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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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Over the past few months, my South Bay real estate blog has been gushing about the overall strength of our local housing market. Second quarter data shows buying frenzy! North Redondo new construction price surges! Condo/townhome price growth! And, Valmonte going to all-time highs! These are topics that I have covered just since the beginning of July. To say the least, it has been an incredible 2021. And, while home prices are going higher in one of the strongest markets in a generation, there might be some early warning signs that buyers and sellers need to watch carefully. Although imperfect, in my opinion, the #1 indicator of where the market might go is C.A.R.’s Housing Affordability
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The real estate market has been on fire. Pandemic-fueled demand for single-family homes, generationally low interest rates, and sparse supply have created the perfect storm in our local real estate market and across the nation. Due to the mechanics of how the Coronavirus spreads, condos and townhomes were made less desirable in 2020 and were market laggards when compared to single-family home prices. In my annual “Fearless Predictions” blog that I wrote the first week of January, I predicted that condos and townhomes would outperform the market in the second half of 2021 thanks to the vaccine, low interest rates, and affordability when compared to single-family homes. If you would like to read all my predictions
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This week, I am out on a long vacation but thought it would be fun to quickly review the first half of 2021 sales throughout the South Bay. Below, you will find single-family home sales in Redondo, Hermosa, Manhattan Beach, along with the four cities on the Palos Verdes Peninsula. For the first six months of the year, I cover the median priced home sale, the low sale, and the high sale for each respective area. And, there will be light commentary on each city. Enjoy! Redondo Beach First Half Median Sales: 721 N. Prospect Avenue 4 beds, 3 baths, 2,077 sq. ft., 7,084 sq. ft. lot Sold Price: $1,450,000 1145 Stanford Avenue 3 beds, 3
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And just like that, the second quarter of 2021 is over. If you remember the last quarterly update from Q1 of 2021, I discussed “easy comps” as the Coronavirus significantly reduced real estate sales for much of March and April of 2020. Those months fell in both quarter one and quarter two, which allow for this year’s quarterly numbers to easily beat year-over-year. Take a look at the past blog from Q1 of 2021 here: “First Quarter South Bay Home Numbers Show Strong Start to 2021” That all said, the numbers are always important to review; however, the absolute key data will be shown in quarter three and quarter four of 2021. I believe we will
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The week leading up to the Fourth of July holiday is almost always a slow time for the housing market. Last year was an exception to the rule due to pandemic madness, but this year’s 2021 Independence Day might start to revert to the mean of more moderate action. And, while the hot housing market might take a pause for a week or two, there was some huge news out of Sacramento this week worth taking note. For this week’s post, I will touch on the two topics below: Important legal updates coming out of the State Capitol (and Washington, D.C. too). Scoring a potential 4th of July deal in the South Bay home market. Important
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The ultra-luxury home market seems to be as strong as ever in the South Bay. I normally do not write about this upper part of the market too often because, quite frankly, there is not too much action to speak about. But during these extraordinary times, you just cannot overlook the strength and the increasing sales. In February, I wrote about ultra-luxury homes beginning 2021 on a strong note in my blog titled, “Ultra-Luxury South Bay Home Sales Start Year Strong in 2021.” In April, I wrote about the growth in both sales and price on the Hermosa Beach Strand market in my post titled, “Hermosa Beach Strand Home Prices Making a Comeback.” And, I have
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It is amazing how quickly the world changes. In 2020, I had an idea for a running “live series” about how I was approaching some of my very own investment deals. Since January 1 of 2020, the world and the real estate market has had one wild ride up then down, and back up again. Major moves have occurred, and, they have happened fast. As things have changed rapidly, my perspectives and real estate opinions have changed with it. And, much faster than I could have ever imagined from when the pandemic was in its infancy. A few quotes that I want to highlight: Malcolm Gladwell: “I feel I change my mind all the time. And
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