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This week, I am going to discuss land and new construction sales within specific pockets of the Manhattan Beach Sand Section. The neighborhoods highlighted will be the “North Manhattan 400-Block” and the “South Manhattan Flat Walkstreets.” Both areas feature 2,700 square foot lots and a couple examples of new construction that make it easier to explain values in a blog post format. North Manhattan 400-Block Let’s start with new construction examples where developers typically build 4,300 square foot three-level homes with five bedrooms. This is the latest comparable 2021 spec sale: 453 31st Street 5 beds, 5 baths, 4,302 sq. ft., built in 2020 Sold Price: $4,375,000 After coming to market in March of 2020, one
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The ultra-luxury home market seems to be as strong as ever in the South Bay. I normally do not write about this upper part of the market too often because, quite frankly, there is not too much action to speak about. But during these extraordinary times, you just cannot overlook the strength and the increasing sales. In February, I wrote about ultra-luxury homes beginning 2021 on a strong note in my blog titled, “Ultra-Luxury South Bay Home Sales Start Year Strong in 2021.” In April, I wrote about the growth in both sales and price on the Hermosa Beach Strand market in my post titled, “Hermosa Beach Strand Home Prices Making a Comeback.” And, I have
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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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For this week, I am going old school. I am throwing it way back to a blog post in 2016, the first full year of writing my weekly blog. Six years is not that long for anything, but as a Realtor, it feels like a lifetime ago. Writing is not my strong suit and this blog is the most challenging “to-do” of my week. I struggle to write informative blogs that are easy to read for the non-professional. Sometimes I pull it off and other times not so much. After going back and re-reading my 2016 blog post, I am pleased to report that after six years of writing every single week, there has been improvement.
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This week’s blog post is a piggyback on last week’s blog titled, “Real Estate Value Plays as the Market Rotates from Single Family Homes.” If you listen to my podcast, I have been pounding the table on condos and income properties as undervalued real estate assets thanks to the pandemic. No one wants to share an elevator and small hallways, or take the risk of tenants invoking their COVID-19 rental rights and not paying rent. As a result, single-family home prices have soared, and condos and income properties have lagged. That is beginning to change as we re-open, and I believe the window is closing to jump on these “value assets.” Last week’s blog post in
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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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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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