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The Redondo Beach housing market is hot. Single-family home sales are strong, town home sales are strong, condo sales are strong. Whether you are in north Redondo or south Redondo, all markets and product types are doing quite well. It is a fabulous time to be a seller. Between the sand of Manhattan Beach all the way down to the bluffs of Rancho Palos Verdes, the city of Redondo Beach has the least inventory of any city at around 1.87 months (anything under six months is considered a seller’s market). That is impressive considering it is the largest incorporated city along the beach/Palos Verdes Peninsula. We believe that Redondo’s recent hot streak is due to a number of
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We are big fans of Manhattan Beach (who isn’t?), and although it is an expensive and highly competitive market to be a buyer, there can still be great values in the area if you are willing to keep an open mind. One area that has been hot over the last few years, but still offers fantastic value to move-up and first-time home buyers alike, is Liberty Village. To me, it is an alternative to the Tree Section or “Tree Section East” as I sometimes call it. Sure, it is NOT the Tree Section by any means, but Liberty Village offers a fantastic neighborly community with crazy short walks to Polliwog Park and Manhattan Beach Middle School.
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In late July CNBC published an article by Robert Frank titled “Hamptons Real Estate Sales Slump 21 Percent.” The piece touched on how the wealthy beach communities around the Hamptons had declined by 0.3% in the second quarter with sales volume dropping to 561 from 761 in Q2 of the previous year.   Not only were the Hamptons feeling the squeeze, but the article was quoted as saying, “The softness in the Hamptons mirrors declines in high-end real estate across the country, from Manhattan penthouses and Miami condos to L.A. Mansions. While the broader real estate market is strengthening nationwide, wealthy buyers have been spooked by volatile stock markets, election uncertainty and money-laundering investigations.”   Jonathan
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We are getting more and more calls each day from buyers that want to break into affordable Beach Cities real estate, but are worried they may have missed the boat on appreciation. While appreciation is speculative and should never be assumed when purchasing real estate, it is certainly something to consider with the run up we have had in the South Bay over the years. Now that areas in Manhattan and Hermosa Beach west of Sepulveda/PCH are starting to plateau on prices, our buyers are wary that this could happen in hot areas of Redondo Beach where the most affordable housing options exist. Our advice to clients is to put on their “investor cap” and approach their
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The hottest topic in the business world over the past two weeks has been the events happening across the Atlantic in the United Kingdom. On June 23rd, the citizens of the UK voted to leave the European Union sending shock waves throughout Europe and global market places. Being that we are a global economy and California is one of the largest international economies in the world, we thought we would dive into the effects of the Brexit on our local South Bay real estate market.   Although it has only been two weeks since the vote and there are still many uncertainties as to the fall out of the Brexit, three macro-economic factors are coming into
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It is always fun to look back at past blogs to see if trends are still trending or past predictions have actually come true. In February, I wrote a blog post called “The Steady Rise of North Redondo Town Homes” which took a four year look at newer construction town homes in the South Villas. The results were not only impressive from an appreciation standpoint, but the steady rise was supported by numerous sales. If you read the post and the data presented, I made the not-so-bold call with this quote: “…expect to see continued growth in this area and product type…the rise of north Redondo town homes will not be slowing down any time soon.” A
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In last week’s blog (Big Price Jump in Hermosa Beach Condos) I wrote about how the market has become so pricey that home buyers are now willing to move on homes that offer “value” relative to the surrounding area. Basically, buyers are willing to sacrifice a single-family home for a town home or condo, sacrifice a view to get into a school district, take a 1-car garage to obtain that third bedroom. The more affordable homes that offer more bang for your buck are still strong in the South Bay and should continue to stay strong. As promised, I will be sharing a “value area” for each Manhattan, Hermosa, and Redondo Beach. The South Bay has had quite
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Just six months ago, I wrote a blog about Hermosa Beach condos being just as affordable as renting. At that time, if you were willing to make a few sacrifices, you could live west of PCH and have property ownership that penciled out better financially over renting. Certainly, it was a very rare circumstance in South Bay beach real estate.   Now, only a half year later, the market has pushed prices up dramatically. Looking back at 1720 Ardmore #124 and 1707 Pacific Coast Highway #304, each condo was nice and clean with good updates that sold for $576,500 and $575,000 respectively. Both cleared in September and April of 2015.   Today, after looking at recently closed comps, we can see these
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When working with clients new to the South Bay, we like to recommend taking a strong look at the Valmonte area of Palos Verdes. This area offers so much to a home buyer from location and lifestyle to schools and recreation…Valmonte really has it all. One of the best features is that this small area offers affordable starter homes to estate properties appealing to all types of people in completely different stages in life. Residents can walk to the P.V. golf course or tennis club for a game, or to enjoy a morning brunch. RAT beach is just seven minutes away for those looking to enjoy some surf and sun. If you have kids, the P.V. Little League
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About two weeks ago a pair of apartment buildings hit the market in the Hermosa Beach sand with mind blowing asking prices. Take a look at the beautifully remodeled 6-unit at 1534 Manhattan Ave and the 7-unit at 1542 Manhattan Ave listed for $6.8 million and $7.7 million respectively. We watched these buildings gutted and rebuilt over the past year by, what looks to be, an investor who purchased the buildings for $5.6 million per title records. The buildings turned out great, and truly offer fabulous apartment units that command top of the market rent due to the contemporary finishes, floor plan, and wonderful ocean views. We are still left wondering….are these prices worth it?  The two highest comparable income property
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