This post is a departure from the general theme of my earlier posts. I thought it would be interesting to have an insider’s perspective on each of the areas in the South Bay and that a chat or interview format might work best. Below is an excerpt of a chat I had with Joe Cozza, a long-time resident of the Villas South area of Redondo Beach.
Tony: Where did you live before moving to the South Bay?
Joe: I moved here from Michigan in 1985 and settled in North Redondo (Area 152).
Over the course of the next 24 years, I have lived in four locations, all in North Redondo. The four locations that I resided at were all within a mile of each other, between Artesia and 190th and between Prospect and Inglewood.
Tony: So this is the first place you have lived since arriving in the South Bay?
Joe: Yes, Area 152 is the only area that I have resided in here.
Tony: What drew you in to this particular area? What are the things that you enjoy about your neighborhood?
Joe: Initially, it was two primary drivers that made the area very attractive. The two are: closeness to work location (El Segundo), and quick access to the beach. Over time, I have grown to appreciate the high quality of the schools in the area, the great options of available parks for children to play, and the low crime rate associated with the area.
Tony: Do you have any thoughts about the real estate market in your area or in the South Bay in general?
Joe: Area 152 has primarily two on lot configurations with some single family homes scattered in the mix. Over the last 24 years there has been many new homes build as the few remaining older single family units were purchased by contractors and coded to build multiple homes (mostly two) on the lot. Over time, the area lagged in price appreciation to Manhattan Beach, Hermosa Beach, and South Redondo. However, it did appreciate like other communities in the early years of this decade. My feeling is that prices at least for the near term have stabilized and like many areas this summer, inventory did come down. I recently was surprised when an appraisal was performed on my house that the value was as high as it was reported. In the South Bay my feeling is that supply will determine were prices go from here. If supply stays low, I think we may be stabilizing, if supply starts rising again for whatever reason, I see process continuing with prices correcting lower.
Tony: Is there anything more that you would like to add?
Joe: Yes, it has been a pleasure to work with you. Your data driven approach to looking at real estate markets and Individual real estate opportunities is refreshing in today’s environment. Your personalized approach to really take the time to understand the needs of your potential customers is a pleasant perspective in a world were sales at all cost has heavily contributed to the current situation with many good people facing defaults and foreclosures.
Tony: Thank you for the positive thoughts and for your time today.
Joe: My pleasure.
Joe Cozza is a father of three and a systems engineering manager at Boeing. His oldest daughter attends Yale University.
Joseph Cozza
