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Palos Verdes Drive Buying a home on Palos Verdes Drive is always an interesting real estate decision. Does the increased car traffic bother a prospective home buyer? Does the pricing allow buyers to get into an area that is normally unaffordable? How will the future home value be affected by the drive’s connotation? All of these are important things to consider and there is no one-answer-fits-all, especially considering that many sections of the drive have their own unique characteristics. For instance, P.V. Drive North in Rolling Hills Estates has property with a P.V. Drive address, but they are tucked away from The Drive on large estate lots with big homes. While P.V. Drive North homes in
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East Manhattan Beach As Manhattan Beach Sand Section home sales have begun to slow due to high prices, a nearby beneficiary has emerged over the last few years – East Manhattan Beach homes. Buyers have come to realize that East MB offers a suburban feel, sprawling backyards, much more parking, and generally a lot more bang for your buck. Over the last few years, Buyers priced out of the market west of Sepulveda have started to migrate to East MB. These buyers seem to have come out in droves this year and it has created a resounding uptick in prices and sales to the area. East Manhattan Beach Sales Our readers have come to know that
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I have been getting a lot of calls and texts from friends and clients about the new tax reform and how it will affect our real estate market here in the South Bay. So, I am going to blog about the topic and hopefully answer some questions. Tax Cuts and Jobs Act First and foremost, this tax reform is a PROPOSAL known as the “Tax Cuts and Jobs Act.” The proposal has barely been marked-up, the Senate is writing up its own plan, the Democrats will make amendments, and just recently there has been talk of including the repeal of the Affordable Care Act’s individual mandate in the tax bill. The proposal then has to be
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Millennials An online survey conducted by Harris Poll on behalf of Nerd Wallet recently found that millennial parents (ages 18-34) are “supersavers.” Other interesting findings shared in the report… • Among employed millennial parents, 38% contribute MORE than 15% of their income to retirement savings. • Very few are not saving anything; only 7% save nothing (compared to 18% of baby boomer parents). • If their savings rate continues, millennial parents could be setting themselves up to retire with $1 million more than baby boomer parents and $400,000 more than Generation X parents. Another statistic I found impressive, was that the median millennial parent saves 10% of their annual income. That is substantial compared to other
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The Avenues of South Redondo have become a haven for developers to cash in on profits for new construction homes over the past few years. As a more affordable alternative to Manhattan Beach’s Tree Section, The Avenues have attracted buyers with deep pockets. In 2016, there were some unprecedented new construction sales in the area. Was this a yearly aberration? Would this strong demand continue into the coming years? Let’s take a look at the sales data then and now. 2016 Sales $2,600,000 on 3/11/16 at 213 Avenue E (5 beds, 6 baths, 4,121, sq. ft., 6,011 sq. ft. lot) $2,750,000 on 3/18/16 at 740 Avenue C (5 beds, 4.5 baths, 4,300 sq. ft., 6,577 sq.
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The cost of construction in the South Bay has skyrocketed over the past few years. Much of what I have observed cannot be quantified with market statistics, but through my own experiences with flipping homes and developing from the ground up over the past nine years.  The “feel” of rising costs in the South Bay along with other factors nationally and statewide could have an impact on South Bay real estate prices in the next couple of years. South Bay Construction Increases In 2013, I built a spec home on The Avenues for about $175/sf. Over the years, my five additional spec projects have steadily climbed but if I was to go back to the first
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City Behind The Gates The Rolling Hills market has been struggling over the past twelve months. As noted in my March blog post “Who’s Hot and Who’s Not,” Rolling Hills has been a victim of high inventory and weak sales. Spring and summer brought badly needed sales to the “City Behind the Gates,” but the high-end, luxury homes over $5 million unfortunately received little to no attention. Sales Currently, there are nine active listings asking $5 million or more in Rolling Hills. In 2017, there has only been one closed sale above that $5 million mark. To be fair, Rolling Hills is a small city with a limited and specific buying pool. Many sellers can afford
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Have you ever thought about renting out your home to make some extra cash? I know many of my South Bay clients have. This week I want to share my advice on the notion of renting out single-family homes in the South Bay. Now, I am not a financial adviser or a CPA so always be sure to consult with your team of professionals to understand your individual financial situation. I am offering my opinion after 10 years of practicing real estate investment and brokerage. Renting in the South Bay I am constantly left befuddled month after month seeing homes go up for rent by the beach and up on The P.V. Hill. In many cases,
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If you read my blog post Fearless 2017 Predictions: South Bay Real Estate from January, my first and most confident prediction was that mortgage rates would barely rise. Regardless of rate increases, The Fed was planning to reinvest principle payments into mortgage-backed securities (MBS) to keep home loan interest rates lower. In my follow-up post, Stop Worrying about Rising Home Interest Rates, I discussed how The Fed was continuing this policy with the famous clip from Federal Open Market Committee (FOMC) Statement: The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction,
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