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Over the past two years, The Avenues in Redondo Beach have remained strong and continued a steady march upwards. New construction looks to be in solid demand and buyers are paying a premium for brand new homes on standard sized lots ranging between 5,500 and 7,000 sq. ft. The 740 Avenue C home, mentioned in my previous blog on The Avenues, closed in spring of 2016 for $2,750,000 which was the sale that gave the area a shot in the arm. As a result, later in the year 713 Avenue D and 327 Avenue F sold for $2,775,000 and $3,100,000 respectively. These sales took The Avenues to record highs for standard lot sizes (only trailing one
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Palos Verdes is BIG. With four cities and unincorporated county areas, there is a lot of ground to cover on The Hill. In this week’s blog, I will attempt to give you a summary of what is happening on the PV Peninsula. Singly-Family Homes Under $1.5 Million are Hot The PV home market under $1.5 million continues to be very hot. With entry-level homes scarce and Millennials coming of age, many buyers are looking to The Hill to get an affordable home with a nice backyard and fantastic schools (and parking!). From January 2017 to January 2018, there were 380 single-family home sales under $1.5 million in all of Palos Verdes. That is almost 32 home
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Interest Rates Rising The stock market has been crazy this week and a large part of it has to do with the interest rates rising significantly. A lot of experts watch the 10-Year U.S. Treasury note where rates have jumped from 2.46% to 2.84% in the first 30 days of the year. That is a massive jump for a somewhat stable security and as a result has some people worried. Now, the 10-Year U.S. Treasury does NOT directly affect mortgage rates contrary to popular belief (my first job out of college was a mortgage broker so I studied this in depth), but the 10-Year is used as a hedge for mortgage investors. Banks and originators of
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The Lot Deals Two new lot deals hit the market this week in the Manhattan Beach Sand Section. An old duplex located at 1613 Highland Avenue sitting on a 1,351 sq. ft. lot asking $1,849,000 and a crumbling concrete pad located at 2613 Crest Drive on a sizable 3,512 sq. ft. lot asking $5,499,000. These new offerings are sure to grab the attention of eager house hunters looking to build their dream home. Will these lots pencil for a motivated buyer who not only wants their dream home but also wants to come away with some equity? Let’s check out the data. 2613 Crest Drive Analysis This lot has been a noticeable vacant lot overlooking Bruce’s
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