The much-anticipated sale of Toyota’s sprawling Torrance campus has officially closed, turning over the keys to Irvine-based Sares-Regis Group, which anticipates redeveloping the entire 110-acre site.

No purchase price was disclosed for the sale, which closed escrow closed Tuesday.

Privately held Sares-Regis plans to redevelop the 16 separate parcels using the same approach it employed at the former McDonnell Douglas-Boeing site north of Long Beach Airport.

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$4 billion state parks bond measure could help Redondo Beach acquire open space at AES site

All over the South Bay, you can almost feel the excitement of the season growing. Maybe the most in Redondo Beach as they are preparing for the successful passing of Senate Bill 5. This bill will hopefully provide some funding for major upgrades to the AES power plant. The current plan is to turn it into additional parkland in the beach city.

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We are now seeing record high selling prices for homes in many markets of California and the nation.

The sky high home values that seemed unbelievable back in 2007 have now been eclipsed in many of the larger markets of the state. The markets in the Bay Area now boast the highest values and record fast sell times.

Demand Conditions

• Employment is strong throughout the state. In all coastal counties, the unemployment rate is now at the full employment level, meaning that job opportunities are relatively abundant and wages are rising.
• The average rate for a 30-year fixed mortgage was 3.83% this week — significantly below the 5% to 6% range during the 2005 to 2007 “bubble” years.
• In fear of facing higher interest rates because of overt statements by the Federal Reserve to push rates higher in a measured fashion, demand for mortgages has increased.
• Because consumer confidence in March was at its highest level since 2000, people in general are feeling very confident about their employment prospects, their future income prospects, and the stability of the economy right now.
• The financial market composite indices are at or near all time record highs. Households owning financial assets are feeling more wealthy today than during the previous 10 years.

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“Hermosa Beach will temporarily permit residents of commercial areas to rent out their homes to vacationers on sites like Airbnb.com — even as it fights a court challenge to its outright ban on them in most neighborhoods.”

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Happy New Year!

I wanted to share with you the latest information of the South Bay new home sales from 2016. Also, see what 2017-2018 holds for new home pipeline.

Happy New Year!

CoreLogic reported in late December that home buying saw the fastest November in more than four years even though the month’s sales totaled 7.5% below 1988 month average.  The surge in sales increased what buyers paid. Our relatively robust local job market created more job opportunities along with pay hikes nationwide.  Fewer absentee buyers were reported.  Mortgage financing was not used in 21% of the deals.

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After falling to the lowest level in 50 years, the U.S. homeownership rate bounced up slightly in the third quarter of this year. Corelogic reports that the amount of equity homeowners now have has doubled in the last five years sales.

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