South Bay Homes and Real Estate

Local newspaper columnist John Bogert’s article in today’s Daily Breeze touched me and my family. I learned about a group of kind folks based right here in the South Bay dedicated to helping children: 

“I am talking about the all-volunteer, no salaries, run-on-donations-and-kind-hearts Redondo Beach-based charity started more than two decades ago by the late, great Pam Edwards. Pam, thousands will attest, was a saint who – unable to have children of her own – dedicated her life to helping others with her homegrown, all-South Bay charity.” 

Cheer for Children sounds like an amazing organization. I include their contact information here and encourage everyone who is financially able give significantly to the poor this holiday season. 

These are strange economic times and everyday the forecast seems to get worse. Long gone are the days of cheap, easy financing and 30% yearly property inflation! My own industry has suffered terribly and I am under the impression that 30-50% of my colleagues are (for all intents and purposes) out of business. Add to that the thousands of South Bay residents who made their living in construction, remodelling, flooring, plumbing, painting, yard work and insurance.

I feel blessed that my father & I continue to make ends meet in our business. But speaking for myself, I have been forced to make changes. Last year my wife and I sold our home, a condo in Rancho Palos Verdes, because we could no longer make the payments – our financial safety net being long depleted. We found ourselves in an increasingly common situation, owing more on our home that it was worth. We had to ’short sale’ our home (pre-foreclosure) with the bank taking a $95,000 loss. Obviously, it was a very big deal for our family. 

The silver lining I found: 

1. We now rent a home in Torrance with a real yard for our 2-year old son! 
2. Our monthly payment is 30% less
3. I’m out of the housing market for now
4. I became a Short Sale / Foreclosure Specialist and have helped many many South Bay families move past complete financial devastation and sell their over-borrowed homes. 

Obviously we are heading into a challenging period as a region, a nation and possibly worldwide. My analysis of home sale prices, home inventory, unemployment trends and foreclosure notices indicate that the real estate market will continue to decline dramatically (possibly catastrophically) before it stabilizes. 

My strategy is to make changes in my own life rapidly as the situation changes. After all, no government bailout is on the way for ordinary folks. We have to fend for ourselves. But I believe there are new opportunities in every setback and blessings abound if we are brave enough to see and acknowledge them. 

But enough about me! 

What are your thoughts and experiences? How are you dealing with changes? Where do you think South Bay housevalues will wind up? Please use the COMMENT feature below to leave your thoughts and experiences.

And once again, please remember that many folks would love to have your financial problems (or mine!). And many families will go without what most of us would consider basic food stuffs this holiday. Please give to charity whatever you can. Here is the contact info: 

For more information, go to www.cheerforchildren.net. Send e-mail to cheerforchildren@mac.com. To speak to a human, call 310-540-2494. Or, if you like, send a tax-deductible donation to PMB 280, P.O. Box 7000, Redondo Beach, CA 90277.

Happy Thanksgiving!

Ryan “Rocky” Rockwood