Three Sixty At South Bay

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

2 Of 6 Dominos Fall – 4 Condos Still on the Market in Three Sixty

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It’s been an unusual 10 days in Three Sixty with the usual very few homes available situation almost instantaneously turning into an abundance.

Good news for buyers and bad news for the sellers……

In the span of just about a week there were four 2 bedroom single level condos in the Flats for sale at the same time as well as a studio/1 bedroom and a 3 bedroom townhome. As of yesterday one of the condos went pending as well as the 3 bedroom townhome in the Courts. The Courts escrow wasn’t surpising as it was the only townhome and only 3 bedroom on the market so it wasn’t really competing with the others.

The two homes that just went pending were the 3 bedroom townhome located at 13220 Central Avenue Unit#102 which was priced at $1,175,000 and one of the 5 condos. That home was a fairly rare “Residence 2” layout located at 13126 Union Ave # 202, which was listed at $925,000.

Click here to see all of the current homes, townhomes and condos on the market in Three Sixty or click to see all of the recent sales and pending escrows in the community.

What Are The Standard Contingency Periods During Escrow

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The charts below show the standard contingency periods for both buyer and seller based on the default language of the CAR (California
Association of Realtors) Residential Purchase Agreement (RPA) which most people refer to as the offer or purchase contract. The below is what is the default timeframes in the offer but all of these terms and timeframes are negotiable and in the current “seller’s market” many of these items will be either reduced or even eliminated if the seller has multiple offers.  Contact realtor and Three Sixty specialist Keith Kyle with questions about the process.

Contingency Timeline for Buyer

Contract Item Default Timeline Notes
Initial deposit Delivered to escrow company within 3 business days after acceptance. Usually wire transferred
Verification of down payment and closing cost Completed within 3 calendar days after acceptance. Standard to have this included with offer
Loan application Completed within 3 calendar days after acceptance. Standard to include preapproval with offer
All buyer investigations Completed within 17 calendar days after acceptance. This includes physical inspections, HOA, neighborhood, etc.
Appraisal contingency removal Completed within 17 calendar days after acceptance.
Loan contingency Completed within 21 calendar days after acceptance. The goal by this date is to have formal loan/underwriter  approval

Contingency Timeline for Seller

Contract Item Default Timeline Notes
Disclosure of HOA Completed within 7 calendar days after acceptance. Most, but not all, of the time it will be fairly obvious that the home is in an HOA or planned unit development
Request HOA docs Completed within 3 calendar days after acceptance. HOA documents can take a while so seller or escrow needs to order early in the process
Deliver all reports and disclosures to the buyer Completed within 7 calendar days after acceptance. Most actual reports will be ordered by escrow or agent, but seller to provide seller disclosures within 7 days of acceptance

Who Generally Pays For What During Escrow?

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By Keith Kyle

Closing Costs – Who Generally Pays What In The Escrow Process

Keep in mind that the charts below are based on the standard allocation of costs in an escrow in Three Sixty.  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.

Although not in the charts below it is standard for the seller to pay the real estate commission (generally 5% in our area) for both the listing (seller’s) agent and the buyer’s agent.

Title Fees

Name of cost Customarily Charged By/ Who Pays What is it?
Owner’s Title Policy Title company /  Seller cost Fee for the title policy. Calculated using the sales price.  Insures that the title is clean at close of escrow
Lender’s Title Policy Title company / Buyer cost Title policy issued to lender to cover the amount of the loan. Based on the loan amount.
Sub Escrow Fee Title company / 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 LA County / Seller.  There is also a city transfer tax in some cities but not in Hawthorne Fee charged on all properties that transfer title  based on sales price.  $1.10 per thousand of sales price
Record Release/Reconveyance LA County / Seller Charge to record the release/reconveyance
Federal Express/Messanger Fees Federal Express / Buyer & Seller Charge to deliver all time sensitive documents and monies
Title/Wire Fee Banking Instituion / Buyer & Seller Charge to wire funds to  or from 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 /Buyer and Seller Charge to special messenger documents during the escrow:
Lender’s Endorsement Title / Buyer Charge for endorsements required by lender to cover “outside  normal” risk circumstances

Escrow Company Fees

Name of Cost Customarily Charged By/To: What it is?
Escrow company fee Escrow / Both buyer and seller each pays own Covers liability assumed as well as standard processing costs.  This varies but usually cost is somethung in the vicinity of $2.00 per thousand and a $200.00 base
Demand Fee Escrow / 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 / Buyer Covers the cost of all processing required to meet new lender requirements
Loan Tie-In Fee Escrow / Buyer Covers the cost of all processing required to meet new lender requirements
Federal Express Federal Express /Buyer For document packages to out of County Lenders.

Lender & Loan Costs

Name of Cost Customarily Charged By/ To What is it?
Origination Fee Lender / Buyer Charge for lending money at 1% of the loan amount
Documentation Preparation Lender / Buyer Paid to lender for preparation of final loan documents
Tax service Tax Service / 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 / Buyer Fee to direct lender for the process of approving
Tax impounds Lender / Buyer Collected to create an impound reserved account for the lender to pay property taxes twice a year
Prepaid Insurance Lender / Buyer Generally 1yr of hazard insurance collected for impound reserveaccount
Appraisal Appraiser / Buyer Paid directly to appraiser for appraisal of property
Credit Report Lender: / Buyer Paid to credit bureau for report containing 3 credit scores
Processing Lender / Buyer Paid to mortgage broker for processing loan package from application to closing

Disbursements

Name of Cost Customarily Charged By / To What is it?
HOA Transfer Fee HOA Management / Seller but often negotiated HOA or managemebt company fee to transfer ownership and handle new accounting set up
HOA Dues HOA Management / Seller Usually prorated and paid through day of closing
Fire Insurance Insurance Agency / Buyer 1 year prepaid premium for homeowners insurance
Notary Notary / Buyer

Payoffs

Name of Cost Customarily Charged By/ To What is it?
Recording Fee Existing Lender / Borrower Charge for having reconveyance recorded by the county.
Statement forwarding fee Existing Lender / Borrower Charge for issuing a payoff statement

Credits and Prorations

Name of Cost Customarily Charged By/ To What is is?
HOA Dues Seller  /Buyer Calculated from date of COA through month-end
County Property Taxes Seller / Buyer Calculated from the date of payoff through end of period paid for.

Currently No Homes for Sale in 360 South Bay

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It’s been a busy year for real estate in the gated community of Three Sixty South Bay, but as of 11/23 there are no active homes on the MLS.

Architecture of The Townes

There are several pending home sales in 360 but no active homes for sale which is pretty amazing.  According to top Three Sixty realtor Keith Kyle, “it’s been quite a while since we’ve seen a market in 360 with no active listings and it’s just a testament to how high the demand for homes in the community has been with most listings going quickly into escrow in 2020”.

Keep updated on the current 360 listings page as it’s updated regularly and as soon as a new listing hits the market it will be on the MLS.  You may also want to take advantage of our FREE listing update alerts to be notified via email as soon as something comes on the market.

The Stories of Mid July…..Price Reductions and Pending Escrows

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July has been an interesting month with some homes selling quickly while others sit on the market a while.   We’ve seen a number of price reductions which hadn’t been happening in 2020 all that often and also saw several homes go into escrow in the past 10 days.

View all of the current homes for sale in 360 South Bay

Price Changes:  Of the 4 current “active” listings 3 have reduced the price.  See below for the details and the current price versus the original price.  3 of the homes are 2 bed 2 bath single level condos in The Flats while the other is a brand new Row townhome.

Type
 Address
Current Pricee
Original Price
Price Per Square Foot
Br/Ba
Sqft
CONDO/A
12920
 Central AVE   #201
$790,000
$820,000
$552.83
2/2,0,0,0
1429/B
CONDO/A
12920
 Central AVE   #203
$799,000
$815,000
$559.13
2/2,0,0,0
1429/A
CONDO/A
13029
 Central AVE   #402
$849,000
$875,000
$548.45
2/2,0,0,0
1548/A
TWNHS/A
12824
 City DR   #107
$1,120,000
Same
$527.56
3/3,0,0,0
2123/B

Pending Home Sales: There are also 4 homes that have gone into escrow over the past 10 days.  Keep in mind that this is not all of the pending home sales as there are actually 7 homes currently in escrow…..the ones below are all the most recent.

Status
Type
 
 Address
List Price
Price Per Square Foot
Bed/Bath
Sq Feet
Pending
TWNHS/A
5556
 Coral DR   #105
$875,000
$536.81
2/3,0,0,0
1630/B
Pending
TWNHS/A
5433
 Ocean    #103
$945,000
$477.76
3/3,0,1,0
1978/A
Pending’
CONDO/A
12915
 Park PL   #204
$829,900
$535.42
2/2,0,0,0
1550/A
Pending
TWNHS/A
5560
 Boardwalk    #103
$950,000
$583.18
3/2,0,1,0
1629/B