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.
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 “tall & skinny” sales in northeast Hermosa Beach in almost five years. That being said, a new construction property could easily fetch over $1.6 million today. However, if you fix this one up now and enjoy it for the next decade or two, there will be some incredible land value in this lot.
Rancho Palos Verdes
- 29641 S. Western Avenue #116
- 2 bed, 2 bath, 1,455 sq. ft., condo
- Asking: $395,000
In my experience, most buyers are not looking for condos on the Palos Verdes Hill, but this new listing is hard to overlook. Essentially, you can own a two-bedroom space for less than any rental on The Hill and get the benefit of the fabulous public schools.
The below $400,000 asking price is basically unheard of for a condo of this size. Also, the price per square foot is only $271, which is basically replacement value to construct a new building like this. This listing is oozing with value.
South Redondo Beach
- 508 S. Guadalupe Avenue
- 1 bed, 1 bath main house, 880 sq. ft.
- Detached studio house in back
- Asking: $999,000
This property is an interesting proposition. You almost never find single-family home lots west of Pacific Coast Highway (PCH) under $1 million these days, but this property offers a discount due to its location being near one of the busiest sections of PCH. This property could be a poor cash flowing income property or a first-time home.
But the true play here is to build a new construction home on the land. If the renderings of the 3,100 square foot home appeal to you, then you will be hard pressed to find a better lot opportunity…as long as you don’t mind a little traffic noise. Isn’t that what triple pane windows are for?
North Redondo Beach
- 1216 Steinhart Avenue
- 3 bed, 2 bath, 1,596 sq. ft., 5,017 sq. ft. lot, single-family home
- Asking: $1,039,000
This property is not under $1 million and it is not going to sell under $1 million. In fact, this will get multiple offers and sell next week. The location of this home is a special pocket in Golden Hills made up of double-wide lots. To learn more, check out last year’s blog here on this Golden Hills sub-market.
The reason I included this listing is because this new listing offers an opportunity to get into a home below the comps and fix it up to your specific taste (really, read the link above). Because of the hyper-desirable pocket of Golden Hills, you can likely expect continued appreciation over the years, and yes, perhaps another lot play with new construction homes starting to push $2 million. Over the long-term, this might be the biggest winner on the entire list.
Now, if you truly want something under $1 million, then check out 2807 Fisk Lane, located in the El Nido sub-section of North Redondo.
- 2807 Fisk Lane
- 3 bed, 2 bath, 1,034 sq. ft., 5,537 sq. ft. lot, single-family home
- Asking: $919,000
This condo would be the first sale in El Porto for under $1 million in almost five years. If you are looking for a low price for the area and a better commute to West Los Angeles, then this is the right property for you.
That said, be careful as the easy money on this unit has been made. This unit was purchased in 2010 for $529,000 and the building’s appreciation has been muted compared to many other real estate sub-markets in the city. This is a “I want to own and get a tax deduction” play, rather than get rich in Manhattan Beach real estate appreciation play (at least in the short to medium-term).
- 617 Loma Vista Street
- 2 bed, 1 bath, 920 sq. ft., 3,073 sq. ft. lot, single-family home
- Asking: $999,000
Like most places, it is difficult to find single-family homes under $1 million in El Segundo. However, this house on Loma Vista is darn cute! It sold in 2016 for $850,000 in virtually the same condition. I am not sure if I could recommend the current price to a client, but did I mention it is cute?
My New Listing
To conclude, I am going to be a little self-serving and mention one last amazing property under $1 million…my new listing in Lawndale.
- 14818 Grevillea Avenue
- 3 bed, 2 bath, 1,244 sq. ft., 6,000 sq. ft. lot, single-family home
- Asking: $549,000
Look at that house! Look at the back yard! And, look at the price! In an area like metro Los Angeles, it is nice to see a wonderful home at such an affordable price. We are lucky enough to already have two offers and I expect a few more after the open house this weekend. That being said, better move quick if you want it!