About two weeks ago a pair of apartment buildings hit the market in the Hermosa Beach sand with mind blowing asking prices. Take a look at the beautifully remodeled 6-unit at 1534 Manhattan Ave and the 7-unit at 1542 Manhattan Ave listed for $6.8 million and $7.7 million respectively. We watched these buildings gutted and rebuilt over the past year by, what looks to be, an investor who purchased the buildings for $5.6 million per title records. The buildings turned out great, and truly offer fabulous apartment units that command top of the market rent due to the contemporary finishes, floor plan, and wonderful ocean views. We are still left wondering….are these prices worth it? The two highest comparable income property
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Month: May 2016
If you have walked or driven the Esplanade in south Redondo lately, then you have probably seen the brand new condo development at 1500 Esplanade. This daring nine-unit luxury condo complex offers a mix of 3- and 4-bedroom units ranging from 2,600 to 3,400 sq ft. Half of the units are in back of the complex with no ocean view, and the other half are front and center west facing that offer the awe-inspiring unobstructed views of the Pacific. It has been quite some time since a brand new construction product had been offered on the Esplanade, so obviously much of the pricing done by the developer was on speculation. Finding an actual price buyers are
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