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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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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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You often hear from real estate agents and investors that owning property is a great investment because it allows one to use leverage. Leverage, if implemented correctly, can make you a lot of money. But, it is important to note, not all leverage is created equal. Lower risk leverage can make anyone wealthy over the long term and will almost always outperform other real estate investments. Types of Leverage The standard leverage types you see in the Greater Los Angeles real estate market are the following: The standardized home loan used by homeowners Hard money loans generally used by flippers Construction loans used by spec developers The Standard Home Mortgage The 30-year fixed loan is the
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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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North Redondo Beach Over the years, North Redondo Beach real estate growth has been meteoric and a major talking point. This is why I have now taken on a habit of writing about new construction town homes in this area at least twice a year. For reference, check out my past blog posts from September 2017 (North Redondo New Construction Homes Continue to Prices) and November 2016 (Out with Three-on-a-lots, In with Two-on-a-lots). If you want to go back even further, check out my post from February 2016 (The Steady Rise of North Redondo Town Homes).  New Construction Town Home Growth Three-on-a-lots have been fewer and fewer to come by over the last couple years. Interestingly,
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Median Home Prices in California According to the California Association of Realtors, the Los Angeles County median home price in December sat at $577,690. There is not much for sale by the beach in that price range except for some very small 2-bed condos in the Hermosa Valley (like 1600 Ardmore Avenue #219) or an even smaller 1-bedroom fixer in The Village in Redondo Beach (like 610 The Village #315). It has become a reality that buying a home under $1 million in the South Bay is hard…really hard. The Deal What if you could find a lot more space than a small condo, like maybe over 2,400 livable sq. ft. with 4 bedrooms, 2.5 bathrooms,
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