South Redondo Beach offers so much to its residents. A world-class beach, ocean views from The Esplanade, fabulous public schools, and a wonderful downtown in Riviera Village full of eateries and charming retail are just a few perks of living in this amazing section of a special southern California city.
As a result of the incredible amenities and lifestyle, South Redondo Beach is not a cheap housing market.
New homes along “The Avenues” can run close to $4 million, townhomes near the Esplanade can run around $2 million or more, and even small condos in The Village can run above $1,000 per sq. ft. for one-bedroom units.
If you are looking for a hidden gem in South Redondo that is walking distance to Riviera Village, in the coveted Tulita Elementary boundary, and offers serious affordability – then look no further than1800 S. Pacific Coast Highway.
Hidden Gem – 1800 S. PCH
The often-over-looked 1800 S. PCH is a gated community made up of 98 units built in the early 2000s in a bullseye location.
Why is this community off the radar?
For starters, its address is busy Pacific Coast Highway which scares away many prospective buyers, and it is built on top of commercial restaurants and a giant parking structure. Residents have secure parking underneath and must take an elevator up to the gated housing community that is directly above.
Once buyers get past the street and parking elevator up to the community, most find it to be one of the more charming neighborhoods in Redondo Beach.
The 98 units are PUDs (Planned Unit Development) built as two-story detached single-family homes. Unlike the typical Mediterranean builds of the early 2000s, these homes offer traditional style elevations that meet the trends of today.
Inside the community, neighbors know each other by name, mature gardens surround throughout, and it is an overall serene environment with walkers, pets, and children playing outside between homes. It truly is a hidden gem that is hard to put into words until you visit in person.
Too often clients pass on this community, but in almost all instances, buyers are pleasantly surprised with this lovely South Redondo housing community.
When you factor in walkability to Tulita Elementary, Riviera Village, and the beach, along with the neighborhood charm, aesthetic and affordability – 1800 S. PCH is one of the most intriguing options in all of Redondo Beach.
It has been a personal favorite of mine for years.
Recent Sales & Appreciation
In this section, I am sharing recent comparable sales to give you an idea of the affordability along with the fabulous appreciation it has enjoyed.
There are a variety of floor plans in 1800 S. PCH, but I am going to break them into 1,500 sq. ft., 1,600 sq. ft., and 1,800 sq. ft. models.
I want to begin with one of the nicer 1800 PCH remodels in recent memory that sold last year:
1800 S. PCH, #68
- 4-beds, 3-baths, 1,836 sq. ft.
- Sold: $1,225,000 (May 2021)
This was a “wow” sale almost 18 months ago as the market was taking off thanks to low interest rates, but looking back, it is still a heck of a deal.
To land an 1,800 sq. ft. four-bedroom home at just $667 per sq. ft. that included a newly updated kitchen and primary bath – it is almost impossible to pull off that value anywhere in South Redondo today.
That sale eventually set the tone for the entire complex that had trouble selling above $1 million pre-pandemic.
Following that sale, two more 1,800 sq. ft. homes closed at strong prices this year:
1800 S. PCH, #78
- 4-beds, 3-baths, 1,836 sq. ft.
- Sold: $1,275,000 (January 2022)
1800 S. PCH, #7
- 3-beds, 3-baths, 1,836 sq. ft.
- Sold: $1,250,000 (January 2022)
Although not nearly as nice as our remodeled comp, both sold for higher prices thanks to buyers seeing the desirability of the complex amid low inventories.
Those strong sales then fed into the smaller 1,600 sq. ft. units with another “wow” sale.
1800 S. PCH, #70
- 3-beds, 3-baths, 1,672 sq. ft.
- Sold: $1,400,000 (June 2022)
This sale not only was a record, but it occurred right into the teeth of surging interest rates further demonstrating buyers wanting the community for its amenities, location, and affordability.
Finally, the smallest of the units (1,500 sq. ft. options) further demonstrates the rise of the community:
1800 S. PCH, #84
- Sold: $967,000 (March 2021)
1800 S. PCH, #89
- Sold: $1,041,000 (July 2021)
1800 S. PCH, #38
- Sold: $1,175,00 (October 2021)
You can clearly see the smooth, increasing jumps in pricing for the smaller units as well.
Of course, the most recent sale this month really jumps off the page at $1,175,000.
Not only is it now comparable to that original 1,800 sq. ft. remodel that sold for $1,225,000, but it is smaller, not as updated, and is making a closing today amid 6% interest rates.
The #38 unit sold in two days for $176,000 over-asking and a 70% jump in appreciation over an eight-year period when it sold to the original owner for $690,000 in 2014.
Conclusion
All in all, this charming community has been on the rise for years, steadily appreciating over the better part of a decade.
Not only did the coronavirus price surge put growth in this community into hyper-drive, but it looks to be continuing with the latest 1,500 sq. ft. sale closing even higher, despite generationally high mortgage rates.
One might wonder – is the affordability still there?
That affordable dynamic might be changing with 1800 S. PCH prices that do not seem to quit going up.
This hidden gem is an amazing option that South Redondo buyers need to explore for perspective. If you give it a chance, you might be surprised at how much you love the community and, in turn, land a great bang for your buck.
That said, not all units may offer that amazing affordability with the latest prices and mortgage rates. The cat might be out of the bag on this complex and rising rates could still impact prices in 2023 – so be careful.
If you are selective around the right unit and condition, this neighborhood can still be one of the sharpest buys in all South Redondo.
Richard Haynes
DRE: 01779425
For more South Bay real estate insights, subscribe and follow Richard’s social channels below:
The Richard Haynes Real Estate ShowA leader in South Bay real estate for the better part of a decade, Richard thrives as an advisor to his clients with over $248 million in sales as a broker or investment principal at his boutique agency, Haynes. Richard is known for his keen local market insights which have been featured in the L.A. Times, The Street, and Forbes, along with his weekly South Bay real estate blog. [read more]