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If you have been following my blog for over a year, then you probably have come to learn that I tend to write about the market slowing down during the holidays and the Summer months. When the Fourth of July hits, you get a double whammy. A lot of people skip town this weekend and take real estate a lot less seriously until the Fall. The absolutely best time to score an awesome real estate deal, in my opinion, is between mid-November and mid-January during the holiday season. But what is the second best time? No question, for me, it is between July and August. And, with a long Fourth of July weekend this year, it
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This past February, I wrote a blog on the East Hermosa Beach new construction market. In my post, “Wild East Hermosa Beach New Construction Home Data,” I broke down the lack of supply and rising prices of East Hermosa Beach new construction. For the purposes of this post, I suggest you re-read that blog post to see the extremely strong growth in 2017 and 2018 that achieved some shockingly high prices. At the conclusion of that post, I came up with three reasons as to why pricing had climbed so drastically: The higher prices and sales reflected the true market. Lack of inventory forced buyers to pay huge prices. “High comps” pressured buyers to pay higher
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It is obvious that South Bay homes are expensive. It is even more obvious that South Bay homes with ocean views are outrageously expensive. View Homes and Price Per Square Foot If you want a view in Manhattan Beach, Hermosa Beach, or a home on Redondo Beach’s famous Esplanade, be prepared to pay well over $1,000 a square foot for these coveted properties. As you head up into the Palos Verdes Peninsula, you start to find view homes where the price per square foot (PPSF) starts to ease. For example, lower Malaga Cove has had some offerings that feel like a bargain compared to the Beach Cities. Take a look at some recent sales for instance…
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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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