The spring selling season is in full swing. While the market is active and agents are busy, there still seems to be a shortage of homes for sale. Just when one week has a nice flow of homes, the next week fails to continue that trend. Although the South Bay market could really use some spring inventory, there are still transactions happening that make noteworthy impacts on valuation. On today’s blog I am going to cast a wide net on our South Bay submarkets yet again, to show how a recent closing affects current listings in the market today. Hope you enjoy the breakdown. North Redondo Beach New Construction I am due for a sole blog
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My blog posts the past couple of months have covered the lack of inventory and fevered strength in our local South Bay housing market. Palos Verdes has been featured often because it is aligned with changing buyers’ habits thanks to the Coronavirus pandemic. Not to be forgotten, Manhattan Beach continues to have broad based market demand and increasing prices. One does not have to look far to see the surging prices in the South Bay’s most exclusive beach city. I can easily pull sales data in Manhattan Beach just over the last 10 days on the MLS (13 closings to be precise) and give examples to show off a market that is as hot as it
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Important Real Estate News Good News: Forbearance Grows but Flattening Mortgage forbearance plans continues to grow according to the Mortgage Bankers Association. There were about 4.1 million mortgages in forbearance between May 4 and May, 10 which is around 8.16% of all loans outstanding. It is still growing, but if we can “flatten the curve” here and put an end to homeowners not being able to make payments, that is very positive news. Good News: Rent Collections According to the National Multifamily Housing Council’s Rent Payment Tracker, 87.7% of apartment households made a full or partial payment by May. That is an improvement from the April 13th numbers, where the number stood at 85%. According to
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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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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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The Manhattan Beach Tree Section is always a topic of conversation in South Bay real estate. Not only is it in perhaps the most coveted city in the South Bay, but it offers a wide range of housing options west of Sepulveda. In this sub-market you can find anything from fixer beach bungalows for well under $2 million to turnkey new construction homes around $3 million. Close to Sand Dune Park you can find larger lots over 5,000 square feet with new construction pushing into the $4 million’s. The highly desired Martyrs area can push more than $5 million offering big homes and views. The Tree Section even offers double lots like the sale below that
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The South Redondo new construction home market has been on a consistent, steady rise for the past few years. New construction is in demand for affluent buyers in the area, and developers are getting bolder with their home builds. For this post, we are going to focus on “The Avenues,” a market which is ground-zero for new construction spec homes. The climbing prices follow a similar trend we see in the Manhattan Beach Tree Section market. New Construction Data Let’s compare some Avenues new construction year-over-year data from 2018 versus 2017 to see what might be in store for 2019. 2017 New Construction Sales 703 Avenue A 4 bed, 5.5 bath, 4,200 square feet Sale Price:
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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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Every year around this time I like to write about undervalued areas in the South Bay. There is no substantial evidence as to why these areas are undervalued. This blog post is just an active real estate agent making a gut call on areas that are lagging the rest of the market or are just plain cheap. If you want to test my gut feelings, I will recap my blog post from last year on what areas offered value. For reference, check out last year’s value area blog here and also the recap of 2016 here. Value for 2018 Finding value in the Beach Cities and Palos Verdes has proven to be difficult this year. Most sub-markets
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Rancho Palos Verdes Property Auction A new probate sale at 5965 Peacock Ridge Road #201 in Rancho Palos Verdes was listed this week asking $395,000 (way below value). The auction will be held on Sunday, May 20th at 10 a.m. with an open house this Saturday and final views before the auction. We do not see a lot of these auctions in Palos Verdes but perhaps a little history can give you an indication of what results we can expect. Auction History If you read my blog “South Redondo Real Estate Auction Gone Wild,” then you might have an idea of what is to come. As noted in that past blog, not only did the underpriced
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