South Redondo If you are a buyer in the South Bay and want a wide range of options by the beach, then look no further than South Redondo. Many people don’t realize the wide range of options west of PCH in South Redondo (area 157 on the MLS). You can live the beach lifestyle and select from a plethora of condos or townhomes on both ends of the pricing spectrum. On a budget and need a low price? South Redondo has you covered. Need more room for an expanding household? South Redondo has you covered there as well. Want a luxury property with ocean views? Sure, South Redondo has something for you too. Let’s take a
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East Hermosa Beach A grand total of two, that’s right, only two single-family homes are on the market in East Hermosa currently. Unfortunately for buyers, the two listings are both small two-bedroom offerings that do not service the typical buyer in this area that needs three or more bedrooms. To be fair, the East Hermosa home market is not as big as others. From 4/1/2017 to 3/31/2018, a full calendar year, there were 45 home sales which come out to about 3.75 sales a month. During that same time period, only seven offerings were taken off the market with two eventually selling later. Without question, the market is tight as there are five properties in escrow
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Per reader request, today’s blog will give a breakdown of lot deals versus new construction in Manhattan Beach (basically, what does a developer do). There is a ton of new construction going on in this area and purchasing a “land value” deal has a lot of nuance and risk. These examples are not meant to be exact numbers; these are rough numbers to keep the reading light. Let’s dive in! East Manhattan Beach This portion will be the Manhattan Heights/Liberty Village area of east MB (area 146 on the MLS). Since prices are lower and finishings tend to be cheaper, we’ll assume $250 per sq. ft. to build and a 15% budget for soft costs. Recently,
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Short answer: I am not sure. New York A recent report authored by appraiser Miller Samuel Inc. found that Manhattan (NYC) condo and co-op sales declined by 25% from last year’s first quarter. It was the largest drop since the 2009 financial crisis. Was the lack of sales due to low inventory much like the greater Los Angeles area? Not according to the report. The average sales price dropped 8% with a lot to blame on the high-end market where overpriced luxury apartments are sitting on the market on average for MORE than a year and a half. When looking at the best indicator, median sales price (emphasis on median, not average), things were not as
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