Earnest money, also known as the good faith deposit, is the money deposited into escrow by the buyer when the sales contract is signed.
Currently No Homes for Sale in 360 South Bay
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.
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
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 Price
|
Original Price
|
Price Per S
|
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
|
Three Sixty South Bay Market Update – Recent Home Sales and Escrows
Keep current with the latest real estate news and information in the gated community of Three Sixty South Bay. There have been very few homes come up for sale but the few that have seem to be setting new records for price. The recent sale of 12921 Mission #107 at $940,000 and 5550 Strand #106 at $960,000 were significant increases from the prior sales of these sale layouts in the Townes. Both were residence 3 townhomes in the Townes. The two prior sales of these layouts were at $900,000 and $910,000. See all of the most recent sales below.
View the current homes for sale in 360.
Want an even easier way to search for homes? Tell us a bit about your dream home and we’ll send you customized alerts when a new home hits the market.
Recent Three Sixty South Bay Sales and Current Escrows
Corona Virus Certainly Not Seeming to Reduce Demand in 360 South Bay
We got excited as there was finally a few new listings that came on the market in 360 South Bay in March. Both homes quickly went into scrow….one after 2 days and one after 4 days. Not that we’re not excited for those sellers, and home owners in general in 360, but that’s not even making it through the first week before going into escrow is fairly unbelievable….especially given the lower demand (so you would think) due to the concerns and self quarantine situation of the Corona virus. View the current escrow and recent sales in Three Sixty.
We’re getting word of several homes soon to be on the market and hopefully one of these days buyers might have a fighting chance of getting the home they’ve been waiting for.
When there is a new home on the market in 360 you’ll be able to view it here.
Ways of Holding Title (Taking Ownership) in California Real Estate
There are many ways to take title, meaning how you legally own the home or propery, for real estate in California and when buying a home in Three Sixty South Bay. While you should consult with an attorney, CPA or both, our quick and helpful chart gives some of the similarities and differences of the various ways of holding title including, tenancy in common, joint tenancy, community property, and communtiy property with right of survivorship. There are other ways of holding title as well, but our chart should help explain the basics. If you are considering buying real estate or a home in Southern California’s South Bay, we can help. Contact us today
Ways of Taking and Holding Title to Real Estate in California
Tenancy in Common | Joint Tenancy | Community Property | Community Property with Right of Survivorship | |
WHO? | Any number of persons (can be husband and wife). | Any number of persons (can be husband and wife). | Only husband and wife. | Only husband and wife. |
DIVISION | Ownership can be divided into any number of interests, equal or unequal. | Owner interests must be equal. | Ownership and managerial interests are equal. | Ownership and managerial interests are equal. |
TITLE | Each co-owner has a separate legal title to his or her undivided interest. | There must be unity of title and time. (created in one document) | Title is in the “community.” Each interest is separate but management is unified. | Title is in the “community.” Each interest is separate but management is unified. Title must expressly state community property with right to survivorship. |
POSSESSION | Equal rights of possession. | Equal rights of possession. | Both co-owners have equal management and control. | Both co-owners have equal management and control. |
CONVEYANCE | Each co-owner’s interest may be conveyed separately by its individual owner. | Conveyance by one co-owner without the others will terminate that individual’s joint tenancy. | Real property requires written consent of other spouse, and separate interest cannot be conveyed except upon death. | Real property requires written consent of other spouse, and separate interest cannot be conveyed except upon death. |
PURCHASER’S STATUS | Purchaser will become a tenant in common with the other property co-owners. | Purchase will become a tenant in common with the other co-owners. | Purchaser can acquire title from the community with written consent or joinder of both spouses. | Purchaser can acquire title from the community with written consent or joinder of both spouses. |
DEATH | On co-owner’s death, his or her interest passes by will to that person’s devisees or heirs. No survivorship right. | On co-owner’s death, his or her interest ends and cannot be disposed of by will. Survivor(s) own(s) the property. An affidavit of death of joint tenant establishes death. | Upon death of one spouse, 50% belongs to surviving spouse, 50% goes by will to descendant’s devisees or by succession to surviving spouse. | Upon death of one spouse, his or her interest ends and cannot be disposed by will. Survivor owns the property 100%. An affidavit of death (community property with right of survivorship) establishes death of a spouse. |
SUCCESSOR’S STATUS | Devisees or heirs become tenants in common. | Last survivor owns property 100% | If passing by will, tenancy in common between devisees and survivor results. | Purchaser can only acquire whole title of community; cannot acquire a part of it. |
CREDITOR’S RIGHTS | Co-owner’s interest may be sold on execution sale to satisfy his or her creditor. The creditor becomes a tenant in common. | Co-owner’s interest may be sold on execution sale to satisfy creditor. Joint tenancy is broken; creditor becomes tenant in common | Property of community is liable for contracts of either spouse which were made after marriage and prior to or after January 1, 1975. Co-owner’s interest cannot be sold separately; whole property may be sold on execution to satisfy creditor. | Property of community is liable for contracts of either spouse which were made after marriage and prior to or after January 1, 1975. Co-owner’s interest cannot be sold separately; whole property may be sold on execution to satisfy creditor. |
PRESUMPTION | Favored in doubtful cases except husband and wife case. | Must be expressly stated. Not favored. | The legal presumption is that property which has been acquired during the course of the marriage is community property. | The code reads that deeds must state “community property with the right of survivorship.” |
*We are not attorney’s nor certified public accountants and cannot provide legal or tax advice. The information above is deemed reliable but not guaranteed and has been provided by a title insurance com