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Now that spring is officially upon us, the South Bay real estate market will begin to heat up over the next few months. So before the official rush of spring selling season begins, I thought I would touch on some intriguing South Bay listings under $1 million. Hermosa Beach 1202 20th Place 3 bed, 1 bath, 1,176 sq. ft., single-family home Asking: $965,000 Finding a single-family home under $1 million in Hermosa Beach is almost impossible. This fixer property was recently cut just below $1 million, and if you are a shrewd negotiator, you might be able to get it even lower! This property has a chance to be one of the lowest 2,500 square foot
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Looking back at South Redondo real estate over the past six months, town homes over 1,600 sq. ft. have been very popular. Over that span of time, there have been six closed sales, three properties currently in escrow, and no inventory on Catalina Avenue (except for my new listing that hit the market today). Catalina Avenue is a long street west of Pacific Coast Highway starting from the border of Redondo Beach/Torrance, running all the way north to the Redondo/Hermosa Beach border. I like to separate Catalina Avenue in two: South of Knob Hill North of Knob Hill To South Bay locals, being north or south of Knob Hill is obvious. South of Knob Hill is
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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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South Redondo If you are a buyer in the South Bay and want a wide range of options by the beach, then look no further than South Redondo. Many people don’t realize the wide range of options west of PCH in South Redondo (area 157 on the MLS). You can live the beach lifestyle and select from a plethora of condos or townhomes on both ends of the pricing spectrum. On a budget and need a low price? South Redondo has you covered. Need more room for an expanding household? South Redondo has you covered there as well. Want a luxury property with ocean views? Sure, South Redondo has something for you too. Let’s take a
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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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Mortgage Rates Will Rise Moderately One of the biggest questions in residential real estate is whether or not mortgage rates will rise. This coming year, 30-year mortgage rates will rise very moderately from their year-end rate of about 4.00%. I predict a rise of about 0.25% with a maximum jump of 0.5% before The Fed would step in to get rates under control. The reason rates did not rise last year, and why they will only rise moderately this year, is due to the fact that mortgage rates are impacted by demand for mortgage-backed securities. For the majority of last year, The Fed reinvested their principle payments and bought up the bulk of residential home mortgages.
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South Redondo Home Auction Did you hear about the wild real estate auction in South Redondo last month? The probate sale by public auction at 709 Elvira Avenue took place on Saturday July 8th. The initial asking price was $995,000 and it ended up selling almost 75% higher at $1,730,000. Hot damn! Manhattan Pacific Realty had clients attend and I personally was working to convince many clients to come and take a swing. To the untrained real estate eye, the crazy over-ask price might be a bit shocking. But to those in the residential real estate business, you knew it was coming. Let’s break down why there was a feeding frenzy… 709 Elvira Avenue The subject
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We visited a property last week in Redondo Beach that could be quite a compelling purchase for buyers currently living in a 1-bedroom or studio apartment close to the beach. Take a look at 522 S. Broadway in south Redondo, a duplex in need of some TLC from a motivated buyer. This property stands out because it is west of Pacific Coast Hwy close to the proposed Redondo Pier redevelopment, and is listed well below $1 million. For some perspective in south Redondo, the last marketed MLS residential income property below $1 million west of Pacific Coast Hwy was way back in May of 2012 at 227 Avenue B at $915,000. Now there are multiple reasons this property
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If you have walked or driven the Esplanade in south Redondo lately, then you have probably seen the brand new condo development at 1500 Esplanade. This daring nine-unit luxury condo complex offers a mix of 3- and 4-bedroom units ranging from 2,600 to 3,400 sq ft. Half of the units are in back of the complex with no ocean view, and the other half are front and center west facing that offer the awe-inspiring unobstructed views of the Pacific. It has been quite some time since a brand new construction product had been offered on the Esplanade, so obviously much of the pricing done by the developer was on speculation. Finding an actual price buyers are
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If you read our blog from Tuesday, you caught a glimpse of median sales for Redondo Beach single-family homes in 2015. Today, we wanted share town home and condo median sales for those of you looking for more affordable options. Below you will find a general overview of Redondo Beach median sales from this past year in order to give you a better understanding of what to expect if you plan to buy or sell this year. We are starting with the overall city median sale followed by the median sales in north and south Redondo Beach. Take a look…   Overall Median Sale – $761,500 (Median Average)     606 North Guadalupe Avenue F – $760,000 (1,304 sq
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