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We hope everyone had a wonderful Thanksgiving holiday surrounded by family and friends! I know our team surely enjoys this holiday as it is one of the few times real estate agents can stop looking at their phone for a day (or even sometimes, a full four days). In honor of Black Friday, the past few years, I have written about homes or income properties that could be had at potentially amazing deals. There are also tips in those past posts on how to find deals yourself. Take a look at the past two years… November 2019 Blog: “Score a South Bay Real Estate ‘Black Friday’ Deal” November 2020 Blog: “Score a South Bay Income Property
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Three months ago, I penned a blog post exploring C.A.R.’s quarterly Housing Affordability Index number asserting it is one of the best predictors of future prices in our statewide real estate market. It has been a topic covered maybe yearly since the 2015 inception of this weekly South Bay real estate blog, but I believe it holds more weight due to the drastic drop in affordability this year. As a result, I have committed to covering it every quarter until there is some relief in affordability. Without sounding redundant for weekly readers, but also a key reference for new readers, please see last quarter’s post (Everyone should read it!) to freshen up on why the Housing
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The South Bay (and much of Greater Los Angeles) continues to be an incredible seller’s market. As prices continue to rise, buyer demand remains intact, and inventory levels squeezing lower, almost every aspect of the home marketplace favors sellers. If you caught last week’s blog post, you can see how incredibly low home listing inventory is from Manhattan Beach to the Palos Verdes Hill. Look here if you missed it: “South Bay Home Inventory Squeezed to Record Low Levels“ Buyers in this market need to act quickly and be extremely aggressive. If sellers and their agent price their listings properly, they will ask just low enough to induce multiple offers. You need to be on your
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If you read news headlines about statewide and national real estate, then you have certainly encountered articles with opinions and data regarding the following. Low inventory of homes for sale in many areas. Buyer fatigue and some markets seeing slowing sales. So, what do we make of it here specifically in our local South Bay markets? Anecdotally, yes, we are seeing buyer fatigue and buyers becoming more patient. And statistically, we have seen signs of sales slowing, but not because of weakness or less demand, but because there is just low levels of inventory and a dearth of new listings. The lack of new listings the past two weeks made a lot of us here at
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As promised, this week’s blog will cover newly passed SB-9 and SB-10 California laws. The bills are highly detailed and will vary depending on interpretation and the location of your property in the state. Furthermore, anyone pursuing the use of these new laws will want to hire the services of a qualified local architect and real estate attorney. I am doing my best to summarize these new laws and give my opinion on how it will affect South Bay real estate. But please, much more due diligence must be done beyond this blog post if you want to fully understand these laws and how they apply to a specific property. Senate Bill 9 The intentions of
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We have officially concluded the third quarter of 2021 and I am excited to share the latest numbers driving the South Bay home market on this week’s blog. If you remember the previous quarterly update (Q2 of 2021), I talked about how Q1 and Q2 of 2021 were expected to be extremely strong due to “easy comps” from 2020 during the start of the Coronavirus pandemic. For reference, take a look at last quarter’s blog here: “Second Quarter South Bay Home Data Illustrate Pandemic Buying Frenzy” Reading last quarter’s blog, you will see that I thought Q3 and Q4 will be the key data to tell us where this market is going. I have been eagerly
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Work has been crazy busy over here at Manhattan Pacific Realty. As a result, I have been struggling to find time to research and write an in-depth blog this week. So, in advance, please forgive me for a shorter post than normal. This week, I am highlighting two big legal and legislative happenings that you should be aware of affecting all residential real estate in California. In future posts, I will do a deep dive into the most impactful changes. Statewide California Eviction Moratorium to End. Governor Newsom Signs Senate Bill 9 and Senate Bill 10. California Eviction Moratorium Ending The statewide eviction moratorium is set to end on September 30th, 2021. Although anything can happen
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I have not written a post about how income properties can be advantageous purchases as an owner-occupier since 2018. I thought it would be a good idea to write a refresher about current properties on the market. It will demonstrate how someone on a budget might be able to get a better location and more for their money. Below, are two posts I quipped back in 2018 for reference: September 2018: Your Home is a Weak Asset; Buy Income Property March 2018: You Should Buy a South Bay Income Property (Not a Single-Family) Newer buyers typically start their home search looking at single-unit properties (i.e., condos, townhomes, and single-family residences) and gravitate towards what they can
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The past couple of weeks have brought calls and texts from clients regarding the latest California Senate Bills to pass in the Senate and State Legislatures. If signed by Governor Newsom, these could become news laws throughout the state. SB9 and SB10 could be another transformative shift in California real estate law, much like we have seen recently regarding ADUs and statewide rent control. I have not studied the bills in depth like I have with other proposed bills, but let me give you a very brief synopsis from local papers. Senate Bill 9 This bill could effectively eliminate R-1 zoning throughout the state, allowing for owners to build duplexes or complete lot splits. Read more
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What the heck do we make of this market? Many news headlines are stating record highs in home prices, while other media outlets are talking about a slow down in real estate at the same time. Even in my blog posts, I have reported incredibly bullish results and news throughout the entire South Bay. See a few posts below that I have written just in the last few months… PVE Valmonte Records: “Valmonte’s Record Sale Driving Submarket to All-Time Highs“ Townhome Price Surge: “South Bay Townhomes Showing Signs of Price Surge“ Redondo Beach New Construction: “North Redondo New Construction Town Home Prices Surge to Huge Records“ Manhattan & Rolling Hills Records: “Record Home Sales on the
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