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City Behind The Gates The Rolling Hills market has been struggling over the past twelve months. As noted in my March blog post “Who’s Hot and Who’s Not,” Rolling Hills has been a victim of high inventory and weak sales. Spring and summer brought badly needed sales to the “City Behind the Gates,” but the high-end, luxury homes over $5 million unfortunately received little to no attention. Sales Currently, there are nine active listings asking $5 million or more in Rolling Hills. In 2017, there has only been one closed sale above that $5 million mark. To be fair, Rolling Hills is a small city with a limited and specific buying pool. Many sellers can afford
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Have you ever thought about renting out your home to make some extra cash? I know many of my South Bay clients have. This week I want to share my advice on the notion of renting out single-family homes in the South Bay. Now, I am not a financial adviser or a CPA so always be sure to consult with your team of professionals to understand your individual financial situation. I am offering my opinion after 10 years of practicing real estate investment and brokerage. Renting in the South Bay I am constantly left befuddled month after month seeing homes go up for rent by the beach and up on The P.V. Hill. In many cases,
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If you read my blog post Fearless 2017 Predictions: South Bay Real Estate from January, my first and most confident prediction was that mortgage rates would barely rise. Regardless of rate increases, The Fed was planning to reinvest principle payments into mortgage-backed securities (MBS) to keep home loan interest rates lower. In my follow-up post, Stop Worrying about Rising Home Interest Rates, I discussed how The Fed was continuing this policy with the famous clip from Federal Open Market Committee (FOMC) Statement: The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction,
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Most blog posts, I tend to write about areas that are roaring higher or beginning to slow. It is always more fun to write about bullish and bearish markets, but that doesn’t mean the South Bay markets moving sideways don’t deserve attention. I plan to visit one of these sideways markets today to provide an opportunity for my readers to make decisions about areas that could move one way or the other or just provide the option of certainty and stability. East Hermosa Beach This brings me to East Hermosa Beach, or the Hermosa real estate market east of Highway 1 (a.k.a. PCH). This area is hard to write about as a whole because the lots
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In the aftermath of Tropical Storm Harvey and Hurricane Irma, it got me thinking about Southern California’s greatest natural disaster risk: Earthquakes. I vividly remember the 1994 Northridge earthquake while growing up on the Palos Verdes Peninsula. My parents woke me up to get into the door jams while our home was shaking. It did not last long but I remember watching our entry way ceiling pendant sway from side-to-side for a minute or two. And that was it…no big deal. But, in Northridge and throughout parts of the San Fernando Valley, it was a much different story. What is the Risk in the South Bay? A recent L.A. Times article by Rong-Gong Lin II gave
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New construction town homes in North Redondo will not quit going up! Two-on-a-lots come to market. What happens? Gone. Three-on-a-lots come to market. What happens? Gone. There have been a whopping 56 new construction town homes to hit the market this year in NoRo (2016 builds or newer) and there is only one left on the market. By my estimates, this lone listing will be gone very soon. The NoRo new construction town home scene continues to be the one of the most affordable beach city buys in all of Los Angeles and buyers’ appetite for these new abodes seems to be unwavering. Three-on-a-lots The three-on-a-lot options have not only gone up in price but they
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Summer is coming to an end and it is time to see what is going on in Manhattan Beach west of PCH. After the traditionally busy spring season and slow summer months, we can see how the year is shaping up and what can be expected in the coming fall season. Sand Section The Sand Section represents two thirds of the available inventory west of PCH today. The theme of higher inventory levels has continued since 2016. Although inventory might be a bit concerning if you are a seller, there have actually been 73 sales to date for 2017 versus the 61 sales in same period last year. My blog (The South Bay is Crowded at
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The Monster Lot Towards the end of July, Valmonte saw a rare and very large 22,412 sq. ft. lot come to market in the “Grove Section” at 2915 Via La Selva. The well preserved 1952 built home was charming but likely a gut or a complete tear-down prospect. Developers and dream home lot hunters must have been gushing over the property until they saw the price…asking a hefty sum of $2,475,000! Most buyers probably muttered to themselves, “It’ll never sell.” And who could blame them? The ask price would be the seventh highest sale in Valmonte history for basically a tear-down home. Comparables To further the somewhat shocking ask price was its very comparable neighbor, 2921
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South Redondo Home Auction Did you hear about the wild real estate auction in South Redondo last month? The probate sale by public auction at 709 Elvira Avenue took place on Saturday July 8th. The initial asking price was $995,000 and it ended up selling almost 75% higher at $1,730,000. Hot damn! Manhattan Pacific Realty had clients attend and I personally was working to convince many clients to come and take a swing. To the untrained real estate eye, the crazy over-ask price might be a bit shocking. But to those in the residential real estate business, you knew it was coming. Let’s break down why there was a feeding frenzy… 709 Elvira Avenue The subject
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North Redondo North Redondo real estate has had a great run over the last few years and 2017 has been no exception. Located directly east of Hermosa and Manhattan Beach, north Redondo really hangs its hat on being one of the most affordable sections of the Beach Cities. It has become more desirable than ever as a result of rising school rankings, short drive to the beach, and an easy commute to the 405 and beyond. Golden Hills Sub-Market Golden Hills is a sub-market of north Redondo known for its hilly streets and “tall and skinny” homes set on smaller 2,500 sq. ft. lots. There is a small pocket of Golden Hills, however, that deviates from
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