You might have noticed I have been slow to complete my quarterly updates for you guys: special report, quarterly newsletter, and IGTV posts. Manhattan Pacific has been crazy busy (no complaints about that!) but I want to give you a quick taste of the market updates.
Quarterly Data
Q1 2019 over Q1 2018 produced some interesting data. Manhattan Beach and Redondo Beach both faired very poorly.
For Manhattan Beach, all sub-markets were down Q1 over Q1 and it was pretty ugly. The same went for both North Redondo and South Redondo. Divide it up between condos and SFRs to see a difference…both assets types were down too.
Now sometimes just a quarter of data is not enough, so I looked at the rolling 12-month data and prices are not down, but, sales were showing signs of slowing. All it takes is a strong spring to make everything better; however, these two cities were weak.
Hermosa Beach was off-the-chain on its Q1 2019 over Q1 2018 data. Median prices were up in all sub-markets as well as condos and single-family homes. This has been a familiar story for Hermosa over the last few reports.
The Palos Verdes Peninsula was a bit of a mixed bag. Palos Verdes Estates, which struggled last year, had a huge first quarter. Areas that have been strong struggled a bit, while other areas were flat.
Update on 748 Avenue A
The off-market deal I posted last week got multiple offers in under a week. It is a great property and buyers knew it would sell quickly. Escrow should open Friday afternoon or first thing Monday morning. For more information on that property and the lovely Avenues, be sure to read my blog from last week here.
New Listing, Hot Hermosa Duplex
Saving the best for last (if you are not a data nerd like me), I have a super-hot Hermosa duplex that hit the market today. If you missed my sweet Avenue A listing last week, then you have another chance with this one.
- 1126 Manhattan Avenue in Hermosa Beach (click to see the pictures)
- Duplex, 3 bed, 2 bath units
- Asking: $3.299 million
This duplex is in the heart of Hermosa Beach and has it all: Big ocean views, three-bedroom units, and it is a quick step to all the hot restaurants and entertainment on Pier Avenue.
The units are completely rehabbed with high rents and the property offers six parking spots which is so valuable in the Hermosa Beach Sand Section.
A similar duplex in the Sand Section is currently in escrow at an asking price of $3.495 million. Our listing is only asking $3.299 million.
The condition, location, and views of this property is not something that comes around often. And, I haven’t even mentioned the zoning advantages that come with this property. It truly has it all. If you missed last week’s listing on Avenue A, make sure you don’t miss 1126 Manhattan Avenue.
Conclusion
As I said, the rest of my updates are coming (I promise!). I will dive into specific number on IGTV and even deeper in our Special Report. Also, I will try opining on the data in my podcast and tie it into some of Bruce Norris’ prediction from earlier in the year which I discussed in my past blog post linked here.
If you need some data points or are looking for deeper insight now, please contact me!
Richard Haynes
DRE: 01779425
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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]