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The South Bay real estate market keeps on humming in 2021… With most beach city and Palos Verdes hill pockets seeing prices up 10% or more, as referenced in my past blog here, as well as historically low inventory, which I covered in another blog post here, there seems to be nothing stopping the strength in our local markets. The strength even includes “ultra-luxury” home sales that can take months, or even years to sell. Now, what qualifies as “ultra-luxury” in the South Bay? I have no clue. But for the purposes of this post, I am defining it as any sale $9 million or higher. Let’s look at some past history for South Bay sales
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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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We are just about to say goodbye to 2020 and start the new year. What an insane 12 months it has been. Last year, for the conclusion of 2019, I wrote a blog titled, “The Best (and Worst) Performing South Bay Real Estate Markets of the Decade.” That sure was an interesting data-dive as we moved into the new decade. With the unprecedented happenings this year, I thought we might as well look at how local submarkets performed amidst the Coronavirus pandemic. As always, this weekly blog focuses on the Palos Verdes Peninsula and the beach cities of Manhattan, Redondo, and Hermosa Beach. There are 33 unique submarkets to be exact and I will breakdown the
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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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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 Palos Verdes Peninsula luxury real estate market typically moves slower when compared to the Beach Cities these days. Farther removed from major economic centers like Downtown L.A., Santa Monica, the Miracle Mile, and Silicon Beach, the pool of wealthy buyers is smaller in Palos Verdes than areas like Manhattan Beach, Beverly Hills, or Brentwood, to name a few. That said, the past couple years for luxury sales has slowed for Sellers on the Palos Verdes Hill. In “boom” years like 2014 and 2015, the Palos Verdes Peninsula had home sales of $6 million or above much more frequently, with 12 sales and 13 sales respectively. Most notable was in 2015 when those 13 sales of
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The Palos Verdes Peninsula is known for its single-family homes and suburban location. Prices here in many cases can be more affordable than the beach cities, but it is still not cheap! If you are looking to make a move to Palos Verdes but do not need the larger single-family home just yet, the condo listings throughout The Hill present HUGE value relative to single-family home prices in the area. There are condo options at a fraction of the cost to homes on the Hill and these can be a great starter option for buyers on a budget looking for a lot of bang for their buck. Rolling Hills Estates Condos Rolling Hills Estates has the
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The title of this post is a matter of opinion but it is tough to argue to the contrary. Armed with single-family homes, large lots, and some of the best schools in Southern California, Palos Verdes homes are offering an incredible bang for your buck today. If you know where to look and have some patience, you can land yourself a fabulous deal relative to the beach city markets. And in some cases, a better value compared to inland real estate markets too. This blog will break down some really fantastic deals that are tough to beat anywhere else in the South Bay. I will also highlight some current listings that have the potential to be
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In January, I wrote a blog post titled “South Bay Home Resales to Watch Closely,” which broke down the fastest and most accurate ways to analyze the real estate market. This blog post took homes that had sold just a short while ago and that were put back on the market with no improvements made. Below, I have shared the results of these sales, but for a full understanding, be sure to read the past blog here. Home Results 416 South Guadalupe Avenue in South Redondo Original Sales Price: $834,000 in March 2017 New Sales Price: $949,000 in April 2019 This sale is a big win for the Sellers and shows the market going higher. With
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It is obvious that South Bay homes are expensive. It is even more obvious that South Bay homes with ocean views are outrageously expensive. View Homes and Price Per Square Foot If you want a view in Manhattan Beach, Hermosa Beach, or a home on Redondo Beach’s famous Esplanade, be prepared to pay well over $1,000 a square foot for these coveted properties. As you head up into the Palos Verdes Peninsula, you start to find view homes where the price per square foot (PPSF) starts to ease. For example, lower Malaga Cove has had some offerings that feel like a bargain compared to the Beach Cities. Take a look at some recent sales for instance…
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