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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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Today, I am diving into everyone’s favorite topic…interest rates! National U.S. mortgage rates can go much lower over the long term, which in turn means, South Bay interest rates can head lower as well. Do I believe rates will go lower in the near-term? Absolutely not. The residential real estate market right now is insane, but there is far too much “bubble talk” that makes things confusing for your average buyer or seller in our local South Bay market. Combining an insatiable appetite for homes with low supply, along with generationally low interest rates, there are many saying this is a bubble or a top that cannot last. The massive price increases we have seen throughout
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Every so often I write about The California Association of Realtors (C.A.R.’s) housing affordability numbers as I believe they are a great indicator of whether a market has more room to run or might lose some steam. For past blog articles, please reference these links below: “California Housing Affordability: Strength or Weakness for Prices?” “South Bay Real Estate: 2018 Data for Homeowners” For this week, I am going to give you an update on California’s statewide affordability numbers, along with the county of Los Angeles’ numbers. Further, I am going to take the new Census median income data and apply it to South Bay median prices/minimum qualifying income to buy a home. C.A.R’s Housing Affordability Numbers
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Currently, Redondo Beach has listed not one, not two, but three properties going to auction! Well, two of the properties are in Torrance (Hollywood Riviera) but with Redondo Beach mailing addresses. Nonetheless, clients always get excited about auctions. This week, I want to break down the style each of auction listings present, along with how to quickly analyze which property might be the one for you. Let’s take a look at the three properties: Probate Auction with Court Confirmation 456 Camino De Encanto, Redondo Beach 4 beds, 3 baths, 2,505 sq. ft. 7,322 sq. ft. lot Asking Price: $2,111,000 A probate auction with court confirmation is a unique property sale that we do not see often
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