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Following my recent post Ultra-High Priced South Bay Real Estate, today I plan to touch on more South Bay high-end luxury homes before we move into the thick of spring selling season. My reasoning? I believe we are at an inflection point for the high-end market here in the South Bay. It is important for my readers (even ones on a home buying budget) to know what is going on in this sector of the home market because high-end homes can be a leading indicator for the broader market and certainly a significant driver. If you receive my quarterly newsletter then you know I have been highlighting the glut of inventory on The Strand. A lot
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If you follow me on Instagram then you know I spent a full Saturday in Riverside…for NINE HOURS. Why, you ask? I went to hear Bruce Norris’ latest California real estate market report and predictions for California single-family home prices. This dude is amazing. I started following Bruce back in 2007 when I began my real estate career. He was and still is very well known for producing excellent reports which in turn deliver accurate predictions for California real estate. Bruce Norris’ Background Bruce is a professional real estate investor who focuses on southern California homes. He does this via buying and holding, operating a large home flipping business at foreclosure (trustee) sales, along with running a
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This week I wanted to touch on some great recent property offerings in the South Bay. These beach city properties offer great value today relative to the market and have very strong prospects for the future. 421 Via La Soledad in Redondo Beach This is one of the most compelling home buys of 2017. A probate sale that has not been touched for a very long time, however, the existing bones are terrific. And the views are amazing! I love this property because it is a 4-bedroom home below $1.3 million with $3 million views of the South Bay. This opportunity is perfect for a first-time home buyer or move-up buyer. Purchase the property now, refresh
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If you have been reading “Hot Property” in the Los Angeles Times or other real estate and social media sites, then you have probably heard about America’s most expensive house for sale. “Los Angeles has just reached new heights in over-the-top real estate opulence. The city now boasts the most expensive home for sale in the country: a newly built Bel-Air mega-mansion listed Wednesday at a quarter billion dollars,” as told by Neal J. Leitereg and Lauren Beale. You can read more about the property in the Los Angeles Times piece here and take an inside look with The Today Show here. In light of L.A. County currently having the priciest home for sale in America, I thought we would break
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It is not often you get a large publicly traded home builder doing business on The Hill. Quite frankly, the scale and economics rarely pencil for large builder operations. In addition, the Palos Verdes Peninsula poses many challenges like countless environmental issues, wealthy neighbors opposing new development, and not much land left (other than parkland) to develop. D.R. Horton “America’s Builder” on The Hill A new subdivision in Rolling Hills Estates on the corner of Palos Verdes Drive North and Palos Verdes Drive East includes 12 new lots that can be sold as single-family residences. The newly created street called Casaba Road can be accessed off Montecillo Drive which is the street that takes you to Jack
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With the holidays in the rear view mirror we begin to take inventory of what has happened during real estate’s traditionally slow season. Normally, the best deals are made between Thanksgiving and New Year’s Day when retail buyers are home for the holidays and all-cash investors are skiing in The Alps. If you are a seller and want to make a deal in December, then you need to understand that less demand equals a lower price. The investor-grade lots (on the MLS) sell at “holiday prices” and set the tone for the market in the coming New Year. Manhattan Beach Tree Section There is no better place to examine and easily understand than the Manhattan Beach Tree
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Happy New Year South Bay! We hope 2017 brings you good fortune and much happiness. And with the start to a brand new year many of us are inspired, excited, committed and hopeful. For me, I am ready to make some fearless predictions for South Bay real estate in the coming year… Mortgage Rates Will Barely Rise The most talked about topic in real estate is rising interest rates. “Get in before rates rise,” agents will tell you. I believe rates will not jump much more from their current levels. Here is my reasoning: 1) The Fed has already announced that they plan for multiple rate increases in 2017. Rates went up after that announcement, and in
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The traditionally slow South Bay holiday period has officially set in. There have been fewer new listings and opened escrows and we expect more of the same as Christmas and New Year’s grow near. One area of the market that is not following this trend is Hermosa Beach condos. The Sand Section, Valley, and East Hermosa are all experiencing high velocity sales. Hermosa Valley I dove into the Hermosa condo trend after attending a brokers open last week at The Moorings complex in south Hermosa. This new listing, unit #49, came to market asking $995,000. This would be the highest MLS sale ever in the 75-unit complex’s history by $45,000 and listing a week before Christmas.
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Sandwiched between Honeymoon Cove and Christmas Tree Cove in Lunada Bay is a small circular street off Paseo del Mar named Via Segovia. There are only 14 homes with a Via Segovia address, but I like to count 16 homes as two additional residences have more lot frontage on Via Segovia than their Paseo del Mar P.O. suggests. If you are a South Bay local but unfamiliar with the street, you can compare it to Rocky Point Road just a few miles north. Via Segovia Homes on the interior of Via Segovia offer nicely sized lots, and in most cases swimming pools and tennis courts. Advantages to these interior lots include a reprise from the “busy”
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While home buyers wait for housing prices to go down during the holidays, this week I’ll make a case for why there should be continued home growth throughout the South Bay. I’m not a professional economist or real estate statistician, but I do look at related industries that have historically impacted the local housing market in a positive manner. 1)      Jobs 2)      Local Commercial Development Jobs Jobs drive residential real estate. The Bay Area housing market is a prime example.  Home values have been exploding over the past decade due to the growth of tech and higher paying jobs. As home buyers were priced out of Silicon Valley, real estate agents in Oakland and other surrounding areas began to see an
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