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Who doesn’t love Manhattan Beach real estate? Especially at an affordable price. As the premier beach real estate market in the South Bay, Manhattan Beach has buyers that are not as price sensitive in comparison to other markets. Much of the investment thesis is buy high and hold for the long term because of the belief that beach real estate never goes down. But what if you do not have deep pockets and want to limit your risk if there is a short term hiccup in the market or economy? Manhattan Beach Boulevard Condominiums Look no further than two bedroom condominiums along Manhattan Beach Boulevard. Not only are these condos insanely affordable relative to the rest
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East Manhattan Beach real estate has had a nice run over the past few years. If you have been watching my IGTV channel, then you know the first three quarters of 2016 were up 10.28% year over year. The same period in 2017 was up 5.78%. The strongest portion of this market has been new construction sales. It seems that prices continue to go higher and higher. And, although we are seeing a flattening of East Manhattan Beach price growth this year (down 3.68%), new construction homes have remained highly desired. So desired, that prices have warranted significant premiums above similar existing homes. New Construction vs. Existing Homes Looking at new construction sales versus existing home
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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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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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Per reader request, today’s blog will give a breakdown of lot deals versus new construction in Manhattan Beach (basically, what does a developer do). There is a ton of new construction going on in this area and purchasing a “land value” deal has a lot of nuance and risk. These examples are not meant to be exact numbers; these are rough numbers to keep the reading light. Let’s dive in! East Manhattan Beach This portion will be the Manhattan Heights/Liberty Village area of east MB (area 146 on the MLS). Since prices are lower and finishing’s tend to be cheaper, we’ll assume $250 per sq. ft. to build and a 15% budget for soft costs. Recently,
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Mortgage Rates Will Rise Moderately One of the biggest questions in residential real estate is whether or not mortgage rates will rise. This coming year, 30-year mortgage rates will rise very moderately from their year-end rate of about 4.00%. I predict a rise of about 0.25% with a maximum jump of 0.5% before The Fed would step in to get rates under control. The reason rates did not rise last year, and why they will only rise moderately this year, is due to the fact that mortgage rates are impacted by demand for mortgage-backed securities. For the majority of last year, The Fed reinvested their principle payments and bought up the bulk of residential home mortgages.
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East Manhattan Beach As Manhattan Beach Sand Section home sales have begun to slow due to high prices, a nearby beneficiary has emerged over the last few years – East Manhattan Beach homes. Buyers have come to realize that East MB offers a suburban feel, sprawling backyards, much more parking, and generally a lot more bang for your buck. Over the last few years, Buyers priced out of the market west of Sepulveda have started to migrate to East MB. These buyers seem to have come out in droves this year and it has created a resounding uptick in prices and sales to the area. East Manhattan Beach Sales Our readers have come to know that
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We are right around the corner from kicking this June gloom and heading straight into the South Bay summer. This marine layer reminded me of a 2016 June blog titled Value Areas in the Beach Cities. In this blog I examined areas offering a ton of bang for your buck relative to nearby markets. Today, I want to re-examine those areas and share value areas for 2017. MB Liberty Village Starter Homes In 2016 Liberty Village offered great value relative to the other areas in the city of Manhattan Beach and was primed to continue running. Here are some of the comparables from then and now… (2016) 2204 Manzanita fixer sells for $1,395,000 (2017) 1408 Manzanita fixer sells for $1,450,000 If you jumped
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Lot sales in Manhattan Beach are always a favorite research topic of mine. These sales can be an indication of an area’s next price driver or sometimes it is just an aggressive homeowner trying to build their dream home. With accelerated Manhattan Beach real estate growth over the past five years, it has been difficult to make a bad buy on lot purchase. On today’s blog, I plan to explore these lot sales in an attempt to guess what comes next and how the dollars and cents work out. Sand Section Sale In March of this year 316 32nd Street sold to an LLC for $2,926,500. The property is a standard full lot at 2,700 sq. ft. zoned to support town
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A new record apartment sale was made (again!) here in the South Bay. If you followed my blog back in September 2016 then you read about the record breaking Sand Section sale in Hermosa Beach (New Era for Hermosa Apartments after Record Sale). Those two incredible sales by the beach ushered in a new era for apartment buildings: huge rents and ultra low cap rates are here to stay. Now, that record Hermosa Beach Sand Section sale is influencing sales east of PCH/Sepulveda. Another flip job on four adjacent 4-unit properties at 1335, 1341, 1345, and 1351 Manhattan Beach Blvd sold for a record smashing $2,875,000 million each. All four properties were sold to one buyer for all-cash. That is $11,500,000
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