First Time Buyers Archives — Page 2 of 4 — Real Estate in Torrance

Flipped Homes Becoming Commonplace in North Torrance

By Keith Kyle

You don’t have to look far to see that investor owned “flipped” houses are a significant portion of the active home listings in North Torrance. Investors have long sought out homes in this area as many homes, most built post WWII in the late 1940’s and 1950’s, have not been updated in any significant way but are usually well built and structurally in good shape. Those factors, along with great schools and highly sought after neighborhoods, have made North Torrance a fairly ideal market with low inventory and prices on the rise since early 2013. Gone are the days of distressed sales and short sales, so the margins have grown much tighter but given the demand, expect to see an abundance of remodel and flipped property in 2015. Below are just a few of the recent flips but there are certainly others and will be more coming to the market. Contact us about any of these homes, to find out about upcoming remodels or to look for potential investment/”as is” opportunities.

For Sale at $594 - 400sq feet added — For Sale at $594,ooo – 400 sq feet added

3318 Artesia Blvd.

4171 W 172nd Street

4348 W 179th Street

4312 W 178th Street

Current homes for sale in North Torrance

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in Buyers, First Time Buyers, Flipped Homes, Homes for Sale, North Torrance West, Real Estate Trends, Remodeled Homes, Torrance Real Estate Posted by Keith Kyle

Neighborhood Spotlight – Southwood

Sitting between West Torrance and South Torrance is the wonderful neighborhood of Southwood. This small area also sits just east of Redondo Beach and the proximity to the ocean means milder weather and great ocean breezes that other parts of the city don’t enjoy. Comprised mainly of 1940s and 1950s beach style bungalows, the area is still more affordable than some of the nearby beach cities while still having a certain charm lost in some of these other areas with oversized homes, makes a statement type architecture and over development. Some homes have gone the route of maximum square footage, but the majority still look like homes that belong in the neighborhoods and give homeowners a bit of space and separation. Although prices are still below neighboring South Redondo, they have risen dramatically in the past 2 years with most original smaller 3 bed/1 bath homes starting in the mid to low $600’s for fairly original, but nice condition, and the larger 3 bed/2 bath 1400 foot (many homes added a family room accounting for the extra square footage) selling anywhere from the mid to low $700s up to the low $900’s depending on location and condition.

What makes the area so special is the community feel, with an abundance of parks, dog parks and schools all within walking distance. A quick drive down just about any street says it all with pride of ownership being quite apparent. Manicured lawns, updated homes, tree lined streets and an abundance of neighbors walking the area makes for a great atmosphere. Contact us if you are interested in learning more about Southwood or would be interested in receiving free email updates with the latest listings.

Current Southwood homes for sale

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in Buyers, First Time Buyers, Homes for Sale, Sellers, Southwood, Torrance Real Estate Posted by Keith Kyle

September 14, 2014May 5, 2023

What Will Your Tax Savings Be By Owning a Home?

One of the more frequent questions lenders get when pre-approving a client for a Coins in tabular chart new home is “How much will this new home save me on my tax bill each month”? Many home buyers use the monthly tax savings to offset the increase in housing expense that a new home can bring. The savings can help the buyer to budget for a higher priced home which could make it possible to live in a more desirable neighborhood, possibly reap the benefits of higher property appreciation and help the buyer to have better resale options.

To help illustrate a home buyers potential monthly tax savings, the below chart shows the loan amount, monthly tax savings and how the monthly tax savings could be used to increase purchasing power.

Loan Amount	Monthly Savings	Increase in Purchase Power
$250,000	$297	$56,000
$300,000	$356	$67,000
$350,000	$416	$80,000
$400,000	$475	$94,000
$450,000	$534	$103,000
$500,000	$594	$113,000
$550,000	$653	$124,000
$600,000	$712	$137,000
$650,000	$772	$146,000

• Above based on mortgage interest rate of 4.75%, and a Federal Tax Brackett of 30.%
• Source: homes.yahoo.com – Figures to be verified with your CPA

in Buyers, First Time Buyers Posted by Keith Kyle

Who Pays for What During Escrow in Torrance?

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: Feevaries with distance
Lender’s Endorsement	Title: to Buyer	Charge for endorsements required by lender to cover “outsidethe 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 figureto 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 reserveaccount
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.

in Buyers, Escrow Process, First Time Buyers, Sellers, Torrance Real Estate Posted by Keith Kyle

Be Wary of Low Quality Home Flips

With the South Bay housing market in a frenzy and so many “flipped” homes for sale, buyers need to be very cautious rushing into the purchase of a home based on the beautiful cosmetic updates. Flipped homes are often originally bank owned or distressed sales in very poor condition and it is usually purchased by investors looking to do the least amount of work to get the greatest return. Updates are often primarily cosmetic and it is absolutely in the buyers best interest to have a home inspection. The picture below was a recent home that I saw and in my eyes if they can’t even properly paint the outside this is a pretty good indication that this was done quickly and cheaply. Buyer beware!

This doesn’t mean that many flips were not done very well but heed the warning signs.

in Buyers, First Time Buyers, Homes for Sale, Short Sales and Foreclosures, Torrance Real Estate Posted by Keith Kyle

Hollywood Riviera homes for sale - 340 Via Colusa

April 17, 2014May 5, 2023

Welcome to Torrance Real Estate & Homes for Sale

By Keith Kyle Homes for sale in the Hollywood Riviera

Welcome to Torrance real estate. We have strived to offer the very best information and home search features on a local website designed specifically for Torrance home buyers and sellers. As local Torrance and Redondo Beach real estate specialists we understand how unique Torrance is and how different and distinct the various areas can be. From oceanfront homes in the Hollywood Riviera, to duplex and income properties in the County Strip area…..we can help. Search for homes with our free Torrance MLS access or allow us to do the hard work for you with our FREE daily listing updates and know about new homes first. Our website offers information on real estate markets and trends in each neighborhood, recent home sales and prices, current off market homes and MLS listings, short sales and foreclosures and information for home sellers to find out what their Torrance home is worth and how we have been so successful at marketing and selling homes in the area. We hope that our website is a great place to start for all of your Torrance real estate needs. Contact us as any time for questions or more information.

See the most recent listings below orbrowse through the menus above to search Torrance homes by neighborhood, price, or home type.

Search the Homes for Sale in Torrance

Search Homes For Sale By Neighborhood		Torrance Links
South Torrance Southwood Hollywood Riviera Walteria/ Victoria Knolls West Torrance North Torrance Old Torrance Central/Southwest Torrance Harbor Strip/Harbor Gateway		Torrance Daily Listing Updates Torrance School District School District Boundaries Torrance Recently Sold Homes Median Home Prices for Torrance Torrance Foreclosures Torrance Open Houses Torrance Real Estate Map

in Buyers, Central Torrance, County Strip, County Strip and Harbor Gateway, First Time Buyers, Hollywood Riviera, Homes for Sale, Listing Agents, Luxury Homes, North Torrance West, Old Torrance, Plaza Del Amo, Pocket Listings, Real Estate Market, Real Estate Trends, Seaside Ranchos, Sellers, Short Sales and Foreclosures, South Torrance, Southwood, Torrance Real Estate, Torrance Realtors, Victoria Knolls, Walteria, West Torrance Posted by Keith Kyle