After the long holiday weekend, the South Bay is seeing a nice pop of inventory this week.
I hope this is a new trend that continues, but this week alone cannot be trusted post-Memorial Day weekend. Many sellers will delay their listing to enjoy their time off, so this might just be a week to catch up on new listings.
We will be watching future weeks to see if this is truly a trend.
With the new inventory, there are some great options that debuted this week, and while I would love to share all the options, there are a few I need to keep close to the vest due to client tours this weekend.
That said, the extra listing inventory more than compensates my showings to highlight a few interesting offerings. I am choosing one from each area covered in the weekly blog.
Keep in mind, these are all properties newly listed this week!
- 124 8th Street, Manhattan Beach
- 3 beds, 2 baths, 1,760 sq. ft., 2,705 sq. ft. lot
- Asking Price: $5,199,000
This beach cottage is an absolute gem. South of the pier location, 100-block, and a turnkey charmer…what is not to love?
Even better, there have been recent sales in this special pocket between $7 and $9 million. It is essentially priced at land value, but you don’t have to tear it down immediately. Enjoy this special home for a long time and maybe build later (although it would be a shame to knock it down).
- 4137 Via Nivel, Palos Verdes Estates
- 3 beds, 2 baths, 1,754 sq. ft., 8,289 sq. ft. lot
- Asking Price: $1,675,000
Valmonte has been on fire the last 12 months. From consistent $1,000 price per square foot sales which were rare in the past, to a $5 million listing in escrow (would be a major record), this Palos Verdes Estates pocket will not quit.
This new listing will sell well-above its asking price. It is move-in ready, in a great location, and has a fun courtyard. This listing should command six figures higher as a major fixer comp just a few houses up the street sold for $100,000 more a few months ago. Expect it to sell high and go fast. But, ultimately, it will be well worth it.
- 322 30th Street, Hermosa Beach
- 3 beds, 5 baths, 3,408 sq. ft., 2,417 sq. ft. lot
- Asking Price: $5,850,000
Custom North Hermosa walkstreet homes are about as rare as they come. Not only is there just a handful of Hermosa walkstreets, but there are also few new custom homes that come for sale.
Sure, you could wait for a tear-down lot, spend $2 million or more on a new home and wait two to three years. Or, you can pay a top dollar but buy yourself a fabulous walkstreet location with a rooftop swim-spa that offers fabulous ocean views. It’s expensive on a price per square foot basis but the home and location are one-of-a-kind.
- 513 Anita Street, Redondo Beach
- 4 beds, 4 baths, 3,087 sq. ft., 5,483 sq. ft. lot
- Asking Price: $2,000,000
Lastly, a major value play in the city of Redondo Beach. Anita is a busy thoroughfare from which is why the pricing is so good. Outside of that, this is a well-built 2006 vintage that backs-up to the Hermosa Beach border.
If you are okay with the busy street, you are landing a big home at a compelling $647 a square foot. It might cost the average person about $1.5 million to build a home like this, meaning the Anita lot is only about $500,000 when factoring in the build and dirt value. If an Anita lot came to market with no home, it would definitely sell higher than $500,000. This home may not be for everyone, but there is loads of value for a long-term holder.
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]