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The topic for this week is a fun one – East Manhattan Beach land sales. I find this an important subject because these sales can demonstrate the aggressiveness of developers or future custom-built homeowners in a specific neighborhood. It is a bet on the future based on past sales, construction costs, and supply. While much of what we can conclude from land sales is still very much speculation, it is a valuable exercise to conduct for parties interested in building or purchasing new construction homes. East Manhattan Beach is relatively easy to breakdown thanks to its fairly simple layout as a giant rectangular grid and focusing on its majority of 7,500 sq. ft. lots. Below we
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As we hit our stride in 2023, I am excited to get back to covering some micro-market happenings in the South Bay home market. The past two months, the blog’s focus has revolved around big data, forecasts, and fourth quarter performance. If you are just discovering the blog or missed the last few prints, then here are some highlights below for you to catch-up… “The Best (and Worst) performing South Bay Home Markets of 2022” Always an interesting read to see which submarkets crushed it and which ones underperformed. It might surprise you! “South Bay Real Estate: 2023 Fearless Predictions” My annual post that gets the most clicks, by far, then any other blog topic. Readers
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For a real estate data geek, I love end of quarter statistics in our South Bay home market. The end of Q4 is my favorite because we get to also look at full-year comparisons as we begin the new year. Numbers do not lie, and this new batch of data is eye opening to say the least. We are really seeing the effects of sky-high interest rates cool our local home market significantly. In short, the numbers are ugly. This could be an early sign that we are in for a tough home market in 2023. That, at least, is my humble interpretation of the stats from Q4 over Q4, along with 2022 over 2021. Additionally,
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The first blog post of 2023 – Happy New Year! Excitement, inspiration, and resolutions are all ingredients when starting anew in January. Before I jump into my fearless real estate predictions for 2023, I want to share my resolutions (personal and business) for this year…let’s see if you can all hold me accountable! Here’s to new goals and smashing them in 2023. Now let’s get into my predictions… Market Recap & Past Predictions Our local markets had a wonderfully solid year after two years of unprecedented appreciation. To recap, below are the November trailing-12 YoY appreciation numbers by zip code: While these numbers are not the double-digit appreciation that we have gotten used to, it is
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I hope everyone is prepared for the Christmas holiday and looking forward to some time off. This will be my last blog of 2022 — what an incredible year! Since this is the last post of the year, I will be sharing some South Bay real estate resolutions that various South Bay residents can consider in their real estate aspirations and conforming loan limit increases for 2023. Updated 2023 Conforming Loan Limits There was a time when conforming loan limits stayed stagnant for years and years. Thankfully, that is a thing of the past with the Federal Housing Finance Agency (FHFA) committed to keeping pace with real estate growth/inflation to help people achieve homeownership. I want
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If you have been reading my blog for the past six years, then you know I like to write my annual “Fearless Predictions” blog every January. I do my best to predict outcomes for the South Bay home market. Sometimes I nail my predictions and other times, I am wildly incorrect! It is easy to stick your neck out and make predictions, it is another thing to review them and see what you got right and wrong. I like being transparent with readers and it is great to learn how perceptions can change in 12 months and/or how to do better research to accurately forecast results in our local markets. Forecasting is impossible to get 100%
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We are right around the corner from saying adios to 2022. It has been an up-and-down year with the first quarter of this year seeing prices scream higher, and then slowly peter out in the second-half thanks to surging interest rates. I have written a post of the best and worst markets for the last two years and one in 2019 covering the entire decade. You can find those posts here if you would like to compare the results. Below you will see the top five best performing submarkets in the South Bay, along with the five worst performing and how each zip code performed over the year. I hope this information on the 33 MLS
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Portions of the Palos Verdes real estate market are seeing falling prices. Last month, I penned a post on the Rancho Palos Verdes submarket, Los Verdes, succumbing to depreciating prices. I explored two similar homes on the same street that demonstrated a $200,000 drop in price or a 15% fall from a previous sale just six months ago. It looks as if that was not a one-time thing. We are now seeing price declines in the condo market – another sign of weakening strength in a P.V. market that over-performed during COVID. This week I am sharing additional examples of the depreciating prices in the Palos Verdes condo market. Lunada Bay (PVE) Condo Weakness First up is
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We hope all our readers had a wonderful Thanksgiving holiday filled with family, friends, and football (fútbol too – World Cup!!!). Happy Black Friday! While it is becoming an outdated retail holiday and Cyber Monday is taking over, I think it is fun to share some “Black Friday” South Bay real estate deals you should consider as we head into the slowest time in our markets. It also is one of the best times for deal-making. This year I am going to share a sweet home deal and a possible income property deal in the beach cities of Hermosa and Redondo Beach. Let’s get to it so you can get back to eating leftovers. Hermosa Beach Condo
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The California Association of Realtors quietly announced their third quarter Housing Affordability Index. While affordability eased in this newly released report (California homes got more affordable), there is still cause for concern if looking at real estate purely through the affordability lens. As many readers know, I have committed to covering C.A.R.’s Housing Affordability Index results each quarter because of its unique calculations that help forecast where California home prices may go. Thanks to quickly growing prices and surging interest rates, California homes have seen affordability drop precipitously over the past 12 months. While there are plenty of factors used to determine the health or general direction of the real estate market – for instance, median
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