This  Single Family is equipped with 3 bedrooms, 2.5 baths including an upstairs 3rd bedroom with a walk out deck encompassing huge white water ocean views and boasting 1580 sq ft. of living space (BTV).  The master bathroom features handmade glass tile, and includes a double bathroom vanity with modern vessel sinks. There is bamboo flooring throughout the main living area, kitchen, and master bedroom. The Kitchen has granite counter tops and stainless steel appliances. Adjacent to the kitchen is the main living area with a fireplace that incorporates travertine tile all along the exterior. There is a full 2 car garage with 2 parking spots in the driveway to solve all your parking problems. This is a great buy in the sand section with all the amenities and an ocean view!

(SFR and Townhomes) and 86 in Backup/Pending position. This is a staggering statistic and doesn’t even include any off market deals that have transpired. Inventory is low and weak in quality. Properties which posses some sort of premium ie, location, size, style, view, price, have been gobbled up with multiple offers. Only one offer wins, thus all the rest are still looking for that “right” home. Insert “Off Market” deals and a whole new way of satisfying your buyers.  Just over the weekend there were five “Off Market” deals done! This is not just a Buyer’s market anymore!

Having said that, currently there are 89 active listings in Manhattan and 54 in Hermosa (SFR, Townhome/Condo). Very low numbers for Manhattan and Hermosa but this is January, and expect there to be more inventory coming back out. A few reasons why Sellers take their property off the market in the Fall/Winter and bring it back out in the new year include the holidays, getting the Days on the Market (DOM) back to zero, a fresh look with either a new price or improvements that they did not make before they listed it.

Buyers are always around, looking for the right property to pull the trigger. Timing is everything and sometimes it takes a buyer to lose out on a property before they realize when it is the right time to buy.

FHA loan amounts are up to $729,750. These loans offer low interest rates, however mortgage insurance is very expensive (1% upfront costs and an added 1.10% monthly cost for the life of the loan). Need a minimum credit score of 640 and a max DTI of 50-55%. These loans are primarily issued for first time buyers with a low credit score.

Jumbo loan amounts are up to 5,000,000+. This requires at least 20% with a credit score of 700 and above with a max DTI of 45%. There are no government guarantees. These loans are underwritten to individual investor standards and each bank/investor have different guidelines. High end buyers will typically use a jumbo loan.

In the current real estate market, sellers want qualified buyers. A Seller wants a 20-25% DP buyer rather than a FHA buyer because an FHA buyer is considered risky and ultimately, the deal has a higher probability of falling through.

*This helpful information was provided by Grant Norris of RPM Mortgage.

Placing the property on the MLS on a Saturday, having public open houses’ and generating a great response, the listing agent had six offers before the end of the weekend! Being in the know, the property was sold over full price by a local agent, for $1.952 (List Price was $1.899). 800 19th St is on a corner, yet on a busy one (Pacific and 19th) but the orientation of the house minimized the noise from the stop and go traffic. The New-England inspired style homes feature natural colors with simple, subtle exterior elements designed to blend into the landscape. Buyers see Cape Cod and think of warm, inviting, and entertaining lifestyle suitable for family living.

In conclusion, the market inventory is weak with over priced listings and the quality just isn’t what it was in the Spring. This is natural and tends to happen as the holidays are near. However, 800 19th is a great equalizer to this stigma.