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The Interest Rate Effect Interest rates are the most important topic facing the residential real estate market in 2019. This past year, The Fed allowed interest rates to rise too fast in hopes of slowing the economy. As a result, the real estate market has taken a hit. Although The Fed will be more cautious this year, Jerome Powell and his directors will raise the federal funds rate one to two additional times. The stock market will close higher in 2019 and in turn, bond market yields will rise. As a result, 30-year mortgage rates will climb to 5 percent in the second half of the year for the first time since 2011. This will hurt
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Happy New Year! As we begin 2019, I am starting to make my annual predictions blog for the year. Until, then, I wanted to explore a few topics relevant to the New Year. Real Estate in January In my opinion, January is always a funky month in residential real estate as buyers and sellers are returning from the holidays and vacations. I believe there are great opportunities for both sides during this time, you just have to play your cards right. Buyers For buyers, January is a great month to score a deal. Here are a few reasons… Most buyers are focused on New Year’s resolutions and returning from vacation. Competition is still very low until
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Every January I write my fearless predictions for the South Bay real estate market in the upcoming year. As the year comes to an end, I like to hold myself accountable and show readers how my predictions actually turned out. If you want to refresh your memory, check out my predictions for 2018 here. Let’s see how I did… Prediction Recap: Mortgage Rates Will Rise Moderately Prediction: I predict a rise of about 0.25% with a maximum jump of 0.5% before The Fed would step in to get rates under control. Recap: I was a little off, but, by year end, I could be close depending on where rates end up. According to FRED (Federal Reserve
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As we approach the end of the year, I thought it would be beneficial to review sales and median prices from 2018. This data includes median income and how it relates to affordability. South Bay Median Prices and Closed Sales Home sales are down, not just in California, but all over the nation. Median price increases are also decelerating. How is this impacting the South Bay market? Take a look at these numbers from November YTD (year-to-date). Every area mentioned above shows that sales are down in 2018. In my opinion, this is a direct result of rising interest rates pushing buyers to the sidelines. On the flip side, every area shows that prices are up.
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If you follow me on Instagram, then you know this post is brought to you by reader’s choice! I usually get the most readers when I write about the beach cities, but much to my surprise, the majority of votes for upcoming blog topics were for Palos Verdes. So, you asked, and here it is. Valmonte, one of my favorite neighborhoods, has had an interesting year! For today’s blog, I am going to give an overview of deals throughout this past year. Biggest Sales of the Year This year brought three of the five most expensive home sales in Valmonte, ever (#2, #4, and #5 if you are counting). Here’s the line-up: 3425 La Selva Place
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Earlier this year, our office was buzzing with excitement over the new real estate Opportunity Zones created by the Tax Cuts and Jobs Act (TCJA) of 2017. This section of the TCJA was created to help under-served communities attract investment capital. Now, here at Manhattan Pacific Realty most of our business is focused on South Bay home sales, so Opportunity Zones was never a big topic of conversation among our clients. However, it seems people who normally wouldn’t be interested in this topic (local developers, homeowners, beginning investors) are now more interested since the tax benefits are significant. This brings me to today’s blog. Due to the heightened interest, I wanted to give readers some insight
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East Manhattan Beach real estate has had a nice run over the past few years. If you have been watching my IGTV channel, then you know the first three quarters of 2016 were up 10.28% year over year. The same period in 2017 was up 5.78%. The strongest portion of this market has been new construction sales. It seems that prices continue to go higher and higher. And, although we are seeing a flattening of East Manhattan Beach price growth this year (down 3.68%), new construction homes have remained highly desired. So desired, that prices have warranted significant premiums above similar existing homes. New Construction vs. Existing Homes Looking at new construction sales versus existing home
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With Thanksgiving quickly approaching, we are entering a traditionally slow period for real estate markets. So, I wanted to take this opportunity during the holiday week to show you some intriguing deals under $1 million in the South Bay. The holidays can be a great time to snag a deal! Manhattan Beach 644 Manhattan Beach Blvd #10 2 bed, 2 bath, 841 sq. ft., condo Asking $880,000 Finding a home under $1 million in the Manhattan Beach market is not always easy, especially in this condo’s specific location. Technically, this home is located in the Hill Section, but it is a stone’s throw from the Sand Section and it is actually closer to downtown than most
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This past week the Woolsey and Hill Fires in Southern California and the Camp Fire in Northern California have affected millions of people in the most deadly and destructive fires in our state’s history. Donate! Before we dive into this week’s blog, I want to salute the first-responders and offer condolences to all the people that have lost homes and loved ones. Please donate to help your California neighbors in need. We here at Manhattan Pacific Realty have donated $500 to the relief efforts of the American Red Cross. We will match donations from every reader up to a total of $500 of those that choose to donate after the posting of this blog. Shoot your
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If I told you a South Bay home sold for record AFTER a price cut of $30,000,000 would you believe me? Well, believe it! Record Sale After five and a half years on the market, 1 Buggy Whip Drive in Rolling Hills finally sold at auction for $22,400,000. That is only $250,000 from the highest South Bay home sale ever, which was sold earlier this year at 417 Paseo de la Playa in Hollywood Riviera. Many photos of this home have been taken off the MLS, so below is a listing description of this nine-bedroom, 25-bathroom, 51,000 sq. ft. estate property for reference: Hacienda de la Paz, a millennium of art, architecture and engineering under one
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