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This week, I am going to discuss land and new construction sales within specific pockets of the Manhattan Beach Sand Section. The neighborhoods highlighted will be the “North Manhattan 400-Block” and the “South Manhattan Flat Walkstreets.” Both areas feature 2,700 square foot lots and a couple examples of new construction that make it easier to explain values in a blog post format. North Manhattan 400-Block Let’s start with new construction examples where developers typically build 4,300 square foot three-level homes with five bedrooms. This is the latest comparable 2021 spec sale: 453 31st Street 5 beds, 5 baths, 4,302 sq. ft., built in 2020 Sold Price: $4,375,000 After coming to market in March of 2020, one
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To begin March 2020, I wrote two blog posts in response to early reports on the novel Coronavirus. It was still early in our country’s reaction to the pandemic, so I got a lot of push back for these posts. Some said I was an alarmist and overreacting. If you care to refresh your memory on those posts, I have linked them below: March 5th, 2020: “Coronavirus: How to Play the South Bay Real Estate Market” March 12th, 2020: “Hermosa Condos are Safe Amidst Uncertain Times” These were not predictions, but the best conservative advice I could offer during a potentially scary 100-year event. All in all, I am proud of these posts because when looking
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Thanks to the wild real estate market over the past 18 months, some of my normal posts on certain sectors of the market have lagged. This week we get back into the flow. It is time to check in on new construction town homes in North Redondo. In the past I would post an update every six to 12 months. Unfortunately, I just realized that the last update was in November of 2019, so a new post is long overdue. For reference, here is the previous post: “North Redondo Beach New Construction Town Home Update” Like most real estate throughout the country, new construction in North Redondo has performed extremely well during the pandemic. What sets
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And just like that, the second quarter of 2021 is over. If you remember the last quarterly update from Q1 of 2021, I discussed “easy comps” as the Coronavirus significantly reduced real estate sales for much of March and April of 2020. Those months fell in both quarter one and quarter two, which allow for this year’s quarterly numbers to easily beat year-over-year. Take a look at the past blog from Q1 of 2021 here: “First Quarter South Bay Home Numbers Show Strong Start to 2021” That all said, the numbers are always important to review; however, the absolute key data will be shown in quarter three and quarter four of 2021. I believe we will
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The week leading up to the Fourth of July holiday is almost always a slow time for the housing market. Last year was an exception to the rule due to pandemic madness, but this year’s 2021 Independence Day might start to revert to the mean of more moderate action. And, while the hot housing market might take a pause for a week or two, there was some huge news out of Sacramento this week worth taking note. For this week’s post, I will touch on the two topics below: Important legal updates coming out of the State Capitol (and Washington, D.C. too). Scoring a potential 4th of July deal in the South Bay home market. Important
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The ultra-luxury home market seems to be as strong as ever in the South Bay. I normally do not write about this upper part of the market too often because, quite frankly, there is not too much action to speak about. But during these extraordinary times, you just cannot overlook the strength and the increasing sales. In February, I wrote about ultra-luxury homes beginning 2021 on a strong note in my blog titled, “Ultra-Luxury South Bay Home Sales Start Year Strong in 2021.” In April, I wrote about the growth in both sales and price on the Hermosa Beach Strand market in my post titled, “Hermosa Beach Strand Home Prices Making a Comeback.” And, I have
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Unless you have been living under a rock, you know that low interest rates and the Coronavirus pandemic have driven insatiable demand for housing. Specifically, homes with more space, yards, and farther away from cities. In our South Bay home marketplace, no area best suites the above needs more than the Palos Verdes Peninsula. And, while Rancho Palos Verdes, Rolling Hills Estates, and “Behind the Gates” in Rolling Hills all fit the bill, I am going to focus on the city of Palos Verdes Estates (PVE) this week. For those of you not as familiar with Palos Verdes Estates, there are four main real estate submarkets (with of course, many more pockets within) called Lunada Bay,
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It is amazing how quickly the world changes. In 2020, I had an idea for a running “live series” about how I was approaching some of my very own investment deals. Since January 1 of 2020, the world and the real estate market has had one wild ride up then down, and back up again. Major moves have occurred, and, they have happened fast. As things have changed rapidly, my perspectives and real estate opinions have changed with it. And, much faster than I could have ever imagined from when the pandemic was in its infancy. A few quotes that I want to highlight: Malcolm Gladwell: “I feel I change my mind all the time. And
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After the long holiday weekend, the South Bay is seeing a nice pop of inventory this week. I hope this is a new trend that continues, but this week alone cannot be trusted post-Memorial Day weekend. Many sellers will delay their listing to enjoy their time off, so this might just be a week to catch up on new listings. We will be watching future weeks to see if this is truly a trend. With the new inventory, there are some great options that debuted this week, and while I would love to share all the options, there are a few I need to keep close to the vest due to client tours this weekend. That
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Today, I am diving into everyone’s favorite topic…interest rates! National U.S. mortgage rates can go much lower over the long term, which in turn means, South Bay interest rates can head lower as well. Do I believe rates will go lower in the near-term? Absolutely not. The residential real estate market right now is insane, but there is far too much “bubble talk” that makes things confusing for your average buyer or seller in our local South Bay market. Combining an insatiable appetite for homes with low supply, along with generationally low interest rates, there are many saying this is a bubble or a top that cannot last. The massive price increases we have seen throughout
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