Median Home Prices in California According to the California Association of Realtors, the Los Angeles County median home price in December sat at $577,690. There is not much for sale by the beach in that price range except for some very small 2-bed condos in the Hermosa Valley (like 1600 Ardmore Avenue #219) or an even smaller 1-bedroom fixer in The Village in Redondo Beach (like 610 The Village #315). It has become a reality that buying a home under $1 million in the South Bay is hard…really hard. The Deal What if you could find a lot more space than a small condo, like maybe over 2,400 livable sq. ft. with 4 bedrooms, 2.5 bathrooms,
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New Complex on Pacific Coast Highway Last week a stunning new 7-unit contemporary town home complex debuted in Hermosa Beach on Pacific Coast Highway (PCH). The turnkey units offer three bedrooms and three and a half bathrooms ranging from 2,000 to 2,200 sq. ft. over three levels. Atop each unit is the main living space adorned with shiny new finishes, an open living concept, and a deck to enjoy warm summer nights. Additionally, each unit has views from their rooftop decks perched high above the street. Take a look at 1828 Pacific Coast Hwy, Hermosa Beach for reference. The asking price for all but one unit is $1,769,000 ranging between $795 and $876 per sq. ft.
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Last week I was fortunate enough to chat with TheStreet.com and LA.Curbed.com, two influential financial and real estate websites, on the trends shaping the real estate market. In case you missed the published articles where I earned a quote or two, I thought I would recap the information and share my thoughts on each article. 5 Trends Shaping the 2018 Real Estate Market, The Street.com by Brian O’Connell Rates rising, but not a big problem for buyers…yet This was the topic my interview covered. For my readers, you have been well educated on my thoughts of where interest rates will go this year (South Bay Real Estate: 2018 Fearless Predictions) and why (South Bay Real Estate
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Mortgage Rates Will Rise Moderately One of the biggest questions in residential real estate is whether or not mortgage rates will rise. This coming year, 30-year mortgage rates will rise very moderately from their year-end rate of about 4.00%. I predict a rise of about 0.25% with a maximum jump of 0.5% before The Fed would step in to get rates under control. The reason rates did not rise last year, and why they will only rise moderately this year, is due to the fact that mortgage rates are impacted by demand for mortgage-backed securities. For the majority of last year, The Fed reinvested their principle payments and bought up the bulk of residential home mortgages.
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