Historically low inventory has created more areas of strength than weakness throughout our local South Bay home markets. And if you know where to look, you can find value pockets. On this week’s blog I am going to cover a strong housing pocket formerly a value area that is now seeing its prices surge: North Redondo’s TRW tract. And the pocket offering amazing value relative to its location: Unincorporated Palos Verdes Peninsula’s Westvale neighborhood. Strong Price Action in the TRW Tract For those of you not familiar with North Redondo’s TRW tract, it is a small pocket in the very northeast section of the city. While many people are familiar with the two-on-a-lot and three-on-a-lot townhome
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On today’s blog I will be focusing on a trend I continue to see in our South Bay markets. I forecasted this trend in earlier blogs and the results we are seeing are that “far away markets” that benefited greatly from the pandemic real estate rush are now reversing course in many cases. I encouraged readers and listeners to avoid those markets during the interest rate shifts in the middle of 2022, and while I am not always on target, this one has hit. On a different topic, I have constantly touched on the challenges of acquiring new construction or move-in ready homes in prime areas of Manhattan Beach. This week, I will highlight two recent
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We have been waiting on the edge of our seats for the California Association of Realtors quarterly Housing Affordability Index (HAI) number release. In short, the number has improved statewide, which is a positive for the California home market but I hope you read further below. As many readers know, I am committed to reporting on this number as historically, the HAI has been one of the best barometers of future home prices. The Q1 numbers are a positive surprise, however, I am not optimistic when I look further into the details. The marketplace is still extremely expensive in the state and even more so in the South Bay. For a healthy market, we really need
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The Lunada Bay home market has been busy the last couple of months. We have seen some great buyer-side deals on fixers earlier in the year amid uncertainty, and at the same time, some sellers landing record prices for rare new construction or premier locations. Lower Lunada Bay (west of P.V. Drive West) has seen a wide range of activity from closings, pendings, and a handful of new listings this week. Re-Sale from 2021 at a Big Mark-up We begin with a gorgeous corner lot in the Margate pocket of lower Lunada Bay with a new listing that was on the market just about two years ago. 1640 Chelsea Road This charming home was sold in
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The last couple of weeks I have focused the blog on high-end sales or expensive price per square foot homes with a broad-brush stroke. But what about LOW PRICE per square foot deals?! Today I am going to dive into a few sales at low price per square foot (PPSF) numbers so you can see opportunities that became deals for some buyers. I will conclude with active listings that may offer a similar opportunity. Discounted Rancho Palos Verdes These days we talk about home sales pushing $1,000 per sq. ft. and beyond for new homes, ocean views, or prime locations. That is far from the case in this completed Rancho Palos Verdes sale last week. 11
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The spring selling season is in full swing. While the market is active and agents are busy, there still seems to be a shortage of homes for sale. Just when one week has a nice flow of homes, the next week fails to continue that trend. Although the South Bay market could really use some spring inventory, there are still transactions happening that make noteworthy impacts on valuation. On today’s blog I am going to cast a wide net on our South Bay submarkets yet again, to show how a recent closing affects current listings in the market today. Hope you enjoy the breakdown. North Redondo Beach New Construction I am due for a sole blog
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In this week’s edition of the blog, I am going to write as a stream of consciousness. I will be sharing recent sales from the past few months as if I was going through these in my office reviewing the latest South Bay market action for my clients (as I do every day). This post will be focused on high-end sales in Palos Verdes Estates, Hermosa Beach, and Manhattan Beach. If you enjoy the style and content of this post, let me know – [email protected] or comment on Instagram/Facebook. Recent Sales 2300 Via Acalones This is a well-made Montemalaga home. While only 3-bedrooms, this home offers an oversized lot, ample amount of space in the home,
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This is one of those weeks where the business of real estate is crazy. We have been slammed. I am going to take this opportunity to share three transactions we are working on and share my thoughts on the market as a whole. After writing this I will be recording a podcast on the quarterly numbers from last week, and diving even deeper to the topics written here on market dynamics and some recent successes that you can take for yourself. The podcast will be live next week. Fewer Transactions – Same Busy Market If you read the news, follow real estate on social media, and study our local market data, you will know what I
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It’s time to close out the quarter with some juicy numbers. This is a big Q1 report because the comps are incredibly difficult from last year. In 2022, the first quarter was essentially the top of residential real estate markets as mortgage rates began to surge, ultimately slowing down the market locally, in our state, and across the country. Q1 and Q2 of this year will have the toughest comps in recent memory and I will try to bring more clarity by also sharing the rolling 12-month median prices. Additionally, I will explore closed sales during three different periods for you to try and gauge demand (or lack of supply) for homes and what might come
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This week on my podcast I explore my current duplex listing and our intentional underpricing to let the market efficiently determine the highest and best price. In light of this podcast episode, I am going to focus this week’s blog post on efficient market examples using two recent closings to demonstrate my point. Additionally, I am going to share another recent sale to highlight an old blog post on the Los Verdes submarket of Rancho Palos Verdes. Intentional Underpricing & Efficiency If you listened to the podcast episode, I discuss intentionally underpricing a duplex in the expectation that it would create a fervor, multiple offers, and eventually sell for market price – or even an above
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