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New construction town homes in North Redondo will not quit going up! Two-on-a-lots come to market. What happens? Gone. Three-on-a-lots come to market. What happens? Gone. There have been a whopping 56 new construction town homes to hit the market this year in NoRo (2016 builds or newer) and there is only one left on the market. By my estimates, this lone listing will be gone very soon. The NoRo new construction town home scene continues to be the one of the most affordable beach city buys in all of Los Angeles and buyers’ appetite for these new abodes seems to be unwavering. Three-on-a-lots The three-on-a-lot options have not only gone up in price but they
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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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Buying new construction versus existing homes has become a hot topic here at Manhattan Pacific Realty. For my clients, I almost always default to recommending existing homes as they offer the best bang for your buck when compared to new construction on a price per square foot basis. So is new construction or existing better than another? Like in all things real estate, it depends… North Redondo 2-on-a-lots North Redondo is the perfect example for comparing new construction to existing. There are two-on-a-lots built in the 1990s and there are two-on-a lots being built today. It is classic urban infill and a fabulous case study. Let’s take a typical two-on-a-lot that is 4-beds/3-baths and around 2,500
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The South Bay has become a mixed bag of micro-markets. A few years ago, everything was going up but now each micro-market has its own story. Some areas are still on fire while others are cooling off! Who’s Hot Hermosa Beach  Seriously, Hermosa Beach condos are HOT. If you read my blog back in December (Hermosa Beach Condos are on Fire!) then you know the market was strong. This strength continues and is probably even stronger than it was during the holidays. Today, only two condos are currently on the market. With average days on market and current supply below 30 days, sellers have all the advantages. Surprisingly, the high-end market in Hermosa Beach has begun
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This week I wanted to touch on some great recent property offerings in the South Bay. These beach city properties offer great value today relative to the market and have very strong prospects for the future. 421 Via La Soledad in Redondo Beach This is one of the most compelling home buys of 2017. A probate sale that has not been touched for a very long time, however, the existing bones are terrific. And the views are amazing! I love this property because it is a 4-bedroom home below $1.3 million with $3 million views of the South Bay. This opportunity is perfect for a first-time home buyer or move-up buyer. Purchase the property now, refresh
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If you have followed my blog over the last 18 months, you know now that I love writing about new construction in north Redondo. It is easy to compare and fun to watch the market run. Those who follow the market closely know that a couple years ago brand new construction three-on-a-lot town homes were all the rage going from $700,000 to topping $1 million in just a few short years. But in a recent post, (You Can Have One or Six), things look to be plateauing due to inventory supply and buyer fatigue on record pricing quarter after quarter. Trends can change very quickly in real estate, and the market reaction has been swift 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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It is always fun to look back at past blogs to see if trends are still trending or past predictions have actually come true. In February, I wrote a blog post called “The Steady Rise of North Redondo Town Homes” which took a four year look at newer construction town homes in the South Villas. The results were not only impressive from an appreciation standpoint, but the steady rise was supported by numerous sales. If you read the post and the data presented, I made the not-so-bold call with this quote: “…expect to see continued growth in this area and product type…the rise of north Redondo town homes will not be slowing down any time soon.” A
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We have been getting a lot of questions from last week’s blog (The Insane Growth of North Redondo Income Properties) since I mentioned that income properties can sometimes be more affordable than single-family homes. The big question: how is a higher priced income property more affordable than a single-family home? This blog post will break down the numbers of affordability between the two types of properties to show you how it can be more affordable. If you are new to South Bay income property, hopefully this will open your mind on affordability and wealth creation in real estate. Please note I am not a financial advisor, lender, or a CPA. The numbers provided below are for example purposes only, and you will want
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There were two recent closings in north Redondo that grabbed my attention this past week: 2119 Huntington Lane #B  and 2413 Clark Lane #B. Both are new construction town homes, located in the “South Villas” and closed for $1,240,000 and $1,250,000 respectively…. These two closings are the perfect demonstration of what developers build in this area for two-on-a-lot town homes. Most of the new construction town home product delivered is 4-bed/3.5 baths comprised of 2,400 to 2,600 sq ft. That is the profitable sweet spot for home developers in this location known as the “South Villas”. After investigating that newer construction buildings (2009 construction and on), it showed these sales were records for the area. So I decided to take this
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