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This week’s blog is a blend between two blog posts that have received positive feedback. The two posts are: North Redondo Tall & Skinny Home Appreciation Has Been Unstoppable Which South Redondo Beach Large Condo Complex is a Better Value? The feedback was twofold: North Redondo tall & skinny homes are a hot topic for our readers A lot of readers enjoyed the breakdown between two options and how to consider each of them This brings me to my blended topic for the week: East Hermosa Beach Tall & Skinny Homes vs. North Redondo Beach Tall & Skinny Homes. Yes, Hermosa Beach has tall & skinny homes too. In fact, a lot of them. And no,
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This past February, I wrote a blog on the East Hermosa Beach new construction market. In my post, “Wild East Hermosa Beach New Construction Home Data,” I broke down the lack of supply and rising prices of East Hermosa Beach new construction. For the purposes of this post, I suggest you re-read that blog post to see the extremely strong growth in 2017 and 2018 that achieved some shockingly high prices. At the conclusion of that post, I came up with three reasons as to why pricing had climbed so drastically: The higher prices and sales reflected the true market. Lack of inventory forced buyers to pay huge prices. “High comps” pressured buyers to pay higher
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South Bay Quarterly Performance If you have watched my recent quarterly updates on IGTV, you would know that Manhattan Beach and Redondo Beach had really rough first quarters that might make some market watchers nervous. The positive news, Hermosa Beach seems to be thriving. The small beach city is up across the board in the first quarter and even more so in the luxury market. More specifically, big Hermosa Beach houses with big Hermosa Beach views. If you have not seen my quarterly updates, you can find them on my IGTV through my Instagram account @richardhaynesrealestate. Record Sale in Hermosa Beach Hermosa Beach completed its highest sale of all-time just two weeks ago at $16 million.
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Who’s HOT Manhattan Beach New Construction This is no secret but Manhattan Beach has been on a new construction kick. Buyers in this city tend to be high-income earners and want to focus on their business, not remodeling a home. Although East Manhattan Beach was down as a whole, new construction prices continued to make record highs even to this day. That being said, Liberty Village is setting new records for itself as well. The Tree Section was flat in 2018 and although new construction has slowed slightly, people are still picking up new builds at a strong pace. The Hill Section poses a lot of risks for spec builders, so when a newer well-done home
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Now that spring is officially upon us, the South Bay real estate market will begin to heat up over the next few months. So before the official rush of spring selling season begins, I thought I would touch on some intriguing South Bay listings under $1 million. Hermosa Beach 1202 20th Place 3 bed, 1 bath, 1,176 sq. ft., single-family home Asking: $965,000 Finding a single-family home under $1 million in Hermosa Beach is almost impossible. This fixer property was recently cut just below $1 million, and if you are a shrewd negotiator, you might be able to get it even lower! This property has a chance to be one of the lowest 2,500 square foot
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The East Hermosa Beach new construction market has been pretty wild over the last two years. Hermosa Beach is a relatively small South Bay city with fewer sales than most neighboring cities, but even with less sales data, it has been a consistent real estate market over the past few years. Check out the year-over-year median price growth over the past three years: 2016 6.27% up 2017 5.74% up 2018 3.49% up When I zero in specifically on the East Hermosa Beach sub-market and the new construction activity, it surprises me with what’s going on. As a result, I will be focusing on East Hermosa Beach’s new construction activity to shed some light on what’s happening.
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If you read my June blog “Are South Bay Income Properties Safer than U.S. Bonds,” you may have been surprised by the insane asking prices of income properties in the Beach Cities. Since I wrote that post, a few things have changed: The featured six-unit property (3302 Manhattan Avenue) reduced its price by $800,000 It now yields a return of just over 3.4% after a price reduction to $5,095,000 The 10-Year Treasury went from 2.8% to almost 3.1% So as U.S. Bonds climb higher, it will push apartment sellers to offer better returns in order to catch buyers. Hermosa Beach Income Property Market With the conclusion of the third quarter, there has been interesting data surrounding
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August in the South Bay tends to be a slower month for real estate. During this slow time, I thought it would be beneficial to examine different home offerings under $1 million. Palos Verdes Peninsula This may surprise some readers, but Palos Verdes does in fact have inventory under $1 million. Most of these listings exist in Rancho Palos Verdes on the east side of The Hill. Asking $1 million on the dot, 5320 Ironwood Street is located in the popular Silver Spur area. This home can certainly be had under that $1 million price tag if you are looking for a fixer in a great school district. You will not find single-family homes under $1
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East Hermosa Beach A grand total of two, that’s right, only two single-family homes are on the market in East Hermosa currently. Unfortunately for buyers, the two listings are both small two-bedroom offerings that do not service the typical buyer in this area that needs three or more bedrooms. To be fair, the East Hermosa home market is not as big as others. From 4/1/2017 to 3/31/2018, a full calendar year, there were 45 home sales which come out to about 3.75 sales a month. During that same time period, only seven offerings were taken off the market with two eventually selling later. Without question, the market is tight as there are five properties in escrow
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New Complex on Pacific Coast Highway Last week a stunning new 7-unit contemporary town home complex debuted in Hermosa Beach on Pacific Coast Highway (PCH). The turnkey units offer three bedrooms and three and a half bathrooms ranging from 2,000 to 2,200 sq. ft. over three levels. Atop each unit is the main living space adorned with shiny new finishes, an open living concept, and a deck to enjoy warm summer nights. Additionally, each unit has views from their rooftop decks perched high above the street. Take a look at 1828 Pacific Coast Hwy, Hermosa Beach for reference. The asking price for all but one unit is $1,769,000 ranging between $795 and $876 per sq. ft.
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