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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Black Friday to Cyber Monday is a wonderful time to score some great gifts at a nice discount in preparation for holiday gift giving. At the same time, the holidays are also a fabulous time for buyers to land an incredible real estate deal at a discount. If you have been following the blog for years or have been a client, you know I believe Thanksgiving Day to New Year’s Day is the Black Friday to Cyber Monday period for great residential real estate deals, so make sure to take advantage of it! Steps to Score a Great Deal Right Now The real estate market changes each and every year, so your strategy needs to change
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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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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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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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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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