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Manhattan Beach Walk Streets After years of price appreciation, some of the most highly coveted real estate in the Manhattan Beach Sand Section is in correction territory. By no means is this meant to cause panic or scare anyone into selling their real estate. This is simply an analysis of past sales in a small Manhattan Beach sub-market that got a little ahead of itself on pricing. This small sub-market in question is the Manhattan Beach walkstreets. These homes sit on full 2,700 sq. ft. lots on the 100 and 200 blocks. More specifically, the homes discussed in this blog are located south of the pier to 21st Street, which tends to be the most desired
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North Redondo Beach It is no secret that North Redondo Beach real estate has skyrocketed over the last few years. In past blog posts, I have referenced countless sub-markets and asset types gaining big value in North Redondo. Improving school districts, easy commute to greater Los Angeles, and affordability, has attracted home buyers with willingness to pay more and more to get into this area. The Golden Hills sub-market, known for its “tall and skinny” homes, is popular for access to the fabulous Jefferson Elementary School. Last year, I wrote a blog post about new construction prices surging in a small sub-market within the Golden Hills area. This area bucks the trend of all tall and
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Home Styles For years, home buyers have been shying away from the once popular architectural favorite: Mediterranean. This home style was all the rage for Baby Boomers in the 90s and early 2000s, and was a dominant style in Palos Verdes Estates (PVE) new construction over the years. Along with Mediterranean construction, PVE is home to many Spanish, mid-century modern, and contemporary homes, making today’s present day quest for “charm” a tough task for many buyers looking in the area. Outside of original ranch homes, which tend to be on the smaller side, it can be difficult to find the in-trend styles many buyers are looking for these days. What are some of those styles you
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The Strand Market In 2017, there were 17 home sales on The Strand in Manhattan and Hermosa Beach. Now, five months into 2018, Strand sales are a grand total of ZERO. What’s interesting about the 2017 Strand market is that of those 17 sales, only three occurred before June. So, a rapid clip of 14 sales happened between June and December. Perhaps the time leading up to tax season affected Strand buyer decisions? With little activity the first half of this year, it has created some healthy competition for some spec sales. Additionally, it has made some existing owners more realistic, and dare we say…asking fair prices? Hermosa Beach Benchmark 2017 Sale: 1540 The Strand, Hermosa
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East Manhattan Beach Sale A recent lot sale signals that real estate developers are about as bullish as they can get on East Manhattan Beach (East MB) real estate. After being on market for almost a year, the 15,311 sq. ft. double lot offering at 1156 6th Street in East MB finally sold last week for $3.6 million. I mentioned this particular lot in my June 2017 blog (Recent Lot Deals in Manhattan Beach) when it was asking $3.795 million after selling in late 2015 for $3.3 million.  At the time, that asking price did not pencil to build two homes. Instead, I speculated in my blog that perhaps a buyer in search of an over-sized
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North Redondo Beach Over the years, North Redondo Beach real estate growth has been meteoric and a major talking point. This is why I have now taken on a habit of writing about new construction town homes in this area at least twice a year. For reference, check out my past blog posts from September 2017 (North Redondo New Construction Homes Continue to Prices) and November 2016 (Out with Three-on-a-lots, In with Two-on-a-lots). If you want to go back even further, check out my post from February 2016 (The Steady Rise of North Redondo Town Homes).  New Construction Town Home Growth Three-on-a-lots have been fewer and fewer to come by over the last couple years. Interestingly,
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Rancho Palos Verdes Property Auction A new probate sale at 5965 Peacock Ridge Road #201 in Rancho Palos Verdes was listed this week asking $395,000 (way below value). The auction will be held on Sunday, May 20th at 10 a.m. with an open house this Saturday and final views before the auction. We do not see a lot of these auctions in Palos Verdes but perhaps a little history can give you an indication of what results we can expect. Auction History If you read my blog “South Redondo Real Estate Auction Gone Wild,” then you might have an idea of what is to come. As noted in that past blog, not only did the underpriced
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South Redondo If you are a buyer in the South Bay and want a wide range of options by the beach, then look no further than South Redondo. Many people don’t realize the wide range of options west of PCH in South Redondo (area 157 on the MLS). You can live the beach lifestyle and select from a plethora of condos or townhomes on both ends of the pricing spectrum. On a budget and need a low price? South Redondo has you covered. Need more room for an expanding household? South Redondo has you covered there as well. Want a luxury property with ocean views? Sure, South Redondo has something for you too. Let’s take a
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East Hermosa Beach A grand total of two, that’s right, only two single-family homes are on the market in East Hermosa currently. Unfortunately for buyers, the two listings are both small two-bedroom offerings that do not service the typical buyer in this area that needs three or more bedrooms. To be fair, the East Hermosa home market is not as big as others. From 4/1/2017 to 3/31/2018, a full calendar year, there were 45 home sales which come out to about 3.75 sales a month. During that same time period, only seven offerings were taken off the market with two eventually selling later. Without question, the market is tight as there are five properties in escrow
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Per reader request, today’s blog will give a breakdown of lot deals versus new construction in Manhattan Beach (basically, what does a developer do). There is a ton of new construction going on in this area and purchasing a “land value” deal has a lot of nuance and risk. These examples are not meant to be exact numbers; these are rough numbers to keep the reading light. Let’s dive in! East Manhattan Beach This portion will be the Manhattan Heights/Liberty Village area of east MB (area 146 on the MLS). Since prices are lower and finishings tend to be cheaper, we’ll assume $250 per sq. ft. to build and a 15% budget for soft costs. Recently,
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