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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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About a year ago I introduced the first annual Fearless Predictions for South Bay Real Estate. The inaugural blog was not only fun to write but challenged me to conduct deep research that would hopefully benefit my clients throughout the year. I am proud to say as I recap the results of the early year predictions, many of the forecasts were correct. Below is a recap of each prediction with data and how the market performed. Prediction Recap: Mortgage Rates Will Barely Rise Prediction: The Fed has full control over where home loan interest rates go, and my bet is there is no way they let them rise significantly as a strong housing market is key to
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The cost of construction in the South Bay has skyrocketed over the past few years. Much of what I have observed cannot be quantified with market statistics, but through my own experiences with flipping homes and developing from the ground up over the past nine years.  The “feel” of rising costs in the South Bay along with other factors nationally and statewide could have an impact on South Bay real estate prices in the next couple of years. South Bay Construction Increases In 2013, I built a spec home on The Avenues for about $175/sf. Over the years, my five additional spec projects have steadily climbed but if I was to go back to the first
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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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A topic near and dear to my heart is the art and science of pricing. The biggest, most established agents claim they can sell your property because they can afford the most in marketing/advertising and have hundreds if not thousands of connections. The smaller, less established agents claim that since you are their one and only listing that they will hustle and dedicate 12 hours a day in the pursuit of selling the property through cold calls, door knocking, and letting every single person and agent in the local area know your home is a great buy.  Some of that matters and we can save that argument for another day, but the most important factor in
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As we roll into the Fall season it tends to be make or break time for sellers before the holidays kick in and buyers go on vacation for a few months. We have seen price cuts throughout the South Bay by serious sellers in order to find a buyer before the market goes into a traditionally slow time. Even the white hot new construction 3-on-a-lot town home market in north Redondo is showing signs of cooling and/or adjustment before the holidays. Last year (2015) we saw a new construction 3-on-a-lot sell for a low of $795,000 on Grant Avenue. This year, we saw a July 2016 Grant Ave sale push the sales increases even higher, closing
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The Redondo Beach housing market is hot. Single-family home sales are strong, town home sales are strong, condo sales are strong. Whether you are in north Redondo or south Redondo, all markets and product types are doing quite well. It is a fabulous time to be a seller. Between the sand of Manhattan Beach all the way down to the bluffs of Rancho Palos Verdes, the city of Redondo Beach has the least inventory of any city at around 1.87 months (anything under six months is considered a seller’s market). That is impressive considering it is the largest incorporated city along the beach/Palos Verdes Peninsula. We believe that Redondo’s recent hot streak is due to a number of
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