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If you read the title and thought, “Well, if the sale was not in Manhattan Beach then it must be the $40,000,000  home on Buggy Whip Drive in Rolling Hills.” That is a good guess but nope, not even close! Hermosa Beach? Nope. Redondo Beach? Getting warmer… The answer is Torrance. The Record Sale Last month, 417 Paseo de la Playa, Redondo Beach 90277 sold for a record $22,650,000. But wait, I thought you said Torrance, Richard? It is in Torrance! The property sits in an area little written about in my blog, but very much a South Bay location, known as Hollywood Riviera. This sub-market (area 128 on the MLS) is within the city of
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Palos Verdes is BIG. With four cities and unincorporated county areas, there is a lot of ground to cover on The Hill. In this week’s blog, I will attempt to give you a summary of what is happening on the PV Peninsula. Singly-Family Homes Under $1.5 Million are Hot The PV home market under $1.5 million continues to be very hot. With entry-level homes scarce and Millennials coming of age, many buyers are looking to The Hill to get an affordable home with a nice backyard and fantastic schools (and parking!). From January 2017 to January 2018, there were 380 single-family home sales under $1.5 million in all of Palos Verdes. That is almost 32 home
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Palos Verdes Drive Buying a home on Palos Verdes Drive is always an interesting real estate decision. Does the increased car traffic bother a prospective home buyer? Does the pricing allow buyers to get into an area that is normally unaffordable? How will the future home value be affected by the drive’s connotation? All of these are important things to consider and there is no one-answer-fits-all, especially considering that many sections of the drive have their own unique characteristics. For instance, P.V. Drive North in Rolling Hills Estates has property with a P.V. Drive address, but they are tucked away from The Drive on large estate lots with big homes. While P.V. Drive North homes in
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Millennials An online survey conducted by Harris Poll on behalf of Nerd Wallet recently found that millennial parents (ages 18-34) are “supersavers.” Other interesting findings shared in the report… • Among employed millennial parents, 38% contribute MORE than 15% of their income to retirement savings. • Very few are not saving anything; only 7% save nothing (compared to 18% of baby boomer parents). • If their savings rate continues, millennial parents could be setting themselves up to retire with $1 million more than baby boomer parents and $400,000 more than Generation X parents. Another statistic I found impressive, was that the median millennial parent saves 10% of their annual income. That is substantial compared to other
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After recapping the 2016 value areas in last week’s blog, I would like to point out some areas in the South Bay that I believe present solid value for 2017. If you are shopping in the below mentioned areas, then have no fear as they will have upside potential. Redondo Beach El Nido east of Inglewood Avenue Just like the 2016 value areas El Nido makes the list again! This time it is homes east of Inglewood Avenue. Now that west of Inglewood Avenue has had a nice run, buyers will sacrifice and jump to the other side of the street. It is already happening, but has potential to run even more in the next 12 months. Just be careful and
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It is hard to fathom how in demand affordable homes are in the South Bay. Currently, if there is a home listing for sale on the lower end of the price spectrum for the area, there is massive demand. Redondo Beach There has been a frenzy of activity in North Redondo for anything under $1 million. It seems almost everything is receiving multiple offers. Buyers are competing with double digit offers and homes are selling for five to ten percent higher than list price. Take for instance our agent Frank Sabatasso’s very nice listing on 2106 Rockefeller #E. He received double-digit offers and was off the market in a flash. During the same week, the completely updated home at 2212 Carnegie Lane
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This week I wanted to highlight some notable sales up on the Palos Verdes Peninsula. There were record highs and record lows set in Lunada Bay, along with some interesting movement in Rancho Palos Verdes and Rolling Hills Estates in the past month. Record High Let’s start with the second highest recorded MLS sale on the entire P.V. Hill…ever. The long time Toyota Motor Sales owned property at 1721 Paseo Del Mar in Lunada Bay was listed for $13.9 million and took only 38 days to find a buyer. Not only did it sell quickly for a home in that price range, but it received full price with only a $60,000 termite and repair credit. It will
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If you have been reading “Hot Property” in the Los Angeles Times or other real estate and social media sites, then you have probably heard about America’s most expensive house for sale. “Los Angeles has just reached new heights in over-the-top real estate opulence. The city now boasts the most expensive home for sale in the country: a newly built Bel-Air mega-mansion listed Wednesday at a quarter billion dollars,” as told by Neal J. Leitereg and Lauren Beale. You can read more about the property in the Los Angeles Times piece here and take an inside look with The Today Show here. In light of L.A. County currently having the priciest home for sale in America, I thought we would break
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Sandwiched between Honeymoon Cove and Christmas Tree Cove in Lunada Bay is a small circular street off Paseo del Mar named Via Segovia. There are only 14 homes with a Via Segovia address, but I like to count 16 homes as two additional residences have more lot frontage on Via Segovia than their Paseo del Mar P.O. suggests. If you are a South Bay local but unfamiliar with the street, you can compare it to Rocky Point Road just a few miles north. Via Segovia Homes on the interior of Via Segovia offer nicely sized lots, and in most cases swimming pools and tennis courts. Advantages to these interior lots include a reprise from the “busy”
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The South Bay sells a lot of new construction homes. Manhattan Beach closes a great deal of new construction in the Sand and Tree Section, and even east Manhattan Beach (27 per the MLS this year). Hermosa Beach has had a number of meaningful sales of both single-family homes and town house/condos (22), quite a bit for such a small city. And Redondo Beach is a hot bed for new construction especially town homes (44), spread out fairly well between north and south of the city. But…as we march up The Hill to the Palos Verdes Peninsula, an area that has accounted for over one third of all sales in the aforementioned cities (37.5% year-to-date), you would expect an
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