We hope all our readers had a wonderful Thanksgiving holiday filled with family, friends, and football (fútbol too – World Cup!!!).
Happy Black Friday! While it is becoming an outdated retail holiday and Cyber Monday is taking over, I think it is fun to share some “Black Friday” South Bay real estate deals you should consider as we head into the slowest time in our markets. It also is one of the best times for deal-making.
This year I am going to share a sweet home deal and a possible income property deal in the beach cities of Hermosa and Redondo Beach.
Let’s get to it so you can get back to eating leftovers.
Hermosa Beach Condo Steal
This Hermosa Beach condo is a can’t miss Black Friday real estate deal just a block off the famous Strand.
- 2-beds, 2-baths, 897 sq. ft.
- Asking: $899,000
This probate sale needs rehabbing and is priced well-below the most recent comparable sales in the condo building. Although it will take some work, look at the comparable sales below to understand the opportunity.
- 2-beds, 2-baths, 876 sq. ft.
- Sold: $1,550,000 (May 2022)
- 2-beds, 2-baths, 902 sq. ft.
- Sold: $1,205,000 (Oct 2021)
As you can see, a remodeled unit traded for a whopping $1.55 million just six months ago. That is a huge $650,000 spread with plenty of room to spare for upgrades on a small 900 sq. ft. condo.
Additionally, you can see a 2021 completed sale that needed upgrades like our subject and was able to command over $1.2 million. Without question, this condo is being shopped at a wholesale discount.
All that said, the market is efficient and the listing will likely sell above asking. Offers are not being reviewed until the last week of the November, per the listing, so expect to pay more than asking.
Regardless if the sale is competitive, knowing it is priced $300k lower than the last fixer and $650k lower than the last rehabbed sale, this listing is definitely worth taking a shot for coveted beachside real estate.
Redondo Beach Income Property On Sale
If you are more of an income property investor or long-term covered land play buyer, then this triplex in South Redondo Beach is a great opportunity worth considering.
Update: This property went to escrow after the time of writing this blog but keep an eye on it because escrows can always fall out.
- Triplex, 2,678 sq. ft., R-3 lot
- Asking: $1,650,000
Personally, I love everything that this property has to offer:
- It is asking $616 per sq. ft., well-under the $763 per sq. ft. in North Redondo
- A triplex, when updated, could collect close to $10,000 per month
- An amazing R-3 covered land play to build townhomes in the future
It brings a multitude of investment options to a buyer over the long term which is such an important factor. Not to mention, the price is compelling when you look at the comps.
- Duplex, 2,121 sq. ft., R-3 lot
- Sold: $1,750,000 (June 2022)
- Triplex, 2,015 sq. ft., R-3 lot
- Sold: $1,570,000 (Jan 2022)
Obviously, you can see our subject is already priced lower than a Grant Avenue R-3 lot that only has two units and a smaller footprint. That’s a win.
And then considering the subject has already cut its price, might a buyer ink a deal closer to the Curtis Avenue sale back almost a year ago? Only time will tell. But with the great features of this listing, I think it deserves strong consideration for the right buyer.
There are always deals out in the South Bay if you are patient and willing to consider a wide range of options.
In the spirit of Black Friday, it is always fun to highlight potential deals and bring them to light for our readers. Remember, mid-November through mid-January is an exceptionally good time to pressure sellers to accept offers at aggressive prices.
Don’t be shy! Find those lingering listings, do your homework, and write low offers! You might find this to be your most successful Black Friday yet.
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