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South Bay Big Wave Challenge

Blog, Community News, South Bay Living, South Redondo Beach News   |   Dunham Stewart   |   March 6, 2015
The South Bay Boardriders Club will once again host its South Bay Big Wave Challenge, where photographers and surfers team up to see who can ride the biggest wave in the South Bay—and document it with a photo or video, according to South Bay Events. To be eligible for the contest, the wave must have been ridden in the South Bay between Dec. 1, 2012 and March 31, 2013. The boundaries are Indicators in Palos Verdes to the south and Dockweiler Beach to the north. Participants must sign a waiver in person at Dive N Surf in Redondo Beach before participating in the contest, which is in its third year. Cash and other prizes will be awarded to the winning photographer and surfer. The winners will be announced at the Hermosa Playhouse on a date to be determined in April.

Home Prices Predicted To Jump 6% In 2013

Blog, Buying, Market Updates, Real Estate News, Selling   |   Dunham Stewart   |   March 6, 2015
Going into 2013, home prices are expected to rise 6 percent driven by steady demand, lower bank-owned (REO) sales, and lower inventory of unsold homes. This is according to CoreLogic’s latest report. The CoreLogic Home Price Index (HPI) increased 6.3 percent in 2012, the largest increase and highest level since 2006. And year-over-year home price increases were more widespread. The two major drivers of improvement in the market have been the decline of real estate owned (REO) sales and less available inventory. The decline in REOs drove a sharp turnaround in home prices, but the impact of the decline will be less prominent in 2013. The major factor driving the market in 2013 is the lack of inventory. Current owners need to sell at prices high enough to extinguish their debt and provide equity for the next home purchase. Until home prices began to rebound in 2012, these borrowers had been effectively locked out and unable to list their homes for sale. The lock-out phenomenon, combined with the rise in investors converting foreclosures into rentals, led to a lack of for-sale inventory. These factors will continue to drive home prices rising in 2013

Record Housing Affordability Index for 2012

Blog, Buying, Community News, Market Updates, Real Estate News, Selling   |   Dunham Stewart   |   March 6, 2015
2012 will clearly go down as a record year for favorable housing affordability conditions and a great year for buyers. According to the National Association of REALTORS® national Housing Affordability Index stood at 198.2 in November, With 11 months of data reported.  This is up from 186 in 2011, which was the previous record. The Housing Affordability Index is based on the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power; recordkeeping began in 1970. An index of 100 is defined as the point where a median-income household has exactly enough income to qualify for the purchase of a median-priced existing single-family home, assuming a 20 percent down payment and 25 percent of gross income devoted to mortgage principal and interest payments. Rising home prices and a gradual uptrend in mortgage interest rates will offset improvements in family income, but 2013 likely will be the third best on record in terms of household buying power. A window of opportunity remains open for buyers who can qualify for a mortgage.

New Year Same Low Interest Rates

Blog, Buying, Market Updates   |   Dunham Stewart   |   March 6, 2015
As the new year begins mortgage rates are remaining low, record lows in fact. It is anticipated that this policy will continue to move the economy towards recovery. Cheap mortgage rates have made home-buying and refinancing more affordable than ever for those who can qualify. Lenders are expected to keep mortgage rates low for borrowers in 2013, but savers shouldn’t expect to make much in return from their deposits. Larger 30 year FHA refi fixed rate loans can be had for 3.250% carrying an APR of 4.224%. (in eligible areas) Shorter term 15 year refi fixed rate loans have been quoted at 2.625% yielding an APR of 2.930%. When it comes to ARMs, 5 year refi loan is on the books at 2.125% with an APR of 2.947% to start with. The Federal Reserve keeps interest rates low to encourage people to borrow. The reserve also encourages others to spend and not save their cash in order to stimulate the economy. Problem is we are going now into our fifth year of these record low interest rates and we still have a very slow growth economy.

The First Meteor Shower Of The Year

Blog, Community News, Manhattan Beach News   |   Dunham Stewart   |   March 6, 2015
The high-powered Quadrantids meteor shower should have peaked just before dawn Thursday with a maximum number of meteors per hour of about 80, but there’s a chance to see them again before dawn Friday. Mother Nature has helped would-be Quadrantids viewers in Los Angeles the past two nights with clear skies providing and a setting moon providing good viewing oportunities. The meteor shower is expected to “last only a few hours,” according to NASA.com. The meteors are believed to be a piece comet that broke apart centuries ago. The fragments will  enter the Earth’s atmosphere at 90,000 mph, burning up 50 miles above Earth’s  surface. If the weather doesn’t cooperate, you can watch a Ustream feed of the meteor shower on Jan. 2-4 on NASA.com.

2013 Will Be Wake Up Call For Home Buyers

Blog, Buying, Real Estate Tips   |   Dunham Stewart   |   March 6, 2015
Home shoppers will likely have more urgency in the new year, wanting to buy before home prices rise even more. Home prices are edging up in most markets, and buyers are taking notice. Buyer surveys recently have shown that home shoppers expect home prices to continue to inch up, and they want to cash in before they rise too much higher. Rising prices could eventually encourage more sellers to put their homes on the market, which would help boost demand even further. These condition area a result of the slow but steady improvement in the operating fundamentals for the housing market, including 33 straight months of private sector job growth and rising housing formations. Steady buying by investors has also helped reduce distressed home inventories. With supplies dwindling, home prices have improved across much of the country, which is helping bring trade-up buyers back into the market. In 2013, rising rents are expected to push more renters to buy, according to a Wall Street Journal report.

Free Parking Starts in Redondo Riviera Village

Blog, Community News, South Redondo Beach News   |   Dunham Stewart   |   March 6, 2015
Holiday shoppers, rejoice! From Monday through Jan. 2, visitors to Riviera Village in South Redondo Beach will pay nothing to park at metered spaces from 6 a.m. to 6 p.m. It is already free to park at the meters from 6 p.m. to 6 a.m. the next morning. According to the bags on the meters, the two-hour parking limit will be strictly enforced. In addition to the free parking in Riviera Village, free parking at the Redondo Beach Pier parking structures, which began Dec. 10, will continue through Dec. 28. The free parking lasts from 8 a.m. to 8 p.m.

Is It Time For Home Sellers To Awake?

Blog, Real Estate Tips, Selling   |   Dunham Stewart   |   March 6, 2015
A year of record low inventories of homes for sale and improving prices may finally be catching the attention of millions of prospective home sellers. Is a seller’s market in the offing? According to a November consumer survey released today, 22 percent of homeowners said they are likely or somewhat likely to sell in 2013. Should the sales materialize, the number of homes on the market next year would increase five-fold over 2012. Annualized sales were 4.71 million (as of October), or about 6.2 percent of the nation’s 75 million owner-occupied homes. The survey found that homeowners who bought their homes between 2010 and 2012 and have owned then less than two years are more likely to sell than those who have lived in their homes longer. One out of three homeowners (33 percent) who bought their homes in the past two years said there are likely to sell next year compared to 20 percent who bought before 2002. Most of the new owners seeking to sell are probably move-up buyers who won’t be adding to the overall inventory but will be vacating entry-level homes, which are in high demand in most markets. For years, low home values have frozen move-up buyers in place, many of them underwater. Today 22 percent of owners with a mortgage still owe more than their homes are worth. Rising prices will bring out more sellers, especially if price increases lift them back above water. 2013 could be the year that inventory turns around, just as 2012 was the year that prices started recovering.

2nd Annual Redondo Pier Holiday Concert

Blog, Community News, South Redondo Beach News   |   Dunham Stewart   |   March 6, 2015
Holiday Concert on the Redondo Beach Pier on Saturday, December 15 from 3 to 5 p.m. Surf rock band,High Tide will be performing songs from the Billboard 100 award winning, Ventures Christmas Album. Sing along to Jingle Bell Rock, White Christmas, Frosty the Snowman, Silver Bells and other holiday favorites! Santa will be in the house, so be sure to bring your list and be on your best behavior! The event also features the KROQ Street Team, Fuse Fitness Flash Mob, giveaways and surfing Santa photos. Attendees are asked to please bring a new, unwrapped toy for the Cheer for Children Charity Toy Drive. Holiday tunes performed by a surf rock band on the Pier overlooking the deep blue…..this is how the South Bay celebrates the season!

Redondo Beach Christmas Boat Parade

Blog, Community News, South Redondo Beach News   |   Dunham Stewart   |   March 6, 2015
The King Harbor Yacht Club Presents the 21st Annual King Harbor Christmas Boat Parade which will be held on Saturday, December 15th from 5:30pm to 7:00pm in the main channel of King Harbor. It is FREE for anyone to view the parade all along the seawall and from various restaurants. The theme this year is “A Christmas Wish” and our Grand Marshall is Bo Derek. Santa and his elf will be visiting the Redondo Beach Marina, and the Redondo Beach Pier throughout the day and at 5 pm the Annual Christmas Boat Parade begins. The whole harbor area along Harbor Drive lights up with many of the boats in the Marina lighting their boats as well throughout the holiday season. Viewing for the actual boat parade can be seen from many of the restaurants, on the piers or along the break wall.
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