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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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The American Dream of owning your own home is still alive and well here in the United States. Most Americans believe owning your home is the surest path to wealth and financial freedom. This might be correct, but is it truly the most efficient and profitable way to grow wealth through real estate? In my opinion, the answer is no. Your home is not a true asset until it is sold. True assets are earning profits or growing in value regardless of your personal circumstances. If you lose your job and cannot work, you may lose your home if you don’t have savings to pay the bills. If you lose your job and cannot work, you
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The second half of August can really slug along in the South Bay as agents and clients are wrapping their last summer vacations. Most agents will hold off from listing their new inventory until Labor Day. For this week’s blog, I will be diving into some interesting South Bay sales that all occurred last week. Manhattan Beach 2200 Harkness Street sold for $2,780,000 (5 bed, 5 bath, 3,578 sq. ft., new construction) This Liberty Village new construction sale is a perfect example of Manhattan Beach buyers’ insatiable appetite for new construction. In April, a comparable sale at 1401 Lynngrove Drive sold at a record price of $2.68 million, but Harkness, only four months later, cleared at
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…That is the question. It is a question I get from my clients repeatedly. The answer? Well, sometimes it is the right call, but oftentimes it is not. Manhattan Beach Case Study To demonstrate this age old new construction quandary, let’s look at some properties in Manhattan Beach, as it is the epicenter of new construction in the South Bay. These examples can also be applied to areas like The Avenues in South Redondo, town homes in Hermosa Beach, remodels in Palos Verdes, and more. Let’s start with East Manhattan Beach. 1467 3rd Street (5-beds, 5-baths, 4,472 sq. ft., 7,466 sq. ft lot) Sold for $2,631,000 Built in 1999 1540 Curtis Avenue (5-beds, 5-baths, 4,400 sq.
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Over the past two years, The Avenues in Redondo Beach have remained strong and continued a steady march upwards. New construction looks to be in solid demand and buyers are paying a premium for brand new homes on standard sized lots ranging between 5,500 and 7,000 sq. ft. The 740 Avenue C home, mentioned in my previous blog on The Avenues, closed in spring of 2016 for $2,750,000 which was the sale that gave the area a shot in the arm. As a result, later in the year 713 Avenue D and 327 Avenue F sold for $2,775,000 and $3,100,000 respectively. These sales took The Avenues to record highs for standard lot sizes (only trailing one
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Have you ever thought about renting out your home to make some extra cash? I know many of my South Bay clients have. This week I want to share my advice on the notion of renting out single-family homes in the South Bay. Now, I am not a financial adviser or a CPA so always be sure to consult with your team of professionals to understand your individual financial situation. I am offering my opinion after 10 years of practicing real estate investment and brokerage. Renting in the South Bay I am constantly left befuddled month after month seeing homes go up for rent by the beach and up on The P.V. Hill. In many cases,
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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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