The South Bay (and much of Greater Los Angeles) continues to be an incredible seller’s market.
As prices continue to rise, buyer demand remains intact, and inventory levels squeezing lower, almost every aspect of the home marketplace favors sellers.
If you caught last week’s blog post, you can see how incredibly low home listing inventory is from Manhattan Beach to the Palos Verdes Hill.
Look here if you missed it: “South Bay Home Inventory Squeezed to Record Low Levels“
Buyers in this market need to act quickly and be extremely aggressive. If sellers and their agent price their listings properly, they will ask just low enough to induce multiple offers. You need to be on your game the same weekend a listing debuts and be prepared to compete early the following week.
This week, with less than 50 new listings coming to market between Manhattan Beach and Palos Verdes, the inventory constraints are not easing at all.
Today, I will highlight new listings you should plan to see this weekend because they will likely be gone by next week.
New Beach Cities Listings
- 1909 Springfield Avenue, Hermosa Beach
- 3 beds, 2 baths, 1,772 sq. ft., 2,354 sq. ft. lot
- Asking Price: $1,800,000
This property might be the most intriguing investment opportunity to hit the South Bay for the first week of November. Throughout the beach, well-located or “clean” properties will easily sell at $1,000 a square foot. Right on the money, this home is asking $1,015 a square foot.
The key to this one is its fabulous walkable location to Pier Avenue and the beach, while enjoying the privacy Springfield offers in the Hermosa Valley. What’s more, one could build a brand-new construction home here and fetch $3.5 to $4 million easily. It can be enjoyed now and is essentially a retail land value play long term.
- 1605 Steinhart Avenue, Redondo Beach
- 4 beds, 5 baths, 2,219 sq. ft., 2,443 sq. ft. lot
- Asking Price: $1,849,000
Do you want a new four bedroom home by the beach for under $2 million? Good luck.
This listing is on-trend with buyers, offers a great space with four bedrooms, along with a reasonable backyard space. It will go fast, but if you can keep it below $2 million, then that is a victory.
- 1619 Artesia Blvd #A, Manhattan Beach
- 3 beds, 3 baths, 1,990 sq. ft.
- Asking Price: $1,375,000
A Manhattan Beach property for under $700 a square foot? Yes, please.
This timeless Spanish elevation will appeal to buyers for decades. Sure, it is in a busy Artesia location, but if you can buy one of the most affordable living spaces in one the nicest towns on the West Coast, then it makes sense.
You will be hard pressed to find a nicer option at a more affordable price. Lock in the affordability, great schools, and prestigious zip code. This market run-up makes prices feel expensive now, but with a long-term time horizon, you will look back and wish you could have bought a few more of these units.
New Palos Verdes Listings
- 38 Oceanaire Drive, Rancho Palos Verdes
- 5 beds, 4 baths, 2,939 sq. ft., 21,236 sq. ft. lot
- Asking Price: $1,980,000
This is a special, quiet neighborhood by the famous Del Cerro Park. Not much comes for sale in this pocket so comps are few and far between. I think this one is underpriced…potentially by a country mile (depending on reports in the disclosures). It will go quickly and over-asking. If you can secure it over-asking without too much of a premium, that is a huge score. Rehab the home and it will be worth big bucks.
- 4416 Lucera Circle, Palos Verdes Estates
- 2 beds, 2 baths, 1,311 sq. ft., 8,146 sq. ft. lot
- Asking Price: $1,495,000
Valmonte has been one of the most difficult neighborhoods in all of the South Bay to score a home at market price. All the neighborhood sales keep selling above recent comps!
This home sold just four months ago for $1.412 million. We saw a client’s Valmonte home jump $200,000 in value just in six months thanks to a new comparable sale. For an $83,000 premium just a few months later, it might sound crazy, but this is a buy. Remodel plans are thrown in for free, so if you can handle the two bedrooms and upgrade later, you will not find a lower priced home in Valmonte for a long time (except for a few poorly located teardown homes).
- 26722 Indian Peak Road, Rancho Palos Verdes
- 4 beds, 2 baths, 1,659 sq. ft., 7,921 sq. ft. lot
- Asking Price: $1,488,000
It is hard to find a one-level four bedroom home with a nice flat backyard in Palos Verdes these days. Not to mention it is well located to commercial areas “on top of the hill” and in a great school boundary zone. This will sell quickly and for over asking, but it is a gem worth chasing.
Conclusion
With such little inventory throughout the South Bay, you have to know what a compelling home listing is and move lightening fast. The listings above will be on the market this weekend, see offers next week, and be in escrow not too much longer after that.
You need to have a refined search criteria and be ready to move when the right home comes.
It takes time to learn a market to allow you to know exactly when a house is a great deal to pursue quickly. Invest in spending that time to learn and focus on a just a few pockets that you know you will be happy in. It will cut back on your tours and allow you to be surgical when making offers.
There has not been a more challenging market for buyers than now. Hang in there and keep at it!
Have a great weekend.
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]