by cgilles | Nov 20, 2011 | a-El Segundo, a-Hermosa Beach, a-Long Beach, Blog, Manhattan Beach, Redondo Beach, Torrance
People make a decision to purchase a home or piece of South Bay real estate without any consideration of their ability to be able to make mortgage loan payments in case of an emergency or a major life change like an illness, loss of employment, divorce, or other unforeseen circumstances. The top three reasons people file for bankruptcy are change of job status, divorce, and unforeseen health expenses. If you face any of these challenges and don’t have a financial cushion like some money put away, this may negatively impact your ability to pay a mortgage. Big life events dictate your readiness to buy now or to wait for a little more stability.
Some signs that you should not buy right now:
Will you be moving within the next five years?
Are you planning on having children soon?
Will you be making a job change? (or maybe you don’t know)
Have you recently filed for bankruptcy or is your credit score below 630?
If you answered yes to any of these questions, or you are experiencing other life-changing events like illness, marriage, divorce, or breakup, you may want to wait until your life and finances stabilize better. Aside from life events contributing to your decision to buy a home, getting your financial house in order before you begin your home search is the key. Even with all the programs available for buyers with a low-or-no down payment, if your debts are growing steadily and you don’t foresee an increase in your income, you are putting yourself in greater financial risk by taking on a mortgage.
With few exceptions, most loans for people who are still repairing their credit or recovering from bankruptcy will always carry higher rates than those available once your credit is in better shape.
So the question comes down to this: Do you buy now, before prices appreciate higher than you can afford, but do so with an expensive loan?
Or do you wait and repair your credit, then get a favorable loan, and pay more for your home? These are questions that a good financial counselor or mortgage broker can help with. Don’t be in a rush, after talking to a good Realtor, and a mortgage broker or lender, go to some open houses to start getting a feel of whats available and the prices, etc. Talk to a mortgage broker about getting preapproved for the amount of your loan. Remember that your Realtor and mortgage broker can explain details of all the mortgage loans that are available. Go over your credit report and your credit score with a broker and make sure that there are no problems that will come up later in the process. Talk to other homeowners and also talk to people in the neighborhood you are interested in, and get their inputs, the good and bad. Keep an open mind and soon you may be in that new home you have been dreaming about.
by cgilles | Nov 12, 2011 | Redondo Beach
South Redondo Beach has around two miles of sandy beaches for swimming, roller blading, biking, surfing, tanning and walking. The Esplanade, which runs along the beach, has a bike path and pier areas which allows beach living at its very best for the residents who live there, and the views from the King Harbor boat marina are unbelievable. Along the beach are condos, luxury upscale apartments and wonderful older and newer single family homes.
Just up the hill from the beach, the condos, apartments and single family homes is “The Hollywood Riviera” section with beautiful single family homes, condominiums and some apartments. This area also has great restaurants, shopping, and many offices. The streets in this section wind around the hills and remind you of a small town neighborhood. The home prices in the Riviera are slightly higher than some other parts of the city. Redondo Beach Single family homes are more prevalent, and average from the mid-nine hundred thousands ($900,000) to over a $1 million. Luxury homes may be $1,500,000 and up on the Avenues or $4,000,000 or more on the Esplanade.
With all of it’s residential options, Redondo Beach has made sure there are plenty of beautifully landscaped parks, including a dog park. Of course the marina is huge with fantastic restaurants and hotels surrounding it.
North Redondo Beach lays inland and borders Manhattan Beach and Hermosa Beach on their east sides. You can find great single family homes, condos, apartments and 2 on a lot condos in North Redondo Beach. You can find some great buys in the North Redondo Beach Real Estate market.
by cgilles | Nov 11, 2011 | Holidays, Redondo Beach, Uncategorized, Veteran's Day
Today is the day that we Honor our Veterans — Those men & women who have chosen to defend our country; many who have sacrificed their lives. To all who have served … THANK YOU! “When you stand to pledge allegiance, when you hit your knees to...
by cgilles | Nov 1, 2011 | a-El Segundo, a-Hermosa Beach, a-Long Beach, Blog, Goal Setting & Time Management, Manhattan Beach, Redondo Beach, Torrance
Its that time again….Daylight Savings Time Ends and the rush of Holidays Begin. To make sure that your finishing off your year strong I’ve included the following 15 ways to manage your day effectively. Make it a great one!! Spend the first...
by cgilles | Sep 19, 2011 | Blog, Redondo Beach
Many of us in the South Bay have forgotten Aviation High School by now, and, of course the people who went to school there will never forget their old high school.
Located at the corner of Manhattan Beach Blvd and Aviation Blvd, Aviation High in Redondo Beach opened in 1957. Due to budgetary constraints, the decision was made to close the school in 1982, and its students were sent to Mira Costa and Redondo Union high schools.
The site is now Aviation Park, which consists of the Redondo Beach Performing Arts Center, Aviation Gymnasium and Aviation Track and Field (an outdoor running facility).
by cgilles | Sep 5, 2011 | Blog, Redondo Beach
Most people who live in the South Bay today, and even many Redondo Beach residents do not realize the role that the City of Redondo Beach played in local history and the contributions made to the economy of Southern California in the state’s early days. In 1890, when the ‘Hotel Redondo’ opened, the city was on its way to becoming the “in place” for tourists from all over the world.
Thousands of people were brought to the city by the railroads and large steamships. Redondo was the first port in Los Angeles, bringing lumber and oil in by large quatities along with the tourists. Steamers stopped at Redondo 3-4 times a week at the three piers as part of the regular runs that existed from San Francisco to San Diego. The Redondo Railway headed out for Redondo Beach from Los Angeles daily. Even the Red Electric Transit Cars started serving the city on a regular basis.
The Redondo Hotel was pure class with an 18 hole golf course, tennis courts and 225 luxurious suites of rooms making this resort a favorite destination for thousands who would come to spend the holidays and many would come to spend the winters here. There were many upscale beaches, sports fishing, games, rides and a huge swimming pool nearby available for the tourists pleasure.
It all started to go downhill when the Port of Los Angeles at San Pedro started its development in 1899. The Steamship Company halted their stops, but lumber continued to come in until around 1926 when the railroad pulled out. A little later, prohibition caused the quarter million dollar ‘Hotel Redondo’ to close it doors and in 1925 the hotel was torn down and all the lumber sold for scrap. (for $300.00)
Today, still known as a tourist and resort town, Redondo Beach can boast of its beautiful piers, sports fishing and amusements, a Saltwater Lagoon reminiscent of the old swimming plunge, many upscale restaurants, luxury hotels, and a beautiful harbor.
