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We visited a property last week in Redondo Beach that could be quite a compelling purchase for buyers currently living in a 1-bedroom or studio apartment close to the beach. Take a look at 522 S. Broadway in south Redondo, a duplex in need of some TLC from a motivated buyer. This property stands out because it is west of Pacific Coast Hwy close to the proposed Redondo Pier redevelopment, and is listed well below $1 million. For some perspective in south Redondo, the last marketed MLS residential income property below $1 million west of Pacific Coast Hwy was way back in May of 2012 at 227 Avenue B at $915,000. Now there are multiple reasons this property
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A lot of our clients today are little spooked by the market. Some clients are worried about the upcoming elections, some clients are afraid of The Fed and ultra-low interest rates, and other clients are worried about local statistics of rising home inventory by the beach. Nonetheless, clients still want or need to buy real estate. So what is one to do in a tricky real estate market and uncertain macro-economic times? My advice: buy properties with growth that pay you to wait. There are two examples by the beach that offer good case studies below. And remember, there are options like these at lower price points throughout greater Los Angeles…you just have to know where
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Freshly minted sale at 429 Marine Place in Manhattan Beach for $3,065,000 made headlines in the office last week after a long, drawn out listing period. This brand new construction attached townhome sits on a rare 40-foot wide lot allowing for two over-sized 2,700 sq ft homes extending between Marine Place and 23rd Street. The reason we took note was that this 2-on-a-lot property was built by a developer on spec, and the neighboring attached townhome with the address of 428 23rd Street had closed seven months earlier at a price of$3,849,000. See the difference? Maybe you do maybe you don’t. That $784,000 price disparity is large, and we figure it has to be attributed to something. And if not, was Marine Place a
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The South Bay sells a lot of new construction homes. Manhattan Beach closes a great deal of new construction in the Sand and Tree Section, and even east Manhattan Beach (27 per the MLS this year). Hermosa Beach has had a number of meaningful sales of both single-family homes and town house/condos (22), quite a bit for such a small city. And Redondo Beach is a hot bed for new construction especially town homes (44), spread out fairly well between north and south of the city. But…as we march up The Hill to the Palos Verdes Peninsula, an area that has accounted for over one third of all sales in the aforementioned cities (37.5% year-to-date), you would expect an
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A few months ago I wrote an article on “Sky High Hermosa Beach Apartment Building Prices.” The article focused on two completely remodeled, gorgeous apartment buildings with ocean views that came to market at record pricing. I dove into other sales trading at similar valuations and whether an investor would be compelled to own stocks or high-priced real estate by the beach. Fast forward to present day and those apartment buildings on 1536 Manhattan Ave and 1542 Manhattan Ave have sold. Those record high Hermosa Beach asking prices have officially become record high Hermosa Beach sales. For apartments, these sales are the highest ever per the MLS, even beating apartment sales much larger and on The Strand. According to
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Last week a gorgeous “zen-like” contemporary home sold for a big number in the sand section of north Hermosa Beach at 230 34th Street. It closed at a whopping $5,250,000, and while we have become numb to high priced sales by the beach this property stuck out because of its size and because it is NOT located in Manhattan Beach. Although the home is brand new, it is small for the price at only 2,773 square feet. Per the MLS and excluding Strand sales, this is house broke the record for new construction price per square foot (PPSF) in the Hermosa Sand Section at $1,893/sf. The next highest PPSF sale was $1,744/sf set last year by…230 34th Street!
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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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