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In January, I wrote a blog post titled “South Bay Home Resales to Watch Closely,” which broke down the fastest and most accurate ways to analyze the real estate market. This blog post took homes that had sold just a short while ago and that were put back on the market with no improvements made. Below, I have shared the results of these sales, but for a full understanding, be sure to read the past blog here. Home Results 416 South Guadalupe Avenue in South Redondo Original Sales Price: $834,000 in March 2017 New Sales Price: $949,000 in April 2019 This sale is a big win for the Sellers and shows the market going higher. With
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If you have been following my blog for over a year, then you probably have come to learn that I tend to write about the market slowing down during the holidays and the Summer months. When the Fourth of July hits, you get a double whammy. A lot of people skip town this weekend and take real estate a lot less seriously until the Fall. The absolutely best time to score an awesome real estate deal, in my opinion, is between mid-November and mid-January during the holiday season. But what is the second best time? No question, for me, it is between July and August. And, with a long Fourth of July weekend this year, it
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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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You might have noticed I have been slow to complete my quarterly updates for you guys: special report, quarterly newsletter, and IGTV posts. Manhattan Pacific has been crazy busy (no complaints about that!) but I want to give you a quick taste of the market updates. Quarterly Data Q1 2019 over Q1 2018 produced some interesting data. Manhattan Beach and Redondo Beach both faired very poorly. For Manhattan Beach, all sub-markets were down Q1 over Q1 and it was pretty ugly. The same went for both North Redondo and South Redondo. Divide it up between condos and SFRs to see a difference…both assets types were down too. Now sometimes just a quarter of data is not
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During my time in real estate, I have learned certain clues give me a fast and fairly accurate analysis on the market. One of those clues is homes resold in a short period of time. I am not talking about flips where an investor adds value to a home, but rather resales where a home owner has done absolutely nothing. In the hot market of 2012-2015 I saw short term resales (12-24 months later) turn breathtaking price gains all with the owner barely lifting a finger. In a flat market, you will see little to no price gains on short term resales. And obviously, struggling markets on the decline will see short term resales go for
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As the South Bay home market begins to wake from its holiday slumber, I went back to study this normally slow season. From my research, I found an unusually high amount of sales in the luxury home market. In only 42 days, from December 1st to January 11th, the luxury home market had some MAJOR sales! Hermosa Beach Lot Sale 1918 The Strand Asking Price: $7,200,000 2,547 sq. ft., 2,382 sq. ft. lot Sold for $6,800,000 Some might believe this sale will be the benchmark for land value on The Strand in 2019. With its bullseye location in the middle of Hermosa, many buyers will believe that similar lots to the less desirable south will sell
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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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The second half of August can really slug along in the South Bay as agents and clients are wrapping their last summer vacations. Most agents will hold off from listing their new inventory until Labor Day. For this week’s blog, I will be diving into some interesting South Bay sales that all occurred last week. Manhattan Beach 2200 Harkness Street sold for $2,780,000 (5 bed, 5 bath, 3,578 sq. ft., new construction) This Liberty Village new construction sale is a perfect example of Manhattan Beach buyers’ insatiable appetite for new construction. In April, a comparable sale at 1401 Lynngrove Drive sold at a record price of $2.68 million, but Harkness, only four months later, cleared at
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In North Hermosa Beach,  it is very tricky to generalize market value. There are a variation of lot sizes, town homes, property views, and income properties, which makes it difficult to give a perfect breakdown of this sub-market. That said, the majority of single-family home sales in this area sit on a 2,500 sq. ft. lot, so for today’s blog, I will focus on these properties to give you a general guide on the area’s value. Newer Construction with Views As many readers have learned over the years, new construction drives the market by the beach. Since the blow-out sale of $5.25 million at 230 34th Street back in 2016, the market has delivered three additional
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Every year around this time I like to write about undervalued areas in the South Bay. There is no substantial evidence as to why these areas are undervalued. This blog post is just an active real estate agent making a gut call on areas that are lagging the rest of the market or are just plain cheap. If you want to test my gut feelings, I will recap my blog post from last year on what areas offered value. For reference, check out last year’s value area blog here and also the recap of 2016 here. Value for 2018 Finding value in the Beach Cities and Palos Verdes has proven to be difficult this year. Most sub-markets
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