Thanks to the wild real estate market over the past 18 months, some of my normal posts on certain sectors of the market have lagged. This week we get back into the flow. It is time to check in on new construction town homes in North Redondo. In the past I would post an update every six to 12 months. Unfortunately, I just realized that the last update was in November of 2019, so a new post is long overdue. For reference, here is the previous post: “North Redondo Beach New Construction Town Home Update” Like most real estate throughout the country, new construction in North Redondo has performed extremely well during the pandemic. What sets
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The Federal Housing Finance Agency (FHFA) announced last week that it was raising loan limits for Fannie Mae and Freddie Mac loans. South Bay real estate is so expensive relative to most of the country that we are used to seeing jumbo loans on a lot of our purchases. High conforming loans certainly happen with regularity, but rarely are they newsworthy to our local market. This time around it is newsworthy! So, why should you care? Potential owner-occupied buyers and owners of homes in specific sub-markets of the South Bay have a chance to collect some easy gains. By my calculations, we could see a rise of close to $71,000 in prices very easily and quickly
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It’s that time of year again. Semi-annually, I like to check in on the performance of North Redondo Beach new construction town homes. As always, we will focus on MLS areas 151 (Villas North) and 152 (Villas South). For this post, I will be covering both two-on-a-lot and three-on-a-lot happenings as there has been a lot of action. Additionally, I will try to keep the structure and comments the same as my blog post six months ago titled, “North Redondo Beach New Construction Update,” so you can see how things have changed. Three-on-a-Lots Six months ago, you may remember that developers started to go bigger and bolder with three-on-a-lot developments to drive their profits higher. The
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I have really enjoyed writing investment-themed blog posts for my readers this month. So, I wanted to continue the theme and share some great buys that have occurred this summer. The average residential real estate buyer does not know how to properly underwrite a great deal. Oftentimes, your typical buyer will purchase, hold onto their property, and then hope their house is worth far more the next time they call their agent. I am going to break down some of the best deals in a few South Bay areas, so it can help in your search to know if you have yourself a great purchase. Below are what I believe to be some of the best
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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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New construction town homes in North Redondo are always an asset class I keep my eye on because they can tell you where this market is headed through strength of sales and price growth. Today, I will be doing my semi-annual check in with this section of the market known as MLS areas 151 (Villas North) and 152 (Villas South). Let’s see what’s going on… Three-on-a-Lots The three-on-a lot market has been tricky to judge over the past few years due to developers going bigger and bolder with their builds in search of more profit. Check out my previous blog post from last year on some of these lots. Let’s start with the “bigger” three-on-a-lot performance…
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Who’s HOT Manhattan Beach New Construction This is no secret but Manhattan Beach has been on a new construction kick. Buyers in this city tend to be high-income earners and want to focus on their business, not remodeling a home. Although East Manhattan Beach was down as a whole, new construction prices continued to make record highs even to this day. That being said, Liberty Village is setting new records for itself as well. The Tree Section was flat in 2018 and although new construction has slowed slightly, people are still picking up new builds at a strong pace. The Hill Section poses a lot of risks for spec builders, so when a newer well-done home
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During my time in real estate, I have learned certain clues give me a fast and fairly accurate analysis on the market. One of those clues is homes resold in a short period of time. I am not talking about flips where an investor adds value to a home, but rather resales where a home owner has done absolutely nothing. In the hot market of 2012-2015 I saw short term resales (12-24 months later) turn breathtaking price gains all with the owner barely lifting a finger. In a flat market, you will see little to no price gains on short term resales. And obviously, struggling markets on the decline will see short term resales go for
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With Thanksgiving quickly approaching, we are entering a traditionally slow period for real estate markets. So, I wanted to take this opportunity during the holiday week to show you some intriguing deals under $1 million in the South Bay. The holidays can be a great time to snag a deal! Manhattan Beach 644 Manhattan Beach Blvd #10 2 bed, 2 bath, 841 sq. ft., condo Asking $880,000 Finding a home under $1 million in the Manhattan Beach market is not always easy, especially in this condo’s specific location. Technically, this home is located in the Hill Section, but it is a stone’s throw from the Sand Section and it is actually closer to downtown than most
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North Redondo Beach new construction town home sales are always interesting to discuss. New construction is not only easy on the eyes, but has been one of the hottest aspects of the South Bay housing market over the last five years. Today, I will be reviewing both three-on-a-lot and two-on-a-lot town homes. Three-on-a-Lots Muted Sales Year Over Year Three-on-a-lot sales in North Redondo Beach were on fire a few years ago. Developers were pumping out units and buyers were eager to pay record prices. Since then, sales have been muted for reasons neither good nor bad. In 2017, there were 10 new construction three-on-a-lot sales. With 2018 coming to an end, there have only been four sales.
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