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South Redondo Beach offers so much to its residents. A world-class beach, ocean views from The Esplanade, fabulous public schools, and a wonderful downtown in Riviera Village full of eateries and charming retail are just a few perks of living in this amazing section of a special southern California city. As a result of the incredible amenities and lifestyle, South Redondo Beach is not a cheap housing market. New homes along “The Avenues” can run close to $4 million, townhomes near the Esplanade can run around $2 million or more, and even small condos in The Village can run above $1,000 per sq. ft. for one-bedroom units. If you are looking for a hidden gem in
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Current conversations about the residential real estate market focus on how much the market has changed from a year ago, and in some cases, just six months ago. “We are normalizing.” “Price growth is leveling-off.” “The market is shifting.” These are popular statements used by almost everyone (including myself) are, for the most part, true when focusing on specific local markets. As you follow along with my blog, you’ve read the latest updates on quarterly numbers, affordability, and which pockets are seeing strength or weakness. After this week’s post, our South Bay real estate industry can add another statement to these conversations: “Home prices are depreciating.” This is not an alarmist post that ALL South Bay
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To rent or not to rent? This is by far the most prominent question I get asked today. Homeownership is still top of mind for our clients along with the belief that over the long term, owning real estate is a safe and reliable investment. All that said, surging interest rates have significantly eroded purchasing power leaving many to wonder if renting is the right move in hopes that real estate might become a little more affordable in the future. There are few catalysts in the short term to push prices higher and it seems as if real estate headwinds get stronger each week. While I do not have a crystal ball of what will happen
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What an incredible moment for our local home market. Thanks to the Federal Reserve’s aggressive rate policy, surging interest rates are having a swift impact on the South Bay home market, national home market, and quite frankly, all markets in general. The old term, “Don’t fight The Fed” is holding truer than ever. Beginning Q1, 30-year fixed rates sat at 3.22% on average nationally according to the St. Louis Fed. Ending Q3, just nine months later, the average is an astounding 6.7%. I am amazed to see this shift occurring in such a short time, but it makes sense considering mortgage rates have more than doubled in nine months – the fastest doubling of mortgage rates
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