Just Sold: 4624 W 160th St Lawndale

My first time buyer clients just closed escrow on a Single Family Residence in Lawndale for less than a townhome in Redondo Beach would cost. And they even got it for less than the MLS asking price. Here’s what you need to know.

It is still true that for “first weekend on the market” properties you can expect them to get bid up and sell with multiple offers. But after 3 weeks or so, all bets are off and the longer the property lingers on the market, the more likely it is to sell for less than the list price, even in this seller’s market.

In the case of this house on 160th St, the property was already reduced once and had been on the market for well over 30 days when we made our offer for less than the list price by tens of thousands of dollars.

So - other than initially being overprice, why did this one sit on the market?

A few reasons.

To start with, it was a “fixer” for sure. But based on the inspections we had done, nothing structural, just cosmetic stuff.

Secondly, it was marketed by Zillow and was one of the last houses that had left in their failed iBuyer inventory. Not only were they offering less than the usual 2.5% to the buyer’s agent (never a good move), they also wanted to do the transaction on their own paperwork and not the standard RPA that we usually use. Zillow was also using their own in house escrow company - Zillow Closings.

Actually because I knew that Zillow needed to get rid of their inventory, I had a strong feeling we could get it for less and we did.

LOCATION

My buyer clients were very smart in realizing that just by crossing Inglewood Ave from Redondo Beach to Lawndale they would be able to get a SFR. This house is about a block and a half from the Redondo border.

I call this strategy the “next tract over” approach. They are perfectly positioned to ride the equity wave up - once they remodel. That’s because other buyers similarly priced out of North Redondo Beach will look to buy in Lawndale as well.

Next escrow please.