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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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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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City Behind The Gates The Rolling Hills market has been struggling over the past twelve months. As noted in my March blog post “Who’s Hot and Who’s Not,” Rolling Hills has been a victim of high inventory and weak sales. Spring and summer brought badly needed sales to the “City Behind the Gates,” but the high-end, luxury homes over $5 million unfortunately received little to no attention. Sales Currently, there are nine active listings asking $5 million or more in Rolling Hills. In 2017, there has only been one closed sale above that $5 million mark. To be fair, Rolling Hills is a small city with a limited and specific buying pool. Many sellers can afford
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With the summer in full swing, the market gets a little sleepy as people go on vacation before school starts and the warm weather begins to fade. This week I am going to focus on Palos Verdes because it still the best bang for your buck (in my opinion) based on price per square foot, lot size, parking, and amazing public schools relative to the beach cities. The market is large, not as efficient as the Redondo, Hermosa, and Manhattan Beach, and has old homes needing work which presents a whole world of opportunity. 26411 Dunwood Road in Rolling Hills Estates It is rare to find a single-family home under $1 million on The Hill. It
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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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The South Bay has become a mixed bag of micro-markets. A few years ago, everything was going up but now each micro-market has its own story. Some areas are still on fire while others are cooling off! Who’s Hot Hermosa Beach  Seriously, Hermosa Beach condos are HOT. If you read my blog back in December (Hermosa Beach Condos are on Fire!) then you know the market was strong. This strength continues and is probably even stronger than it was during the holidays. Today, only two condos are currently on the market. With average days on market and current supply below 30 days, sellers have all the advantages. Surprisingly, the high-end market in Hermosa Beach has begun
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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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