Three Sixty At South Bay

360 Real Estate and Homes for Sale in Three Sixty at South Bay, of of the premier gated communities

Two Listings from 2018 That Shows Just How Crazy Real Estate Can Be

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Buyers and sellers rely on realtors to help them determine a homes value and strategies when pricing.  While this is a large part of what we do and what we offer….it isn’t always as simple as it sounds.   “Market Value” basically fluctuates with each sale….sellers generally think their home is worth more than the last sale and buyers generally think the opposite.

Every once in a while certain listings come along that really wreak havoc on what values are and how they are perceived by buyer and sellers.  It’s challenging to explain to a seller that their home isn’t the same as the last sale of the same floorplan….maybe it’s location, maybe it’s upgrades and sometimes it’s just the lucky situation of a buyer simply wanting it and throwing “market value” right out the window.  While things like upgrades, location and condition definitely make a difference…..sometimes things just don’t make sense.

The listings below are the perfect example of why sale prices don’t always reflect what the market value of a home is.  In the summer of 2018 two Townes residence 3x homes sold within 2 months of each other.   Although these homes are fairly rare to market the median price at the time would have been a little over $1,000,000.  One of them was most definitely nicer than the other….it had been a model home, was slightly larger, was more upgraded and was a corner unit.  The other was a very challenging sale involving a bankruptcy and the uncertainty that goes along with that.  It was pretty basic and was definitely not a model home.  Having said that they were the same layout at the same time on the market.

One sold way over value at $1,206,000 and the other sold under value at $899,000.  That’s one heck of a difference.  It goes to show you why you can’t necessarily base value, whether you’re buying a home or selling a home, just on the last sale in the community.

Update on the 360 Condo Market

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Although the market is a bit slower at the moment, one element that hasn’t slowed is the condos in the Flats.  We haven’t seen many condos on the market in 2019 but the last 2 were only on the market for 8 and 5 days respectively.  Prices have been fairly steady ranging between $765,000 – $795,000 depending on the floorplan, layout and location.  Visit our Three Sixty recent sales page for the latest updated information.

See the current homes on the market in 360 South Bay

Recent Sales in the One Level Condos in The Flats

**this post is older…for an updated list of recent closed escrows see our recent 360 home sales page.

 

Property Tax Calendar and Escrow

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Homeowners, especially new homeowners, often contact us for information on property taxes as it’s a new experience. We hope that the following information may help you when it comes to property tax time.

Tax Calendar

  • July 1 – Fiscal year begins.  Homeowners notified of new value
  • September – Tax rates set
  • October – Late October Tax bill mailed
  • November 1 – First tax installment due
  • December 10 – Taxes delinquent if not paid
  • January 1 – Assessment date
  • February 1 – Second tax installment due
  • April 10 – Second tax installment delinquent if not paid
  • April 15 – Last day to file homeowners, veterans or senior citizens exemption

Property Taxes while buying a home and Escrow

If you are in the process of buying a home the prorations of property taxes are handled by the escrow company.  If escrow closes:

  • July 1 – No prorations
  • August 1 – Charge seller 1 months, credit buyer 1 month
  • September 1 – Charge seller 2 months, credit buyer 2 months
  • October 1 – Charge seller 3 months, credit buyer 3 months
  • November 1 – Collect 1st installment from sellers account – credit seller 2 months, charge buyer 2 months
  • December 1 – credit seller 1 month, charge buyer 1 month
  • January 1 – No prorations
  • February 1 – Collect 2nd installment from sellers account – charge buyer 5 months, credit seller 5 months
  • March 1 – Charge buyer 4 months, credit seller 4 months
  • April 1 – Charge buyer 3 months, credit seller 3 months
  • May 1 – Charge buyer 2 months, credit seller 2 months
  • June 1 – Charge buyer 1 month, credit seller 1 month

Price Drops in 360 South Bay?

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It wasn’t long ago that homes in 360 South Bay and “price drops” didn’t seem to go together.  In 2018 it seemed that almost every listing sold over list price, at list price or pretty darn quickly.  Either way homes didn’t sit on the market long enough to see list price decreases.  With the recent major uptick in available homes for sale, that has depressed demand a bit which has left some homes, especially the ones overpricced to begin with, in an unusual situation.

Of the 8 current homes for sale in Three Sixty South Bay, 3 of them have reduced the original list price.  What makes it even more interesting is that the price reductions haven’t seemed to have much of an impact as the three homes (as of 4/7) are still on the market.  Some of it is due to homes simply coming out priced too high as sellers want to exceed the previous high water mark and some is clearly due to a lessening of demand.  Only time will tell if this is a temporary blip or the start of a trend in 2019

Address Style List Price – Original
List Price		 $/Sqft Bed/Bath Sqare Feet*
5550 Boardwalk #105 Lofts $649,999 –  $695,000 $566 1/1,0,1,0 1149/SEE
5535 Ocean #105 Court – Townhome $799,999 –  $819,000 $606 2/2,0,1,0 1320/A
5429 Strand #103 Row – Townhome $879,000 $513 2/3,0,0,0 1714/B
5565 Ocean #106 Court – Townhome $900,000 $463 3/2,0,1,0 1942/B
5441 Ocean #101 Row – Townhome $1,099,000 $539 3/3,0,0,0 2040/
5565 Palm DR Terrace $1,129,000 $598 3/2,0,1,0 1887/T
5523 Palm DR Terrace $1,279,000 $585 4/2,0,1,0 2187/A
5240Pacific Terrace Terrace $1,349,000 –  $1,399,000 $557 4/3,0,0,0 2423/A

Three Sixty South Bay 2019 1st Quarter Update – Active Listings and Sold Homes

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We’ve definitely seen a big jump in home inventory and a pretty obvious drop in demand as there are a number of homes now sitting on the market that never would have a year ago.  The homes that are currently on the market represent just about every home type in 360 with a 1 bedroom in the Lofts, a few townhomes in the Court and several single family Terrace homes.

See the current homes for sale and active MLS listings in 360

Active Homes on the Market in 360

Type   Address Price $/Sqft Br/Ba Sqft Date
CONDO 5550 Boardwalk DR #105 $649,999 $565.71 1/1,0,1,0 1149/SEE 3/29/2019
CONDO/A 5535 Ocean #105 $819,000 $620.45 2/2,0,1,0 1320/A 3/21/2019
TWNHS/A 5565 Ocean #106 $900,000 $463.44 3/2,0,1,0 1942/B 3/16/2019
TWNHS 5441 OCEAN #101 $1,099,000 $538.73 3/3,0,0,0 2040/ 2/7/2019
SFR/D 5565 Palm DR $1,129,000 $598.30 3/2,0,1,0 1887/T 3/14/2019
TWNHS/D 5523 Palm DR $1,279,000 $584.82 4/2,0,1,0 2187/A 3/11/2019
SFR/D 5240 Pacific Terrace $1,349,000 $556.75 4/3,0,0,0 2423/A 2/20/2019

Current Pending Sales and Homes in Escrow

CONDO – The Flats 5450 Strand #202 $780,000 $545.84 2/2,0,0,0 1429/B 3/19/2019

Home Sales and Sold Homes in 2019 (up to 4/3/19) – see the recent 360 Home Sales

Type   Address Sold Price – List Price $ Per Sq Ft Bed/Bath Sq Feet Date Closed
SFR/D 5542 Palm Drive $1,215,000 –  $1,225,000 $555.56 4/2,0,1,0 2187/A 1/10/2019
TWNHS/A 13023 Union AVE #106 $897,000 –  $889,000 $550.31 2/2,0,1,0 1630/B 1/18/2019
TWNHS/A 5565 Ocean #106 $817,000 –  $899,000 $441.62 3/2,0,1,0 1850/A 2/4/2019
TWNHS/A 5537 Strand #101 $1,125,000 $529.91 3/3,0,0,0 2123/B 2/8/2019
TWNHS/A 12913 Mission Ave #105 $874,000 $571.24 2/2,0,1,0 1530/A 2/26/2019
CONDO/A 13022 Central Ave #203 $765,000 –  $769,000 $570.90 2/2,0,0,0 1340/A 3/4/2019
SFR/A 5227 Pacific Terrace $1,145,000 –  $1,149,000 $554.75 3/1,1,1,0 2064/A 3/18/2019
CONDO/A 13029 Central Ave #303 $779,000 $577.04 2/2,0,0,0 1350/A 3/29/2019
SFR/D 5564 Palm Dr $1,090,000 –  $1,099,000 $585.71 3/3,0,0,0 1861/A 3/30/2019