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In last week’s blog titled, “How the “Stay-at-Home” Order is Affecting South Bay Real Estate,” I discussed how Governor Newsom’s order was affecting the real estate market based on our clients’ reactions and from an anecdotal standpoint. Side Note: Our link to subscribe to the blog was down all last week. So if you subscribed between March 24th and April 1st, please subscribe one more time. Sorry! Just last week, real estate agents were deemed non-essential upon the announcement. But on Saturday, the essential workers list was updated to expressly include “residential and commercial real estate services, including settlement services,” as produced by the Federal CISA under the Department of Homeland Security. A lot has changed!
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California Governor Gavin Newsom’s executive “Stay-at-Home” order is having an effect on industries throughout the state. Our local real estate market is in the early stages of adjusting as a result of the order. There are 16 essential infrastructure sectors that are exempt from staying home, and while housing construction and property management are considered essential, Realtors are NOT exempt from this order. What that means, in short, is the home market has been put on ice. In order to safely social distance, how can you possibly conduct an in-person showing, meet for a listing presentation, or hold an open house? Short answer: You can’t do it. Additionally, with well-deserved concerns over the spread of the
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Coronavirus infection cases have grown with exponential speed. Stock markets have reacted negatively with incredible speed. News seems to be changing at remarkable speed. Speed, speed, speed. Conversely, residential real estate moves very, very slowly. Thanks to a slow moving asset class, we really do not know what effects this “new normal” is having on residential real estate just yet. It takes a couple of weeks to prepare a property for sale, then a few more weeks to make a deal on a listing, and perhaps a month or longer to close an escrow. It is too early to tell and it will be impossible to project until we get more certainty on how the Coronavirus
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As of the completion of this blog post at 7am today, the Dow Jones is down around 2,000 points, again. This now takes the stock market down about 27% from its highs. Financial news is talking about the needs for drastic action from the Federal government from a health and fiscal standpoint. I don’t know enough to know what is true in financial markets, but it seems that this will likely affect most businesses and most markets in some way. In volatile times, it is tough to value companies unless you are absolutely sure of their income and expenses. The companies that have predictable revenues and a reliable and safe dividend can make it easier to
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Over the last two weeks, the U.S. equity markets have seen extreme volatility not seen since the Great Recession. The Coronavirus, which started out as a small outbreak in China, rocked the second-largest economy in the world over the past two months and has started to spread throughout the globe. Further, the Coronavirus is starting to affect confidence and nerves not just in the United States, but in California, Los Angeles County, and in the South Bay. In fact, California just declared State of Emergency. Per USA Today’s Curtis Tate last night, he reported that a contract medical screener at LAX tested positive for Coronavirus. That hits right at home here in the South Bay. Whether
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One of the most talked about sub-markets in the South Bay is Palos Verdes Estates’ Valmonte. It is not only discussed frequently by Palos Verdes real estate agents, but also the neighborhood is a hot topic of conversation among high-end agents in Manhattan Beach as a more affordable alternative to the Tree Section. Valmonte’s location is truly accessible to areas on and off the Palos Verdes Hill. It is less than ten minutes to “the top of the Hill” for local shopping as well as Redondo’s Riviera Village, Torrance, and other areas of the beach cities. This neighborhood not only offers bang for your buck compared to the beach but also value compared to other areas
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Last week, I discussed how the Manhattan Beach market was ramping up its spring selling season, whereas other South Bay markets will likely start a month or so later. Due to the activity, this post is a continuation of some new listings and some recent sales to demonstrate how certain sub-markets have performed and where they might go. Manhattan Beach Walkstreet Action For this section, I want to focus on the 100 and 200-block walkstreets around the pier. For reference, south walkstreets are defined here as Manhattan Beach Blvd. to 1st Street, while north walkstreets are defined here as Manhattan Beach Blvd. to 19th Street. Let’s dive into the north walkstreets first. North Manhattan Beach Walkstreets
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This week, I am diving into a small pocket of the Manhattan Beach Sand Section where town home inventory has jumped significantly to start off the spring buying season. If you read my blog last month titled “South Bay Median Prices are Down Year-Over-Year,” then you would remember that, as a city, Manhattan Beach median prices fell by 2.04% in 2019 when compared to 2018 prices. The median price of Manhattan Beach was $2.4 million in 2018, whereas prices fell to a median price of $2.351 million this past year. This was the city’s first median price drop in nearly a decade. Some of the most coveted real estate in all of Los Angeles County is
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As mentioned in most of my recent blog posts, I share additional forms of South Bay real estate data through different media channels. There are mailed quarterly newsletters, IGTV quarterly posts, and a podcast…I have dropped the ball on that and recorded just one episode. It is busy as a rookie dad and full-time Realtor. That said, the podcast will happen eventually every month, so thanks for being patient! Redondo Beach Year-Over-Year Data From a price growth standpoint, the city of Redondo Beach has done very well over the past few years. South Redondo has been strong and in recent years, North Redondo has surged higher due to its affordability and proximity to the beach. After
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For those of you that do not follow me on social media channels such as Instagram or are not subscribed to our mailing list, I will share some quick Hermosa Beach data before getting to the topic at-hand. Additionally, for those individuals that do want access to more market data, each quarter I film a South Bay quarterly report with juicy data on my IGTV, which can be found here. Hermosa Beach Year-Over-Year Data The city of Hermosa Beach had its first median price drop in almost five years. Year-over-year for 2019, price data shows a median decline of 3.34% or a $57,000 pull back when compared to 2018 prices. Much of the decline, if not
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