Residential real estate is often busy in the first month of the new year, but the activity typically occurs behind the scenes with agents and clients using January to plan out the next year together.
Clients call their agents and set meetings to discuss when they would like to list their home, or when they will be ready to buy in the coming year. January is planning, strategizing, and setting a timeline to execute a particular person’s real estate goals.
Oftentimes, the theme of my year is set in the first month, even if it cannot be seen in new listings, mortgage pre-approvals or closed transactions.
Although not empirical evidence, I can honestly say that my start to 2024 with clients behind the scenes has been busier than 2023 – both on the listing and buying sides.
Of course, we have a long year ahead and the empirical evidence will ultimately reveal itself as numbers throughout the year do not lie.
While January is characterized as being short on statistical evidence and a slow market in general, it does not mean we cannot study some of the early closings to kick off 2024.
This week I am going to cover the single highest sale of January in the South Bay and the lowest beachside closing of the new year.
Highest January Sales to Start 2024
The highest-priced sale to begin the new year is an eight-figure closing. And while many assume it would be in Manhattan Beach (which is the right guess statistically), this home was in Palos Verdes Estates on one of its most prestigious streets.
710 Via La Cuesta
6-beds, 7-baths, 10,000 sq. ft., built in 2010
SOLD: $10,800,000
While this listing was on and off the market five separate times since 2020, its final listing began in August 2023 asking $13.988 million.
After a $1 million price reduction in two months, it made a deal a few weeks later with another $2 million haircut in November, ultimately closing in 45 days at $10.8 million.
This street is known for its large lots, massive Queen’s Necklace views, and colossal homes that can ask eight figures regularly. The last sale on Via La Cuesta closed in 2022 for $9.9 million after reducing its price to $10.5 million where the owner suffered a $2 million loss after acquiring it in 2014 for $13 million…a tough pill to swallow after eight years of ownership.
All in all, this sale is a great start to the year for ultra-luxury homes in Palos Verdes Estates and for the rest of the South Bay.
For reference, last year in 2023 we saw 20 eight figure sales on the MLS:
- Eight in Manhattan Beach
- Five in Hermosa Beach
- One in Redondo Beach (Hollywood Riviera – Torrance)
- Four in Palos Verdes Estates
- One in Rolling Hills
- One in Rancho Palos Verdes
Lowest Beachside Sale of January
The lowest beachside sale to start 2024 is on South Redondo’s coveted Esplanade. And for under $1 million dollars! Sheesh…
555 Esplanade, Unit #420
2-beds, 2-baths, 1,065 sq. ft.
SOLD: $965,000
Now of course, this unit is a bit dated, and it is an interior unit condo looking through the complex at the ocean.
That said, you can still see the water! Not to mention you can pop out your door and be on the sand in two minutes. I don’t care what anyone says, this is a South Bay beachside location at a deal.
What’s more, the unit is not a studio or small one-bedroom but a full 2-bed/2-bath unit with over 1,000 sq. ft. of living space. Keep in mind that statewide, the median priced home is $820,000 and this home is in South Redondo on the beach.
To be fair, the HOA is $1,200/month which increases the cost of ownership, but I think this is a great sale to highlight to show the beach life is attainable at somewhat affordable prices (at least for California).
Conclusion
The statistics and market activity are always slower in January as buyers and sellers gear up for the year with their real estate agents.
I feel it with my clients and hear the same thing from other agents.
And while there is not much data to highlight now, this eight figure Palos Verdes Estates closing, and relatively affordable beachside condo are informative (and fun) sales to highlight in January.
Get ready for February to show signs of a winter thaw and then we’ll be in the full swing of spring selling season in March which is only a month away.
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]