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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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If you have walked or driven the Esplanade in south Redondo lately, then you have probably seen the brand new condo development at 1500 Esplanade. This daring nine-unit luxury condo complex offers a mix of 3- and 4-bedroom units ranging from 2,600 to 3,400 sq ft. Half of the units are in back of the complex with no ocean view, and the other half are front and center west facing that offer the awe-inspiring unobstructed views of the Pacific. It has been quite some time since a brand new construction product had been offered on the Esplanade, so obviously much of the pricing done by the developer was on speculation. Finding an actual price buyers are
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Super star dance vocalist Chris Brown and world-renown DJ Benny Benassi made quite a splash for our small city of Hermosa Beach this month when they released their new music video appropriately title “Paradise.” For us in the South Bay, we have known for a long time that we live in Paradise every single day. The music video shows Chris Brown and Benny Benassi having a ball, riding bikes on the sun-soaked Hermosa Strand, dancing on the pier, and throwing a roof top party at sunset. And of course, it would not be a dance video without scantily clad women on the beach. There really is nothing special about the video, but it is always a thrill to see The
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We have been getting a lot of questions from last week’s blog (The Insane Growth of North Redondo Income Properties) since I mentioned that income properties can sometimes be more affordable than single-family homes. The big question: how is a higher priced income property more affordable than a single-family home? This blog post will break down the numbers of affordability between the two types of properties to show you how it can be more affordable. If you are new to South Bay income property, hopefully this will open your mind on affordability and wealth creation in real estate. Please note I am not a financial advisor, lender, or a CPA. The numbers provided below are for example purposes only, and you will want
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Here at Manhattan Pacific we are huge fans of residential income property. For Millennials and first time home buyers, we sometimes suggest investing in an income property rather than a traditional home to make real estate ownership much more affordable. If you can afford payments on an $800,000 home, perhaps you can have even more affordable payments on a $1.2 million 3-unit property where the tenant rent pays for over half the expenses. It makes real estate ownership less risky and your owned asset can carry itself (and sometimes cash flow) without your personal payments much faster than a single-family home.   A great place to find three to four unit residential income properties is north Redondo. We have watched this market over the years,
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