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For those who are not full time in the South Bay residential real estate business, it is probably difficult to decipher that there are seven distinct MLS areas in Redondo Beach. Furthermore, some individuals may have trouble just defining the difference between North Redondo and South Redondo. If you find yourself to be one of these individuals, be sure to check out our website for an easy breakdown on the MLS areas. Click here and the link will take you to our homepage where you can then click the “Neighborhoods” tab. Click on “Redondo Beach,” and from there, explore the seven different MLS areas with information on each, the current inventory, as well as some handy
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Last June, I wrote a blog titled “Manhattan Beach Real Estate Sub-Market in Minor Correction.” In the blog post I discussed Manhattan Beach’s Sand Section walkstreets on the 100 and 200 blocks from 1st Street to 20th Street and how the sub-market was experiencing a minor correction. Now, 12 months later, it is safe to say this sub-market is in a full blown correction. Since the last blog, there has been less activity south of the pier and loads of activity between 15th and 20th Street. For this blog, I am going to focus deeper on the 15% correction between 15th and 20th and then try to bring some positive news from activity south of the
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Some of the most desirable real estate in all of the South Bay, maybe even all of Los Angeles County, exists atop the Palos Verdes (P.V.) bluffs. The combination of privacy, big views, and the sound of waves crashing is virtually unmatched in Southern California. A majority of these bluff top homes are located in Lunada Bay. That said, Malaga Cove, West Palos Verdes, and even the Palos Verdes (P.V.) Drive South areas have a few fabulous bluff properties to offer from time to time. 2017 Bluff Sales Probably the most fruitful year of recent memory for bluff sales was 2017. The old Toyota Motor Sales home that had been owned by the company since 1988
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New construction town homes in North Redondo are always an asset class I keep my eye on because they can tell you where this market is headed through strength of sales and price growth. Today, I will be doing my semi-annual check in with this section of the market known as MLS areas 151 (Villas North) and 152 (Villas South). Let’s see what’s going on… Three-on-a-Lots The three-on-a lot market has been tricky to judge over the past few years due to developers going bigger and bolder with their builds in search of more profit. Check out my previous blog post from last year on some of these lots. Let’s start with the “bigger” three-on-a-lot performance…
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South Bay Quarterly Performance If you have watched my recent quarterly updates on IGTV, you would know that Manhattan Beach and Redondo Beach had really rough first quarters that might make some market watchers nervous. The positive news, Hermosa Beach seems to be thriving. The small beach city is up across the board in the first quarter and even more so in the luxury market. More specifically, big Hermosa Beach houses with big Hermosa Beach views. If you have not seen my quarterly updates, you can find them on my IGTV through my Instagram account @richardhaynesrealestate. Record Sale in Hermosa Beach Hermosa Beach completed its highest sale of all-time just two weeks ago at $16 million.
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The Rolling Hills home market “Behind the Gates,” has had a rough couple of years from a median price perspective, sales perspective, and even what the city is known for…the high-priced home sales perspective. That seems to have all changed in 2018, as well as continuing into the conclusion of Q1 2019. For reference, you can check past blog posts on the struggling Rolling Hills market in this October 2017 post and this November 2018 post. Rolling Hills Market Data I want to share some data over the past few years that will help illustrate how the Rolling Hills sub-market has performed. I tried spacing out the chart (and color coding) so it is easier on
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The Manhattan Beach Tree Section is always a topic of conversation in South Bay real estate. Not only is it in perhaps the most coveted city in the South Bay, but it offers a wide range of housing options west of Sepulveda. In this sub-market you can find anything from fixer beach bungalows for well under $2 million to turnkey new construction homes around $3 million. Close to Sand Dune Park you can find larger lots over 5,000 square feet with new construction pushing into the $4 million’s. The highly desired Martyrs area can push more than $5 million offering big homes and views. The Tree Section even offers double lots like the sale below that
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You might have noticed I have been slow to complete my quarterly updates for you guys: special report, quarterly newsletter, and IGTV posts. Manhattan Pacific has been crazy busy (no complaints about that!) but I want to give you a quick taste of the market updates. Quarterly Data Q1 2019 over Q1 2018 produced some interesting data. Manhattan Beach and Redondo Beach both faired very poorly. For Manhattan Beach, all sub-markets were down Q1 over Q1 and it was pretty ugly. The same went for both North Redondo and South Redondo. Divide it up between condos and SFRs to see a difference…both assets types were down too. Now sometimes just a quarter of data is not
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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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