East Manhattan Beach real estate has had a nice run over the past few years. If you have been watching my IGTV channel, then you know the first three quarters of 2016 were up 10.28% year over year. The same period in 2017 was up 5.78%. The strongest portion of this market has been new construction sales. It seems that prices continue to go higher and higher. And, although we are seeing a flattening of East Manhattan Beach price growth this year (down 3.68%), new construction homes have remained highly desired. So desired, that prices have warranted significant premiums above similar existing homes. New Construction vs. Existing Homes Looking at new construction sales versus existing home
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Month: November 2018
With Thanksgiving quickly approaching, we are entering a traditionally slow period for real estate markets. So, I wanted to take this opportunity during the holiday week to show you some intriguing deals under $1 million in the South Bay. The holidays can be a great time to snag a deal! Manhattan Beach 644 Manhattan Beach Blvd #10 2 bed, 2 bath, 841 sq. ft., condo Asking $880,000 Finding a home under $1 million in the Manhattan Beach market is not always easy, especially in this condo’s specific location. Technically, this home is located in the Hill Section, but it is a stone’s throw from the Sand Section and it is actually closer to downtown than most
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This past week the Woolsey and Hill Fires in Southern California and the Camp Fire in Northern California have affected millions of people in the most deadly and destructive fires in our state’s history. Donate! Before we dive into this week’s blog, I want to salute the first-responders and offer condolences to all the people that have lost homes and loved ones. Please donate to help your California neighbors in need. We here at Manhattan Pacific Realty have donated $500 to the relief efforts of the American Red Cross. We will match donations from every reader up to a total of $500 of those that choose to donate after the posting of this blog. Shoot your
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If I told you a South Bay home sold for record AFTER a price cut of $30,000,000 would you believe me? Well, believe it! Record Sale After five and a half years on the market, 1 Buggy Whip Drive in Rolling Hills finally sold at auction for $22,400,000. That is only $250,000 from the highest South Bay home sale ever, which was sold earlier this year at 417 Paseo de la Playa in Hollywood Riviera. Many photos of this home have been taken off the MLS, so below is a listing description of this nine-bedroom, 25-bathroom, 51,000 sq. ft. estate property for reference: Hacienda de la Paz, a millennium of art, architecture and engineering under one
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If you read my June blog “Are South Bay Income Properties Safer than U.S. Bonds,” you may have been surprised by the insane asking prices of income properties in the Beach Cities. Since I wrote that post, a few things have changed: The featured six-unit property (3302 Manhattan Avenue) reduced its price by $800,000 It now yields a return of just over 3.4% after a price reduction to $5,095,000 The 10-Year Treasury went from 2.8% to almost 3.1% So as U.S. Bonds climb higher, it will push apartment sellers to offer better returns in order to catch buyers. Hermosa Beach Income Property Market With the conclusion of the third quarter, there has been interesting data surrounding
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