There are still a multitude of clients that are extremely worried about rising interest rates. Stop worrying! I want to ease the pressure buyers are putting on themselves to lock up a home ASAP in order to avoid a bad decision or over-paying for a home due to the fear of rising rates. If you remember my blog from January (Fearless 2017 Predictions: South Bay Real Estate), you read my prediction that mortgage rates will barely rise. The Fed will continue to be the biggest purchaser of residential mortgage-backed securities, thus controlling interest rate moves. As long as “the clip” in their FOMC meeting notes stays the same, then we are safe. The most current example proving my
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Month: March 2017
Now that the dust has settled after the March 7th elections, many hotly contested real estate measures throughout southern California have been decided by voters. There were not only measures that affected the South Bay, but measures in nearby cities and even state-wide legislation that real estate owners would be wise to study. How do these affect South Bay homeowners? Today I will examine Measure C in Redondo Beach, Measure S in the city of Los Angeles, and California Senate Bill No. 1069 approved on September 27th, 2016 by Governor Jerry Brown. Measure C in Redondo Beach Probably one of the most debated measures in the city’s history, Measure C proposed changes in the city zoning ordinances, specifically in
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This week a new construction townhome on 815 Crest Drive closed at $3,425,000. If you recall our October blog post (A Manhattan Beach Deal or Rip-Off), I compared this townhome to its attached counterpart on 814 Highland Avenue that sold for $3,800,000. Both townhomes are gorgeous plantation style with virtually the same square footage, so why the discount? Well, if you are a local then you know that this lot runs east to west so the unit on Crest doesn’t have the views, natural light, and general good feeling that Highland possesses, thus the almost $400k discount. By re-examining the new construction attached complex at 428 23rd Street and 429 Marine Place that I touched on in the
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Buying new construction versus existing homes has become a hot topic here at Manhattan Pacific Realty. For my clients, I almost always default to recommending existing homes as they offer the best bang for your buck when compared to new construction on a price per square foot basis. So is new construction or existing better than another? Like in all things real estate, it depends… North Redondo 2-on-a-lots North Redondo is the perfect example for comparing new construction to existing. There are two-on-a-lots built in the 1990s and there are two-on-a lots being built today. It is classic urban infill and a fabulous case study. Let’s take a typical two-on-a-lot that is 4-beds/3-baths and around 2,500
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The South Bay has become a mixed bag of micro-markets. A few years ago, everything was going up but now each micro-market has its own story. Some areas are still on fire while others are cooling off! Who’s Hot Hermosa Beach Seriously, Hermosa Beach condos are HOT. If you read my blog back in December (Hermosa Beach Condos are on Fire!) then you know the market was strong. This strength continues and is probably even stronger than it was during the holidays. Today, only two condos are currently on the market. With average days on market and current supply below 30 days, sellers have all the advantages. Surprisingly, the high-end market in Hermosa Beach has begun
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