Every January I write my fearless predictions for the South Bay real estate market in the upcoming year. As the year comes to an end, I like to hold myself accountable and show readers how my predictions actually turned out. If you want to refresh your memory, check out my predictions for 2018 here. Let’s see how I did… Prediction Recap: Mortgage Rates Will Rise Moderately Prediction: 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. Recap: I was a little off, but, by year end, I could be close depending on where rates end up. According to FRED (Federal Reserve
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Month: December 2018
As we approach the end of the year, I thought it would be beneficial to review sales and median prices from 2018. This data includes median income and how it relates to affordability. South Bay Median Prices and Closed Sales Home sales are down, not just in California, but all over the nation. Median price increases are also decelerating. How is this impacting the South Bay market? Take a look at these numbers from November YTD (year-to-date). Every area mentioned above shows that sales are down in 2018. In my opinion, this is a direct result of rising interest rates pushing buyers to the sidelines. On the flip side, every area shows that prices are up.
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If you follow me on Instagram, then you know this post is brought to you by reader’s choice! I usually get the most readers when I write about the beach cities, but much to my surprise, the majority of votes for upcoming blog topics were for Palos Verdes. So, you asked, and here it is. Valmonte, one of my favorite neighborhoods, has had an interesting year! For today’s blog, I am going to give an overview of deals throughout this past year. Biggest Sales of the Year This year brought three of the five most expensive home sales in Valmonte, ever (#2, #4, and #5 if you are counting). Here’s the line-up: 3425 La Selva Place
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Earlier this year, our office was buzzing with excitement over the new real estate Opportunity Zones created by the Tax Cuts and Jobs Act (TCJA) of 2017. This section of the TCJA was created to help under-served communities attract investment capital. Now, here at Manhattan Pacific Realty most of our business is focused on South Bay home sales, so Opportunity Zones was never a big topic of conversation among our clients. However, it seems people who normally wouldn’t be interested in this topic (local developers, homeowners, beginning investors) are now more interested since the tax benefits are significant. This brings me to today’s blog. Due to the heightened interest, I wanted to give readers some insight
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