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We hope all our readers had a wonderful Thanksgiving holiday filled with family, friends, and football (fútbol too – World Cup!!!). Happy Black Friday! While it is becoming an outdated retail holiday and Cyber Monday is taking over, I think it is fun to share some “Black Friday” South Bay real estate deals you should consider as we head into the slowest time in our markets. It also is one of the best times for deal-making. This year I am going to share a sweet home deal and a possible income property deal in the beach cities of Hermosa and Redondo Beach. Let’s get to it so you can get back to eating leftovers. Hermosa Beach Condo
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The California Association of Realtors quietly announced their third quarter Housing Affordability Index. While affordability eased in this newly released report (California homes got more affordable), there is still cause for concern if looking at real estate purely through the affordability lens. As many readers know, I have committed to covering C.A.R.’s Housing Affordability Index results each quarter because of its unique calculations that help forecast where California home prices may go. Thanks to quickly growing prices and surging interest rates, California homes have seen affordability drop precipitously over the past 12 months. While there are plenty of factors used to determine the health or general direction of the real estate market – for instance, median
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As we approach the end of the 2022, I am excited to share my year-end blogs. Some of the topics you can come to expect are: If you are a South Bay real estate enthusiast, I hope you will join me in all my platforms to close out the year. My goal is to help you hit the ground running in 2023. I want to switch it up this week and talk about a section of the market that I rarely, if ever, cover on the weekly blog — commercial real estate! South Bay Commercial Property First and foremost, I am not a commercial real estate agent. If you know me, then you understand I am
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If you have been following my newly reimagined Instagram page, then you know I am working to share more on-camera real estate tips, strategies, and data. This weekly blog allows me to share market happenings and insights in a different way from Instagram, much like I can vocalize unique stories and strategies on my podcast. Different platforms allow different forms of real estate content. Last week I posted advice on Instagram that I would like to elaborate on this week for my blog readers. The first topic is for those of you thinking of selling, while the second topic is for all you savvy buyers contemplating whether or not an income property is the right decision
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South Redondo Beach offers so much to its residents. A world-class beach, ocean views from The Esplanade, fabulous public schools, and a wonderful downtown in Riviera Village full of eateries and charming retail are just a few perks of living in this amazing section of a special southern California city. As a result of the incredible amenities and lifestyle, South Redondo Beach is not a cheap housing market. New homes along “The Avenues” can run close to $4 million, townhomes near the Esplanade can run around $2 million or more, and even small condos in The Village can run above $1,000 per sq. ft. for one-bedroom units. If you are looking for a hidden gem in
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Current conversations about the residential real estate market focus on how much the market has changed from a year ago, and in some cases, just six months ago. “We are normalizing.” “Price growth is leveling-off.” “The market is shifting.” These are popular statements used by almost everyone (including myself) are, for the most part, true when focusing on specific local markets. As you follow along with my blog, you’ve read the latest updates on quarterly numbers, affordability, and which pockets are seeing strength or weakness. After this week’s post, our South Bay real estate industry can add another statement to these conversations: “Home prices are depreciating.” This is not an alarmist post that ALL South Bay
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To rent or not to rent? This is by far the most prominent question I get asked today. Homeownership is still top of mind for our clients along with the belief that over the long term, owning real estate is a safe and reliable investment. All that said, surging interest rates have significantly eroded purchasing power leaving many to wonder if renting is the right move in hopes that real estate might become a little more affordable in the future. There are few catalysts in the short term to push prices higher and it seems as if real estate headwinds get stronger each week. While I do not have a crystal ball of what will happen
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What an incredible moment for our local home market. Thanks to the Federal Reserve’s aggressive rate policy, surging interest rates are having a swift impact on the South Bay home market, national home market, and quite frankly, all markets in general. The old term, “Don’t fight The Fed” is holding truer than ever. Beginning Q1, 30-year fixed rates sat at 3.22% on average nationally according to the St. Louis Fed. Ending Q3, just nine months later, the average is an astounding 6.7%. I am amazed to see this shift occurring in such a short time, but it makes sense considering mortgage rates have more than doubled in nine months – the fastest doubling of mortgage rates
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I am quite excited for the next couple of weeks. Why you say? Well, Friday is the final day of the third quarter and there will be some juicy data to cover beginning next week. What will inventory levels look like? Will price growth decelerate dramatically thanks to interest rates above 6%? Are sales shifting in a meaningful way? These will be important questions to answer. I will be sharing insight on my Instagram and podcast in the coming weeks if you’d like to follow along. You can expect to find a deep dive into quarterly numbers, affordability, and happenings throughout the South Bay home market. Today’s blog is going to cover a small, yet strongly
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Another Labor Day Weekend is on the books – school is in full swing, summer vacations are concluded, and football is BACK! We now unofficially begin the fall selling season after what seems to have been a sleepy summer. For the most part, we seem to be back to traditional seasonality. Contrary to popular belief, summer is not a hot time to sell. In the South Bay and southern California, spring is residential real estate’s busiest time, followed by a summer lull, and then picking up again in the fall. The past two years, thanks to the Coronavirus, seasonality was thrown off and summer was a busy time – so was fall, winter and spring in
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