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The Rolling Hills home market “Behind the Gates,” has had a rough couple of years from a median price perspective, sales perspective, and even what the city is known for…the high-priced home sales perspective. That seems to have all changed in 2018, as well as continuing into the conclusion of Q1 2019. For reference, you can check past blog posts on the struggling Rolling Hills market in this October 2017 post and this November 2018 post. Rolling Hills Market Data I want to share some data over the past few years that will help illustrate how the Rolling Hills sub-market has performed. I tried spacing out the chart (and color coding) so it is easier on
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With multiple requests to write about “The Lanes” in Rolling Hills Estates, here you have it! The city of Rolling Hills Estates is tricky as the city boundaries spread over five MLS areas. Today’s blog will cover the largest portion (about 70%) of Rolling Hills Estates – the Palos Verdes (P.V.) Drive North MLS area. Before we get started, check out my Palos Verdes page to view the mapped boundaries of the entire Hill and respective MLS areas. Also, check out the P.V. Drive North page to learn more about the neighborhoods discussed today. Masongate The Masongate area is highly coveted for its large lots in its small, quiet pocket of the Palos Verdes Hill. Sitting
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As the South Bay home market begins to wake from its holiday slumber, I went back to study this normally slow season. From my research, I found an unusually high amount of sales in the luxury home market. In only 42 days, from December 1st to January 11th, the luxury home market had some MAJOR sales! Hermosa Beach Lot Sale 1918 The Strand Asking Price: $7,200,000 2,547 sq. ft., 2,382 sq. ft. lot Sold for $6,800,000 Some might believe this sale will be the benchmark for land value on The Strand in 2019. With its bullseye location in the middle of Hermosa, many buyers will believe that similar lots to the less desirable south will sell
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If I told you a South Bay home sold for record AFTER a price cut of $30,000,000 would you believe me? Well, believe it! Record Sale After five and a half years on the market, 1 Buggy Whip Drive in Rolling Hills finally sold at auction for $22,400,000. That is only $250,000 from the highest South Bay home sale ever, which was sold earlier this year at 417 Paseo de la Playa in Hollywood Riviera. Many photos of this home have been taken off the MLS, so below is a listing description of this nine-bedroom, 25-bathroom, 51,000 sq. ft. estate property for reference: Hacienda de la Paz, a millennium of art, architecture and engineering under one
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Each quarter I mail out a newsletter to my clients with a recap of the South Bay real estate market. Now that the third quarter of 2018 has come to an end, I thought I would give all my readers a sneak peek and show some interesting data points from the MLS. Palos Verdes Peninsula Affordable homes have been trending in Palos Verdes the past few years. Rancho Palos Verdes tends to offer some of the most affordable real estate on The Hill and was on fire during the first three quarters of 2017. This year, Rancho Palos Verdes price gains seem to be decelerating and up only 3 percent. After price declines for the past
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Short answer: I am not sure. New York A recent report authored by appraiser Miller Samuel Inc. found that Manhattan (NYC) condo and co-op sales declined by 25% from last year’s first quarter. It was the largest drop since the 2009 financial crisis. Was the lack of sales due to low inventory much like the greater Los Angeles area? Not according to the report. The average sales price dropped 8% with a lot to blame on the high-end market where overpriced luxury apartments are sitting on the market on average for MORE than a year and a half. When looking at the best indicator, median sales price (emphasis on median, not average), things were not as
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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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As real estate in the South Bay quiets down for the holidays, I wanted to share some helpful tips to prepare you for the new year and spring selling season. There is a ton of specific, local information on every South Bay city that all buyers and sellers in the area should be aware of. In case you didn’t notice, we have updated sections of our website that include detailed neighborhood write-ups starting with Manhattan Beach, Hermosa Beach, and Redondo Beach. Palos Verdes will be up soon.  My hope is you learn something new or can refer to this when you are looking to buy or sell in a specific area. Rolling Hills If you are
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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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