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The South Bay real estate market continues its astounding run with low inventory and surging prices. More than ever, sleepy suburban areas that offer affordability, space, and a backyard are the perfect example of what’s been in vogue in 2020 and has continued through 2021. One of the clear South Bay pockets catching fire like never before is the Los Verdes submarket in Rancho Palos Verdes. Before the pandemic, most South Bay residents (including some Palos Verdes residents) could not tell you where the Los Verdes housing submarket was located…and spoiler alert, Los Verdes Golf Course is NOT located in MLS area 173, aka “Los Verdes.” When educating clients on homes in Los Verdes pre-2020, instantly
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It has been well-reported in national news that home prices are surging across the country. I have written about this price growth and have confirmed the numbers in our local marketplace as well. If you reference my January 15th blog post, “2020 South Bay Home Numbers Give Clarity to Unprecedented Market,” then you can see those exact gains for yourself. Furthermore, I have also written about record low inventory levels. More so, the record low inventory occurring on the Palos Verdes Peninsula. To understand that supply squeeze, be sure to reference my February 12th blog post titled, “Palos Verdes Home Inventory at Historically Low Levels.” So, with all that above, how does a market react in
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Over the past five years, I have been committed to writing a South Bay real estate blog post each and every week. I have made the blog a top priority, posting during the holiday season and even during the busiest times here at Manhattan Pacific Realty. My wife even had to deal with me posting a blog the week of our wedding and during our honeymoon (for the most part, the blogs were written beforehand, thankfully). The one time the blog was thrown out the window was with the birth of our first son, March. Well, this week, my wife Nicole and I welcomed our second baby boy, Reece Haynes, into the world. Our hearts are
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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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The new year is just beginning, and the early trends of 2020 will start to reveal themselves in the next couple of weeks. This week I wanted to give a broad-brush stroke of the Palos Verdes Hill. If you read last week’s blog, you know that South Bay median prices are down year-over-year. In case you missed it, you can read the past blog here. Also, a few months ago I wrote a blog post titled, “Palos Verdes Luxury Property: Years to Sell & Huge Discounts,” so for those who read that blog, you would know that many Palos Verdes luxury properties are having a tough time selling. To reiterate last week’s information, when you split
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