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Interest rates are at all-time lows. And, the economy seems to be doing okay. The South Bay second quarter housing numbers were amazingly resilient considering the challenging times of our economy and healthcare system. It is evident that during a pandemic, Buyers want a safe space more than ever. At the same time, Sellers also want to hold onto their properties more than in the past. All these factors lead to an extremely hot market. The set-up for the third quarter looks to be bullish too, but only time will tell. If you missed the second quarter numbers, be sure to check out my post from a couple of weeks ago titled: “Second Quarter Home Numbers
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As we continue to wait for full April data to shine a light on Coronavirus’ impact on our local real estate markets, I am sharing weekly real estate big-data that is useful. Important News This Week Ugly News According to Black Knight, a mortgage data and analytics firm, about 3.4 million borrowers are in forbearance. That represents about 6.4% of all mortgages outstanding. The Labor Department has now reported new unemployment filings over the past five weeks that have totaled more than 26 million. The Mortgage Bankers Association reported that California mortgage purchase applications are down over 40% compared to the same time last year. Better News After I shared huge pending sales drops in the
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Coronavirus infection cases have grown with exponential speed. Stock markets have reacted negatively with incredible speed. News seems to be changing at remarkable speed. Speed, speed, speed. Conversely, residential real estate moves very, very slowly. Thanks to a slow moving asset class, we really do not know what effects this “new normal” is having on residential real estate just yet. It takes a couple of weeks to prepare a property for sale, then a few more weeks to make a deal on a listing, and perhaps a month or longer to close an escrow. It is too early to tell and it will be impossible to project until we get more certainty on how the Coronavirus
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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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This week, I am diving into a small pocket of the Manhattan Beach Sand Section where town home inventory has jumped significantly to start off the spring buying season. If you read my blog last month titled “South Bay Median Prices are Down Year-Over-Year,” then you would remember that, as a city, Manhattan Beach median prices fell by 2.04% in 2019 when compared to 2018 prices. The median price of Manhattan Beach was $2.4 million in 2018, whereas prices fell to a median price of $2.351 million this past year. This was the city’s first median price drop in nearly a decade. Some of the most coveted real estate in all of Los Angeles County is
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We are just around the corner from starting a new decade. Time sure does fly! With the past 10 years in mind, I thought I would share the data on the best and worst performing real estate submarkets covered in my weekly South Bay blog. Those areas covered weekly are the Palos Verdes Hill, Manhattan Beach, Redondo Beach, and Hermosa Beach. Those cities have submarkets defined by the multiple listing service (MLS), which are 33 unique areas to be precise. That is why you hear definitions of areas like “the Sand Section,” “Monte Malaga,” and “Golden Hills,” to name a few. Best Performing Markets of the Decade Below is the list of the best performing markets
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After taking a look at some recent December closings, there were two interesting and unique land sales in the 400-block of the North Manhattan Beach Sand Section. The area I will be discussing, is contained between 26th Street to the south, 36th Street to the north, Vista Drive to the west and Grandview Avenue (or a dead end into the Sand Dune) to the east. I have written about this area before, but it has been a minute. I enjoy taking a look at this market because lots are roughly 2,700 square feet and the size of homes built tends to be very comparable when maxing out the lot. The North Manhattan 400-block is an easy
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Black Friday to Cyber Monday is a wonderful time to score some great gifts at a nice discount in preparation for holiday gift giving. At the same time, the holidays are also a fabulous time for buyers to land an incredible real estate deal at a discount. If you have been following the blog for years or have been a client, you know I believe Thanksgiving Day to New Year’s Day is the Black Friday to Cyber Monday period for great residential real estate deals, so make sure to take advantage of it! Steps to Score a Great Deal Right Now The real estate market changes each and every year, so your strategy needs to change
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The Manhattan Beach Sand Section has been the poster child of the incredible price appreciation in Southern California real estate since the Great Recession. New construction and spec building have been one of the main drivers in the Sand Section’s price growth and the new builds just keep on coming. Just about four years ago it seemed that anything brand new received multiple offers no matter how crazy the price. Today, that has changed a bit. Manhattan Beach buyers still crave new construction, but are now demanding more reasonable pricing in-line with comparable sales. As a result of this change, some spec offerings have been forced to cut prices and have been racking up months, if
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I have really enjoyed writing investment-themed blog posts for my readers this month. So, I wanted to continue the theme and share some great buys that have occurred this summer. The average residential real estate buyer does not know how to properly underwrite a great deal. Oftentimes, your typical buyer will purchase, hold onto their property, and then hope their house is worth far more the next time they call their agent. I am going to break down some of the best deals in a few South Bay areas, so it can help in your search to know if you have yourself a great purchase. Below are what I believe to be some of the best
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