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You might have noticed I have been slow to complete my quarterly updates for you guys: special report, quarterly newsletter, and IGTV posts. Manhattan Pacific has been crazy busy (no complaints about that!) but I want to give you a quick taste of the market updates. Quarterly Data Q1 2019 over Q1 2018 produced some interesting data. Manhattan Beach and Redondo Beach both faired very poorly. For Manhattan Beach, all sub-markets were down Q1 over Q1 and it was pretty ugly. The same went for both North Redondo and South Redondo. Divide it up between condos and SFRs to see a difference…both assets types were down too. Now sometimes just a quarter of data is not
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The South Redondo new construction home market has been on a consistent, steady rise for the past few years. New construction is in demand for affluent buyers in the area, and developers are getting bolder with their home builds. For this post, we are going to focus on “The Avenues,” a market which is ground-zero for new construction spec homes. The climbing prices follow a similar trend we see in the Manhattan Beach Tree Section market. New Construction Data Let’s compare some Avenues new construction year-over-year data from 2018 versus 2017 to see what might be in store for 2019. 2017 New Construction Sales 703 Avenue A 4 bed, 5.5 bath, 4,200 square feet Sale Price:
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Who’s HOT Manhattan Beach New Construction This is no secret but Manhattan Beach has been on a new construction kick. Buyers in this city tend to be high-income earners and want to focus on their business, not remodeling a home. Although East Manhattan Beach was down as a whole, new construction prices continued to make record highs even to this day. That being said, Liberty Village is setting new records for itself as well. The Tree Section was flat in 2018 and although new construction has slowed slightly, people are still picking up new builds at a strong pace. The Hill Section poses a lot of risks for spec builders, so when a newer well-done home
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The Valley Section of Hermosa Beach has a wide range of housing options. This area is home to some of the most affordable one- and two-bedroom condos in the city as well as some of the most expensive estate properties in the city. This sub-section is quite small. From Pier Avenue to the north and Herondo to the south, the east/west boundaries are tiny with Valley to the west and PCH to the east. It is only about 11 blocks. The Sophie’s Choice of Town Homes Most town homes in this smaller sub-section of Hermosa range from 2,000 to 3,000 square feet. The one defining factor between a large gap in price is whether it is
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