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After the long holiday weekend, the South Bay is seeing a nice pop of inventory this week. I hope this is a new trend that continues, but this week alone cannot be trusted post-Memorial Day weekend. Many sellers will delay their listing to enjoy their time off, so this might just be a week to catch up on new listings. We will be watching future weeks to see if this is truly a trend. With the new inventory, there are some great options that debuted this week, and while I would love to share all the options, there are a few I need to keep close to the vest due to client tours this weekend. That
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Hermosa Beach Strand homes are back. The small beach city is not only gearing-up for a busy reopening summer post-COVID-19, but it looks like coveted Strand real estate has made an amazing comeback after some very ugly numbers seen in 2019 before the Coronavirus pandemic. In my last Hermosa Strand blog post back in July of 2019, I explain how the market was soft and prices were falling. It was a very tough time for Strand sellers two years ago. Today, the market has done a complete 180. For reference, this is my awfully long post titled: “Home Prices on the Hermosa Beach Strand are Getting Crushed” if you feel like freshening up on past market
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The past year has been a wild one for many markets. While the weekly focus here is the South Bay residential real estate market, I do pride myself on following the equity and bond markets. The stock market, of course, is a huge store of wealth for buyers and sellers in the South Bay which, in turn, affects confidence and drives capital for real estate. Significantly bigger than the equity markets, the bond market is absolutely massive. It acts as another store of wealth, income, and obviously greatly influences mortgage rates via long-term Treasuries and actual rates via mortgage-backed securities. In order for me to feel like a well-rounded adviser to my clients, not only do
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The South Bay luxury home market is a game of high stakes. Unlike the typical South Bay median priced sale ranging from $1.25 million to $2.6 million, the luxury market has fewer buyers and sellers. This scarcity can produce incredibly positive sale results, but at the same time extremely negative sale results. Looking back over the past six months, alongside the wild pandemic year of 2020, we saw an interesting market of sellers who needed to sell, along with buyers who were extremely motivated to buy. As a result, there were luxury home sales that ended not so great for some sellers, but at the same time, went very right for other sellers depending on the
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For those of you that do not follow me on social media channels such as Instagram or are not subscribed to our mailing list, I will share some quick Hermosa Beach data before getting to the topic at-hand. Additionally, for those individuals that do want access to more market data, each quarter I film a South Bay quarterly report with juicy data on my IGTV, which can be found here. Hermosa Beach Year-Over-Year Data The city of Hermosa Beach had its first median price drop in almost five years. Year-over-year for 2019, price data shows a median decline of 3.34% or a $57,000 pull back when compared to 2018 prices. Much of the decline, if not
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Back in May, I wrote a blog post titled: “Big Hermosa Homes with Big Views are Making Record Highs.” Just as the title states, the blog covered big homes with big views making record highs in elevated parts of MLS areas 148, Hermosa Sand Section and MLS area 149, Hermosa Valley. Now, just half a year later, we see those ripple effects having positive price impacts on surrounding real estate. And surprisingly, much of the deals are happening right now between November and New Year’s which further demonstrates the strength of this sub-market. The Tennyson Ripple The May blog discussed the highest sale of all time in Hermosa Beach. 2906 Tennyson Place 5 bed, 8 bath,
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It is fun for just about anyone to look at beautiful Strand home listings for sale. Most onlookers drool over the homes while walking by with their coffee, glancing over the multi-million dollar asking prices without giving much thought and think to themselves…“maybe someday.” But, if you are actually in the market for a home on The Strand, then I am sure you are watching prices a lot more closely than others. And, if your focus is on Hermosa Beach Strand homes, then you would know that today property values are getting hammered. The Poster Child: 60 The Strand To start off this blog, I want to share the story of 60 The Strand that sold
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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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