On today’s blog I will be focusing on a trend I continue to see in our South Bay markets. I forecasted this trend in earlier blogs and the results we are seeing are that “far away markets” that benefited greatly from the pandemic real estate rush are now reversing course in many cases. I encouraged readers and listeners to avoid those markets during the interest rate shifts in the middle of 2022, and while I am not always on target, this one has hit. On a different topic, I have constantly touched on the challenges of acquiring new construction or move-in ready homes in prime areas of Manhattan Beach. This week, I will highlight two recent
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Month: May 2023
We have been waiting on the edge of our seats for the California Association of Realtors quarterly Housing Affordability Index (HAI) number release. In short, the number has improved statewide, which is a positive for the California home market but I hope you read further below. As many readers know, I am committed to reporting on this number as historically, the HAI has been one of the best barometers of future home prices. The Q1 numbers are a positive surprise, however, I am not optimistic when I look further into the details. The marketplace is still extremely expensive in the state and even more so in the South Bay. For a healthy market, we really need
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The Lunada Bay home market has been busy the last couple of months. We have seen some great buyer-side deals on fixers earlier in the year amid uncertainty, and at the same time, some sellers landing record prices for rare new construction or premier locations. Lower Lunada Bay (west of P.V. Drive West) has seen a wide range of activity from closings, pendings, and a handful of new listings this week. Re-Sale from 2021 at a Big Mark-up We begin with a gorgeous corner lot in the Margate pocket of lower Lunada Bay with a new listing that was on the market just about two years ago. 1640 Chelsea Road This charming home was sold in
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The last couple of weeks I have focused the blog on high-end sales or expensive price per square foot homes with a broad-brush stroke. But what about LOW PRICE per square foot deals?! Today I am going to dive into a few sales at low price per square foot (PPSF) numbers so you can see opportunities that became deals for some buyers. I will conclude with active listings that may offer a similar opportunity. Discounted Rancho Palos Verdes These days we talk about home sales pushing $1,000 per sq. ft. and beyond for new homes, ocean views, or prime locations. That is far from the case in this completed Rancho Palos Verdes sale last week. 11
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