lot south of the lodge next to the park. The barbecue is free for all veterans and members of the military. A $5 donation is requested for all others.(208) 473-6626

American Legion Post No. 184 is hosting a Memorial Day potluck picnic with hamburgers, hot dogs and potato salad. The public event is from noon to 3 p.m. Monday at 412 S. Camino Real, Redondo Beach.

Proceeds from donations will be used to purchase calling cards for the troops at Christmas.

Rancho Palos Verdes/Green Hills Memorial Park:

The Memorial Day Observance begins at 10 a.m. Monday at Green Hills Memorial Park, 27501 S. Western Ave.
The event include a parade of colors presented by all branches of the armed forces, the mounted posse from the Lomita sheriff's station, musical performance by the 300th Army Band and Cabar Feidh Bagpipe Band, aerial flyovers and the release of 100 doves. Also the Boy Scouts and Girl Scouts will place roughly 8,000 American flags on the grave sites of veterans at Green Hills.

For information, visit www.greenhillsmemorial.com or call 310-521-4460.

Manhattan Beach-Beach Cities: Buying a home in 2012...the rules are changing.

What a difference a few months has made for Manhattan Beach-Beach Cities home buyers...After a  long run in the driver's seat it appears that as the song says.. the times they are a changin ...Adjusting to the change is proving difficult for many buyers.

 The biggest problem is inventory or rather the lack of inventory.  With fewer distressed properties coming on the market and sellers reluctant to sell at lower prices,  inventory has plummeted.  In Manhattan Beach and  most of the Beach Cities inventory levels are half of what they were last year at this time. Agents are networking like mad searching  for properties for their clients.  Broker's Open Houses are as much about  chatting with other agents to see what they have coming up  as they are to view the home being showcased.

Homes that  buyers rejected last year are not only selling this year but often at the prices that were considered on the high side not so long ago.While this doesn't mean huge increases in home prices it does mean that in some areas the price move is up not down for the first time in years.

Lots of buyers and small inventory levels add up to multiple offers.  Often multiple offers mean higher prices.  A few months ago buyers not only had a wide choice of properties but they could also afford to wait if a seller wouldn't take their price. There was no sense of urgency as there would be another property popping up soon and often at a lower price.  Buyers not only have fewer properties available to choose from  but are finding themselves outbid on choice and sometimes not so choice properties. 

Adding another twist to the market is the number of buyers with a lot of cash in all segments of the market from entry to luxury.  Buyers with good credit and 20% -30% down are finding themselves outbid by the competition with all cash offers.   Buyers with smaller down payments are hoping to get FHA loans but are finding that much of the property in our area doesn't qualify.  Townhomes can be FHA approved but it takes time and money.  Sellers who are seeing multiple offers  will pick the cleanest offer which usually means that FHA buyers are not finding as warm a reception as they did last year.

If this is the year you have decided to move there are a few things to keep in mind.  First you need to have the money for your down payment readily available. Contingency sales are going to be difficult if not impossible in today's market. If Mom and Dad are helping with the down payment get the money in the bank now so you can have the paper trail ready for bank approval.

 Second you must be pre-approved by a lender not pre-qualified.  That means your lender of choice should not only have all your information but have completed the necessary paperwork to process your loan subject to the appraisal. 

Finally do your homework.  You need to know recent sale values.  You can't base an offer price on comps that are 4-6 months old.  You want to find out about pending sales of similar properties.  Were there multiple offers and if so was the accepted offer near or over the listed price. This knowledge tells you what your competition is willing to pay. 

Typically inventory begins to increase as the spring selling season wanes but this year could be the exception .   Before everyone becomes overly excited about the current trend I should probably point out that our local housing market is very typical of a recovering real estate market. 

Manhattan Beach Market Snapshot: Sold March 2012

Manhattan Beach Market Snapshot  for homes sold in March 2012

Manhattan Beach Walk Street


March closed sales often indicate where the spring market is headed.. Based on the 2012 March real estate sales and pending sales  in Manhattan Beach  just one word  describes this market... HOT!  We haven't seen a real estate market like this for years.  Homes that buyers  rejected  a few months ago are selling at or above the listed price with multiple offers. It's crazy out there...

So what's driving the frenzy?  Actually there are a lot of factors but the main one is lack of  inventory and not just quality inventory but any inventory.   Distressed sales drove down prices to a level where many folks who might have sold  and moved up to a new home decided to stay put until  the housing market improved.  Other  made the decision to stay in the same location but remodel or even tear down and build a new home.  Often owners who bought another property chose to keep  their existing home as a rental instead of selling. 

 These homes may ultimately hit the market but for now they are not available to potential home buyers.  There are currently 87 homes and townhomes for sale in Manhattan Beach. and 85 in escrow. Off market homes likely account for another 10 or more sales. Agent networking  is the name of the game as buyers scramble to get something before it hits the wider market.  Property is selling as soon as it hits the market as long as it isn't wildly over priced. 

 Buyers  seem to have developed a sense of urgency that has been lacking  in recent years  Even more interesting is that they may be willing to pay a bit more this year than last year for a property they really want but it doesn't mean they are reckless.  


Manhattan Beach: Sold March 2012