It is pretty uncommon to find a beach pad for under $1 million these days. Manhattan, Hermosa, and south Redondo Beach have all had a spectacular price run over the last few years making it difficult for first-time and second home buyers to get in by the South Bay sand. If you can only afford below $1 million, fear not, there are still options that exist! They are just few and far between. And if South Bay beach real estate continues its climb over the next few years, then these options might cease to exist.
Between MB, HB, and SoRo there are only 17 active listings available with a price below $1 million. Let’s take a look at the best stock of the bunch.
Not surprisingly there is normally nothing available in Manhattan Beach below the $1 million threshold. Thankfully for the purposes of this post there are two options.. 1155 11th Street #9 is my pick for MB property under six figures. This town home was converted from a 2-bed/2.5-bath to a more valuable 3-bed/2.5-bath by reorganizing the home’s bonus room. It is not every day you get an opportunity to grab a piece of Manhattan Beach off a main thoroughfare and for under $600 per sq. ft.!
As of today there are only five homes that meet our criteria in the tiny beach city of Hermosa Beach. The best of the group is at 447 Herondo #206, and it is not only the most affordable in all of Hermosa but it is in the coveted Sand Section. Double whammy! In full disclosure this 2-bed/2-bath condo is my listing, but this is a gem of a unit with fully updated bathrooms and a clean kitchen with newly installed under mount sink and Cambria quartz. This condo is in the back of the building protected from Herondo with serene views of the Hermosa green belt. It is the perfect distance for weekend stroll to the pier and centrally located to everything in the Beach Cities. It will go quickly!
A majority of the sub $1 million homes throughout the Beach Cities exist in south Redondo as a result of the large Brookside Village condominium development on Camino Real and Prospect. There are options on The Esplanade, east of Pacific Coast Hwy, and at times Riviera Village, but the most intriguing offerings to be found in south Redondo today are two single-family homes that are literally next door neighbors. 1228 S. Prospect and 1222 S. Prospect are the only South Bay Beach City detached homes available for under $1 million…and one is even asking at $897,000! Why are these under $1 million? Well outside of the obvious that they are on the corner of busy Prospect Avenue and Palos Verdes Blvd, both homes offer a smaller 2-bedroom home with what is known as an in-law unit or “granny flat.” These might not work for the typical South Bay buyer, but a savvy buyer could pick up one of these homes to live in the small “granny flat” and realize rental income from the main home. There would be room to expand in the future without having to sell and move.
So if your budget is under $1 million and you want a piece of the sand, these are some nice home options that don’t come around too often! I will be holding an open house at my listing (447 Herondo #206) this Sunday April 9th from 1:00 – 4:00 p.m. Come by!