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 it as is, and enjoy the amazing Queen’s Necklace views.
The long-term play is to then scrape and build a brand new home with a second story that would be one of the jewels of Hollywood Riviera. Remember, although the address says Redondo this area is within the boundaries of the city of Torrance. Furthermore, the home exists in what is known as the “Hillside Overlay” which makes spec development very difficult. As a result, the price is held down as investors shy away. Perfect for an owner-user to get a deal and work with the city and residents over the long term to get their dream home built.
This listing was off the market in a speedy three days.
113 Monterey Blvd in Hermosa Beach
For the beach income property investors out there, this 3-unit on Monterey Blvd was one of the best Sand Section cash-flow deals to hit Hermosa Beach in the past 12 months. Most residential income properties in the Hermosa Sand Section are smaller units or low square footage buildings, or even land plays for future development.
This property is rare as it is one of the larger residential income properties to be listed with good current rents and a ton of upside for an owner willing to rehab units. Most Sand Section sales push well over $1,000/sf and even close to $2,000/sf. This one was listed at an uber low of $691/sf. This one inked a deal in two weeks which is super quick for the Hermosa Sand Section.
100 Manhattan Avenue in Manhattan Beach
“A modern home with New York City loft vibe, surely to become one of Manhattan Beach’s most iconic properties,” per the listing description…and it is hard to disagree.
This attached town home is asking a whopping $2,007/sf which would be a record for a town homes (not on The Strand or Ocean Dr.) by almost 20%. That all said, if a town home is going to break a record, then this should be the one.
This contemporary stunner pushes look and interior design to what will be the next popular style to hit the beach cities. Clean and simple but with small yet bold eclectic features, this home has personality and sophistication for the most discerning real estate buyers.
An outrageous price? Maybe. But to own a home with unobstructed views, a premier location, the finest finishes, and a style that will be in en vogue today, tomorrow, and well into the future…well…that might be priceless. If money is no object and you want to own a forever classic over the long term, then this is the home for you.
2511 Vanderbilt Lane in Redondo Beach
For all you developers out there, this is the first 3-on-a-lot townhome opportunity under $1 million to hit north Redondo in almost 18 months. It comes with some caveats: 1) it is on the “bad” side of Vanderbilt up against Artesia and large commercial buildings, and 2) it is directly next door to massive power lines. Thus the reasoning for the low price.
Regardless, if you are a developer or not, a long term time horizon makes this a fantastic investment. With a fix-up budget to rehab the units and 30% down, this property will come close to breaking even. That is almost unheard of anywhere by the beach! Normally, a lot with development potential has an old home that needs to be torn down immediately. This one can actually pay you to wait.
This investment is a safe long term deal if you like real estate as an investment, have extra cash, and the patience to wait on the development in the next cycle.