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Torrance Real Estate Market Trends

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The market in Torrance has continued to be very favorable to sellers with the demand so high and the inventory still considerably low.  The1310 Portola in Old Torrance past 3 months have seen a slight increase in inventory which may be temporary or may be showing signs that the very beginning of a more balanced market is on it’s way.  Keep in mind that Torrance is a big city and prices, demand, values, and trends can vary considerably throughout the city.  The chart below shows the number of active Torrance homes for sale (light green bar) the number of homes that went into escrow (red line) and the number of homes sold in that month (teal bar).  When the trend shows a monthly increase in homes for sale the market is heading towards a more balanced situation.  At the moment it is very much a sellers market.

For buyers, and especially first time buyers, the chart below is a helpful tool to determine what price to offer.  This is for all of Torrance and different neighborhoods vary, and certainly individual homes can be a different situation depending on what price is was listed at.  For the month of September selling prices were within 3% of the list prices.

What does this mean?

For buyers this generally means that “going in low” is probably not the right strategy.  Consult with your realtor as they should have a handle on what the value of the home should be and whether the asking price was set too high, or too low in the hopes of generating multiple offers and a potential bidding war.

July 2014 Median Home Prices in Torrance CA

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By Keith KyleWelcome home doorway

July 2014 saw some big numbers in terms of both number of homes sold as well as median prices.  Torrance CA  had 142 sold homes at a median price of $540,000 which was down from the same month in 2013.  Most other South Bay cities also saw some significant year over year increases in prices with the other exceptions being  Marina Del Rey and Playa Del Rey.  To see the actual homes sales in each city visit our recent home sales price and information site.

City Homes Sold July 2014 Median July 2013 Median Year over Year % Change
Carson 48 $382,500 $350,000 9.29%
El Segundo homes 15 $872,000 $797,000 9.41%
Gardena 50 $385,000 $332,500 15.79%
HarborCity 13 $480,000 $465,000 3.23%
Hawthorne real estate 51 $505,000 $400,000 26.25%
Hermosa Beach homes 26 $1,230,000 $1,097,500 12.07%
Lawndale 8 $412,000 $331,250 24.38%
Lomita 13 $555,000 $452,000 22.79%
Long Beach 330 $400,000 $365,000 9.59%
Manhattan Beach homes 43 $1,795,000 $1,521,250 18.00%
Marina Del Rey 33 $757,500 $862,500 -12.17%
Palos Verdes Estates 51 $1,600,000 $1,291,000 23.93%
Playa Del Rey 23 $507,000 $512,000 -0.98%
RanchoPalos Verdes 54 $1,069,000 $1,100,000 -2.82%
Redondo Beach homes 97 $865,000 $758,000 14.12%
San Pedro 49 $440,000 $420,500 4.64%
Torrance 142 $540,000 $576,250 -6.29%
Westchester 48 $777,500 $715,000 8.74%

Who Pays for What During Escrow in Torrance?

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By Keith Kyle21345_Hawthorne_Blvd_#415_bed1 copy

Closing Costs – Who Generally Pays What In a Torrance CA Escrow

Keep in mind that the charts below are based on the standard allocation of costs in Torrance.  As with any detail of buying a home everything is negotiable including who pays what costs during the transaction.  In addition not all of these costs exist in every transaction and many are dependent on the lender, escrow company and the details of the offer.

Title Fees

Cost
Customarily Charged By/To:
Description
Owners Title Policy Title:To Seller Fee for the title policy. Calculated using the sales price.May be reduced if home was purchased or refinanced inthe last 5 years. Insures that the title is as agreedto at closing
LendersTitle Policy Title:To Buyer Title policy issued to lender to cover the amount of the loan.Based on the loan amount unless it is a negative amortizationloan.
Sub Escrow Fee Title:to Buyer & Seller Fee to administer the payoff of loans or property taxes of the seller and collection of funds from the new lender
Document Transfer Tax County: to Seller at $1.10 per thousand of sales priceCity:  No transfer tax in Torrance Fee charged on all properties that transfer title – based on sales price.
Record Release/Reconveyance County:To Seller Charge to record the release/reconveyance
Federal Express/Messanger Fees Federal Express: to Buyer & Seller Charge to deliver all time sensitive documents and monies
Title/Wire Fee Banking Instituion: to Buyer & Seller Charge to wire funds to escrow, seller, lenders, etc
Electronic Recording County: to Buyer Charge to electronically record the document
Record Grant Deed County: To Buyer Charge to record the grant deed
Record Trust Deed County: To Buyer Charge to record the trust deed.
Messenger Messenger Service: To Buyer and Seller Charge to special messenger documents during the escrow: Fee
varies with distance
Lender’s Endorsement Title: to Buyer Charge for endorsements required by lender to cover “outside
the normal” risk circumstances

Escrow Fees

Cost
Customarily Charged By/To:
Description
Escrow Fee Escrow: Each pays own Covers liability assumed as well as standard processing costs.
Demand Fee Escrow: to Seller Charge to request a statement & process involved in getting a payoff figure
to escrow on the outstanding amount of the current loan. One demand fee per loan.
Process HOA Docs & Transfer Fee Escrow: Seller Fee for processing required to assign membership for HOA a& copying all governing documents
Document Fee Escrow: to Buyer Covers the cost of all processing required to meet new lender requirements
Loan Tie-In Fee Escrow: to Buyer Covers the cost of all processing required to meet new lender requirements
Federal Express Federal Express: to Buyer For document packages to out of County Lenders.

Lender Fees

Cost
Customarily
Charged By/ To
Description
Origination Fee Lender: to Buyer Charge for lending money at 1% of the loan amount
Documentation Preparation Lender: to Buyer Paid to lender for preparation of final loan documents
Tax service Tax Service: to Buyer Fee charged to buyer to set up property taxes with the state
Wire Banking institution Charge for the wiring of funds to title for closing
Underwriting Lender: to Buyer Fee to direct lender for the process of approving
Tax impounds Lender: to Buyer Collected to create an impound reserved account for the lender to pay property taxes twice a year
Prepaid Insurance Lender:to Buyer Generally 1yr of hazard insurance collected for impound reserve
account
Appraisal Appraiser:to Buyer Paid directly to appraiser for appraisal of property
Credit Report Lender: to Buyer Paid to credit bureau for report containing 3 credit scores
Processing Lender: to Buyer Paid to mortgage broker for processing loan package from application to closing

Disbursements

Cost
Customarily Charged By/ To
Description
HOA Transfer Fee HOA Management: to Buyer To transfer ownership and handle new accounting set up
HOA Dues HOA Management: to Seller Paid through month of closing
Fire Insurance Insurance Agency: to Buyer 1 year prepaid premium for Homeowners insurance
Notary Notary: to Buyer

Payoffs

Cost
Customarily Charged By/ To
Description
Recording Fee Existing Lender: to Borrower Charge for having reconveyance recorded.
Statement forwarding fee Existing Lender: to Borrower Charge for issuing a payoff statement

Credits and Prorations

Cost
Customarily Charged By/ To
Description
HOA Dues Seller: to Buyer Calculated from date of COA through month-end
County Property Taxes Seller: to Buyer Calculated from the date of payoff through end of period paid for.

55+ Condos for Sale in Torrance – 21345 Hawthorne Blvd

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By Keith Kyle21345_Hawthorne_Blvd_#415_kitchen1 copy

The 55+ community of Village Court is possibly the best location in the nicest complex in the South Bay. This home is absolutely turnkey and features a spacious bedroom, kitchen with granite counters and large island, big views of the pool and spa area as well as wonderful western exposure offering sunset views and cool ocean breezes. Village Court is a 55+ complex built in 2005 offering all of the best amenities including a resort style pool and spa, large outdoor dining and relaxation area, gym, clubhouse with pool table, beautiful lobby and more.

See the current Village Court 55+ condos for sale below

Current Condos For Sale in Village Court 55+

Spectacular Estate for Sale at 23135 Doris Way in South Torrance

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Looking more like an estate found in Palos Verdes than a home in South Torrance, the recent listing at 23135 Doris Way is spectacular in just about every way.  Sitting on a 15,000+ lot, which is extremely rare, even in South Torrance, the home offers the best of all worlds.  Spacious and luxurious interiors with 4600 square feet, 5 bedrooms, and 7 baths.  Built in 2005 this beautiful home offers a level of luxury usually only seen in nearby Palos Verdes and Manhattan Beach.  Contact us for more information.

South Torrance homes

The Gated Townhome Communities of Plaza Del Amo Torrance

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By Keith KyleSummerwind Plaza Del Amo

Central Torrance offers a series of communities fairly unique in the South Bay known as the Plaza Del Amo area offering an abundance of townhome style homes in several gated communities.  Although each community has a different name and HOA, they are generally located on Plaza Del Amo in the 90501 zip code.  Ideally located near major shopping centers, recreational facilities, parks, and restaurants, the communities of Plaza Del Amo are fantastic housing options for buyers looking for good areas, good schools, gated communities with an abundance of activities.

Click here to view the current homes in Plaza Del Amo

Prices currently range from the high $400,000s for one of the few one bedroom condo style units to around $1,300,000 for a much larger 4 bedroom detached townhome (often marketed as single family homes).  Most complexes offer pools and various other community buildings.

Want and even easier way to search for homes?  Tell us just a bit about what you’re looking for in a home and we’ll customize a search just for you and send you email alerts whenever a new home hits the market.  Never miss a new listing in Torrance and Plaza Del Amo again!

One of the aspects that make the areas and communities desirable is the highly rated Torrance school system and the area is generally served by Hickory Elementary, Madrona Middle School and Torrance High.

For information on specific complexes and other helpful real estate and community details visit our Plaza Del Amo real estate blog site.

Most of the complexes are located east of Madrona, west of Crenshaw and just north of Sepulveda.  Some of the many complexes are:

Gated communities and complexes near Plaza Del AmoChatelaine townhomes Plaza Del Amo Torrance

Current Plaza Del Amo Torrance Homes for Sale


Real Estate Map of Plaza Del Amo

plaza del amo map