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Last week a gorgeous “zen-like” contemporary home sold for a big number in the sand section of north Hermosa Beach at 230 34th Street. It closed at a whopping $5,250,000, and while we have become numb to high priced sales by the beach this property stuck out because of its size and because it is NOT located in Manhattan Beach. Although the home is brand new, it is small for the price at only 2,773 square feet. Per the MLS and excluding Strand sales, this is house broke the record for new construction price per square foot (PPSF) in the Hermosa Sand Section at $1,893/sf. The next highest PPSF sale was $1,744/sf set last year by…230 34th Street!
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The Redondo Beach housing market is hot. Single-family home sales are strong, town home sales are strong, condo sales are strong. Whether you are in north Redondo or south Redondo, all markets and product types are doing quite well. It is a fabulous time to be a seller. Between the sand of Manhattan Beach all the way down to the bluffs of Rancho Palos Verdes, the city of Redondo Beach has the least inventory of any city at around 1.87 months (anything under six months is considered a seller’s market). That is impressive considering it is the largest incorporated city along the beach/Palos Verdes Peninsula. We believe that Redondo’s recent hot streak is due to a number of
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We are big fans of Manhattan Beach (who isn’t?), and although it is an expensive and highly competitive market to be a buyer, there can still be great values in the area if you are willing to keep an open mind. One area that has been hot over the last few years, but still offers fantastic value to move-up and first-time home buyers alike, is Liberty Village. To me, it is an alternative to the Tree Section or “Tree Section East” as I sometimes call it. Sure, it is NOT the Tree Section by any means, but Liberty Village offers a fantastic neighborly community with crazy short walks to Polliwog Park and Manhattan Beach Middle School.
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In late July CNBC published an article by Robert Frank titled “Hamptons Real Estate Sales Slump 21 Percent.” The piece touched on how the wealthy beach communities around the Hamptons had declined by 0.3% in the second quarter with sales volume dropping to 561 from 761 in Q2 of the previous year. Not only were the Hamptons feeling the squeeze, but the article was quoted as saying, “The softness in the Hamptons mirrors declines in high-end real estate across the country, from Manhattan penthouses and Miami condos to L.A. Mansions. While the broader real estate market is strengthening nationwide, wealthy buyers have been spooked by volatile stock markets, election uncertainty and money-laundering investigations.” Jonathan Miller of
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