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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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In 2018, the Manhattan Beach median home price was right around $2.4 million. That is a BIG number. If you are looking to get into this coveted beach home market without breaking the bank, you should consider Liberty Village. In this sub-market of East Manhattan Beach, there are options for all types of buyers. There are fixer starter homes for under $1.3 million, there are medium-sized turnkey homes around $1.7 million, and of course, there are new construction homes commanding over $2.7 million. Today, I will be breaking down some of these options to show how Liberty Village is a great option to get you into the Manhattan Beach real estate market. New Construction As most
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Now that spring is officially upon us, the South Bay real estate market will begin to heat up over the next few months. So before the official rush of spring selling season begins, I thought I would touch on some intriguing South Bay listings under $1 million. Hermosa Beach 1202 20th Place 3 bed, 1 bath, 1,176 sq. ft., single-family home Asking: $965,000 Finding a single-family home under $1 million in Hermosa Beach is almost impossible. This fixer property was recently cut just below $1 million, and if you are a shrewd negotiator, you might be able to get it even lower! This property has a chance to be one of the lowest 2,500 square foot
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The Silver Spur sub-market on the Palos Verdes Hill has been a long time hidden gem with amazing affordability and top-notch schools. Over the past decade, the area has been known for three- and four-bedroom starter homes around 1,800 square feet offering incredible value for first-time home buyers. Pair that with one of the best locations to get on and off The Hill (or deeper into the The Hill), this sub-market is slowly making a name for itself. See more about the area in our Silver Spur neighborhood profile here. Median Price Homes After the Great Recession, the Silver Spur sub-market median price was well below $1 million. Even up until 2015, the trailing 12-month median
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The old Realtor adage “Interest rates are rising – go out and buy now!” is oftentimes a misguided statement for most buyers. For this week’s blog post, I want to address this proclamation and why more often than not, it is not accurate. Everyone’s financial goals are different and interest rates should never be the one driver behind buying a home. Interest Rate Realtor Claims Take a look at this chart below that has been flying around social media: Source: The Romanski Group I have seen variations of this chart posted over the years. Whoever created this graphic was very smart to target specific buyers in order to sell more real estate. That said, buyers need
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Looking back at South Redondo real estate over the past six months, town homes over 1,600 sq. ft. have been very popular. Over that span of time, there have been six closed sales, three properties currently in escrow, and no inventory on Catalina Avenue (except for my new listing that hit the market today). Catalina Avenue is a long street west of Pacific Coast Highway starting from the border of Redondo Beach/Torrance, running all the way north to the Redondo/Hermosa Beach border. I like to separate Catalina Avenue in two: South of Knob Hill North of Knob Hill To South Bay locals, being north or south of Knob Hill is obvious. South of Knob Hill is
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Who doesn’t love Manhattan Beach real estate? Especially at an affordable price. As the premier beach real estate market in the South Bay, Manhattan Beach has buyers that are not as price sensitive in comparison to other markets. Much of the investment thesis is buy high and hold for the long term because of the belief that beach real estate never goes down. But what if you do not have deep pockets and want to limit your risk if there is a short term hiccup in the market or economy? Manhattan Beach Boulevard Condominiums Look no further than two bedroom condominiums along Manhattan Beach Boulevard. Not only are these condos insanely affordable relative to the rest
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The East Hermosa Beach new construction market has been pretty wild over the last two years. Hermosa Beach is a relatively small South Bay city with fewer sales than most neighboring cities, but even with less sales data, it has been a consistent real estate market over the past few years. Check out the year-over-year median price growth over the past three years: 2016 6.27% up 2017 5.74% up 2018 3.49% up When I zero in specifically on the East Hermosa Beach sub-market and the new construction activity, it surprises me with what’s going on. As a result, I will be focusing on East Hermosa Beach’s new construction activity to shed some light on what’s happening.
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