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“The Avenues” in South Redondo are a special place in this highly desirable beach city. You will normally find an annual or semi-annual blog post breaking down The Avenue’s activity, especially with land opportunities and new construction. Unfortunately, the pandemic has thrown off the blog cadence, so it has been some time since my last post on The Avenue’s. For a refresher, here is my last post from February of 2020 titled “Latest Redondo Beach Home Data and Update on ‘The Avenues.’” Much like the Tree Section in Manhattan Beach, Avenue home values are largely driven by the latest spec home sale. Typically, I dissect the largest section of The Avenues, between Pacific Coast Highway and
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The South Bay real estate market continues its astounding run with low inventory and surging prices. More than ever, sleepy suburban areas that offer affordability, space, and a backyard are the perfect example of what’s been in vogue in 2020 and has continued through 2021. One of the clear South Bay pockets catching fire like never before is the Los Verdes submarket in Rancho Palos Verdes. Before the pandemic, most South Bay residents (including some Palos Verdes residents) could not tell you where the Los Verdes housing submarket was located…and spoiler alert, Los Verdes Golf Course is NOT located in MLS area 173, aka “Los Verdes.” When educating clients on homes in Los Verdes pre-2020, instantly
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As you know, the first quarter of 2021 concluded this past Wednesday. And, although agents may not have entered in 100% of all of their closings, we have enough data to bring this out to print to get you the latest information on the South Bay real estate market’s strong start to the new year. As mentioned in past monthly and quarterly updates, the numbers are going to get choppy as the pandemic throws off seasonal trends. Please keep in mind, this quarter (Q1 of 2021) and next quarter (Q2 of 2021) are going to have “easy comps” as our local markets really pulled back in March and April of 2020 as the Coronavirus pandemic ravaged
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The East Manhattan Beach home market has fascinated me for years. New construction home prices have sky-rocketed over the years, leaving many existing home prices in the dust. In fact, there were times when you could buy just about any home older than 30 years, tear it down, and build new without fear of being underwater. I wrote about this interesting chasm in August of 2019 in my blog titled, “East Manhattan Beach Homes Sales and the Fascinating Dichotomy.” As a result, I felt like this huge split in valuation between existing homes and new construction homes made the market feel risky. Something had to give. In my 2020 fearless real estate predictions before the onset
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This week’s blog post is a piggyback on last week’s blog titled, “Real Estate Value Plays as the Market Rotates from Single Family Homes.” If you listen to my podcast, I have been pounding the table on condos and income properties as undervalued real estate assets thanks to the pandemic. No one wants to share an elevator and small hallways, or take the risk of tenants invoking their COVID-19 rental rights and not paying rent. As a result, single-family home prices have soared, and condos and income properties have lagged. That is beginning to change as we re-open, and I believe the window is closing to jump on these “value assets.” Last week’s blog post in
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The past year has been a wild one for many markets. While the weekly focus here is the South Bay residential real estate market, I do pride myself on following the equity and bond markets. The stock market, of course, is a huge store of wealth for buyers and sellers in the South Bay which, in turn, affects confidence and drives capital for real estate. Significantly bigger than the equity markets, the bond market is absolutely massive. It acts as another store of wealth, income, and obviously greatly influences mortgage rates via long-term Treasuries and actual rates via mortgage-backed securities. In order for me to feel like a well-rounded adviser to my clients, not only do
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It has been well-reported in national news that home prices are surging across the country. I have written about this price growth and have confirmed the numbers in our local marketplace as well. If you reference my January 15th blog post, “2020 South Bay Home Numbers Give Clarity to Unprecedented Market,” then you can see those exact gains for yourself. Furthermore, I have also written about record low inventory levels. More so, the record low inventory occurring on the Palos Verdes Peninsula. To understand that supply squeeze, be sure to reference my February 12th blog post titled, “Palos Verdes Home Inventory at Historically Low Levels.” So, with all that above, how does a market react in
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Every six to 12 months I will check-in on marketplaces that have easily comparable home types. The apples-to-apples comparison helps to showcase growth or deceleration in certain areas and is helpful to study on occasion. One of my favorite markets to stop-by is the North Redondo submarket of Golden Hills. More specifically, “tall & skinny” homes within the Golden Hills area. Thanks to the pandemic driving all sorts of different blogs and data in 2020, I have failed to cover the “tall & skinny” market of late. The last time I wrote about the submarket was in June of 2019 and you can see a link to that post below. I will be taking some of
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The South Bay real estate market keeps on humming in 2021… With most beach city and Palos Verdes hill pockets seeing prices up 10% or more, as referenced in my past blog here, as well as historically low inventory, which I covered in another blog post here, there seems to be nothing stopping the strength in our local markets. The strength even includes “ultra-luxury” home sales that can take months, or even years to sell. Now, what qualifies as “ultra-luxury” in the South Bay? I have no clue. But for the purposes of this post, I am defining it as any sale $9 million or higher. Let’s look at some past history for South Bay sales
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We are officially home with our second baby boy, Reece, and very thankful to have such a wonderful newborn. And, while our parenting skills are a lot more seasoned, no matter which way you slice it, our house is an absolute circus competing with two kids under two. Much like our home, the South Bay residential real estate market has turned into a bit of a circus as well. If you are in the market looking for a home, know someone searching for a home, or just like to follow the market closely…the circus consists of new home listings garnering insane amounts of showings and offers. “There is no inventory!” A currently popular saying heard literally
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