Cut it, cut it, cut it, cut it… As the South Bay begins to transition to a seasonally slower time in the market, we have documented areas receiving price cuts by owners looking to seriously sell before the holidays. Our main focus tends to be new construction because it is easier to compare property in larger quantity throughout South Bay sub-markets to see if it can shed some light on where the real estate market is trending as a whole. New construction can drive a market to new highs; if newly built homes are breaking records, then old tear down homes go up in value as well as existing homes. If developers can pay more for
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As we roll into the Fall season it tends to be make or break time for sellers before the holidays kick in and buyers go on vacation for a few months. We have seen price cuts throughout the South Bay by serious sellers in order to find a buyer before the market goes into a traditionally slow time. Even the white hot new construction 3-on-a-lot town home market in north Redondo is showing signs of cooling and/or adjustment before the holidays. Last year (2015) we saw a new construction 3-on-a-lot sell for a low of $795,000 on Grant Avenue. This year, we saw a July 2016 Grant Ave sale push the sales increases even higher, closing
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We visited a property last week in Redondo Beach that could be quite a compelling purchase for buyers currently living in a 1-bedroom or studio apartment close to the beach. Take a look at 522 S. Broadway in south Redondo, a duplex in need of some TLC from a motivated buyer. This property stands out because it is west of Pacific Coast Hwy close to the proposed Redondo Pier redevelopment, and is listed well below $1 million. For some perspective in south Redondo, the last marketed MLS residential income property below $1 million west of Pacific Coast Hwy was way back in May of 2012 at 227 Avenue B at $915,000. Now there are multiple reasons this property
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A lot of our clients today are little spooked by the market. Some clients are worried about the upcoming elections, some clients are afraid of The Fed and ultra-low interest rates, and other clients are worried about local statistics of rising home inventory by the beach. Nonetheless, clients still want or need to buy real estate. So what is one to do in a tricky real estate market and uncertain macro-economic times? My advice: buy properties with growth that pay you to wait. There are two examples by the beach that offer good case studies below. And remember, there are options like these at lower price points throughout greater Los Angeles…you just have to know where
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Freshly minted sale at 429 Marine Place in Manhattan Beach for $3,065,000 made headlines in the office last week after a long, drawn out listing period. This brand new construction attached townhome sits on a rare 40-foot wide lot allowing for two over-sized 2,700 sq ft homes extending between Marine Place and 23rd Street. The reason we took note was that this 2-on-a-lot property was built by a developer on spec, and the neighboring attached townhome with the address of 428 23rd Street had closed seven months earlier at a price of$3,849,000. See the difference? Maybe you do maybe you don’t. That $784,000 price disparity is large, and we figure it has to be attributed to something. And if not, was Marine Place a
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The South Bay sells a lot of new construction homes. Manhattan Beach closes a great deal of new construction in the Sand and Tree Section, and even east Manhattan Beach (27 per the MLS this year). Hermosa Beach has had a number of meaningful sales of both single-family homes and town house/condos (22), quite a bit for such a small city. And Redondo Beach is a hot bed for new construction especially town homes (44), spread out fairly well between north and south of the city. But…as we march up The Hill to the Palos Verdes Peninsula, an area that has accounted for over one third of all sales in the aforementioned cities (37.5% year-to-date), you would expect an
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