The East Manhattan Beach home market has fascinated me for years. New construction home prices have sky-rocketed over the years, leaving many existing home prices in the dust. In fact, there were times when you could buy just about any home older than 30 years, tear it down, and build new without fear of being underwater. I wrote about this interesting chasm in August of 2019 in my blog titled, “East Manhattan Beach Homes Sales and the Fascinating Dichotomy.” As a result, I felt like this huge split in valuation between existing homes and new construction homes made the market feel risky. Something had to give. In my 2020 fearless real estate predictions before the onset
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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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We are just about to say goodbye to 2020 and start the new year. What an insane 12 months it has been. Last year, for the conclusion of 2019, I wrote a blog titled, “The Best (and Worst) Performing South Bay Real Estate Markets of the Decade.” That sure was an interesting data-dive as we moved into the new decade. With the unprecedented happenings this year, I thought we might as well look at how local submarkets performed amidst the Coronavirus pandemic. As always, this weekly blog focuses on the Palos Verdes Peninsula and the beach cities of Manhattan, Redondo, and Hermosa Beach. There are 33 unique submarkets to be exact and I will breakdown the
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Last week, I discussed how the Manhattan Beach market was ramping up its spring selling season, whereas other South Bay markets will likely start a month or so later. Due to the activity, this post is a continuation of some new listings and some recent sales to demonstrate how certain sub-markets have performed and where they might go. Manhattan Beach Walkstreet Action For this section, I want to focus on the 100 and 200-block walkstreets around the pier. For reference, south walkstreets are defined here as Manhattan Beach Blvd. to 1st Street, while north walkstreets are defined here as Manhattan Beach Blvd. to 19th Street. Let’s dive into the north walkstreets first. North Manhattan Beach Walkstreets
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East Manhattan Beach real estate over the past few years has experienced really fabulous price growth. On a rolling 12-month average for median price, the Mira Costa sub-market (MLS area 147) stood at $1.7 million back in January 2015 and held its peak through a majority of 2018 at $2.25 million. That is a whopping 32% median price increase in just over three years for that sub-market. This year, we have seen some price softening in the Mira Costa sub-market to a rolling 12-month median price of about $2.1 million. Contrary to popular belief, even in Manhattan Beach, prices do not always go up in a straight line. Just about a year ago, I wrote a
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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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In 2018, the Manhattan Beach median home price was right around $2.4 million. That is a BIG number. If you are looking to get into this coveted beach home market without breaking the bank, you should consider Liberty Village. In this sub-market of East Manhattan Beach, there are options for all types of buyers. There are fixer starter homes for under $1.3 million, there are medium-sized turnkey homes around $1.7 million, and of course, there are new construction homes commanding over $2.7 million. Today, I will be breaking down some of these options to show how Liberty Village is a great option to get you into the Manhattan Beach real estate market. New Construction As most
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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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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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East Manhattan Beach Sale A recent lot sale signals that real estate developers are about as bullish as they can get on East Manhattan Beach (East MB) real estate. After being on market for almost a year, the 15,311 sq. ft. double lot offering at 1156 6th Street in East MB finally sold last week for $3.6 million. I mentioned this particular lot in my June 2017 blog (Recent Lot Deals in Manhattan Beach) when it was asking $3.795 million after selling in late 2015 for $3.3 million. At the time, that asking price did not pencil to build two homes. Instead, I speculated in my blog that perhaps a buyer in search of an over-sized
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