The Palos Verdes Peninsula is known for its single-family homes and suburban location. Prices here in many cases can be more affordable than the beach cities, but it is still not cheap!
If you are looking to make a move to Palos Verdes but do not need the larger single-family home just yet, the condo listings throughout The Hill present HUGE value relative to single-family home prices in the area.
There are condo options at a fraction of the cost to homes on the Hill and these can be a great starter option for buyers on a budget looking for a lot of bang for their buck.
Rolling Hills Estates Condos
Rolling Hills Estates has the The Estates complex which are the cheapest condos from Manhattan Beach to Palos Verdes. The Estates complex offers studio condo sales below $300,000 regularly. You guys, we are talking about owning a roof over your head for about $285,000.
If you did 100% financing at 4% interest over 30 years, that loan payment would be $1,360 a month. There are studio rentals throughout the beach and Palos Verdes that are much higher than that. Sure, you will have other expenses as an owner, but it is the lowest priced property around this neck of the woods.
All that said, the P.V. Drive North area’s median priced home today is roughly $1.845 million with a median price per square foot of $651.
Since a studio is far from a single-family offering, let’s look at some two bedroom options in The Estates HOA…
- 3604 W. Estates Lane #102
- 2 bed, 2 bath, 951 sq. ft.
- Sold Price: $485,000
- 3621 W. Hidden Lane #B
- 2 bed, 2.5 bath, 1,570 sq. ft.
- Sold Price: $680,000
The smaller of the two condos is just a fraction of the median home sale at 28% of the cost of a home in the area. The $477 price per square foot is very intriguing relative to the market as well.
The larger 1,570 square foot option rivals some single-family home sizes and is just $433 a square foot. This sale was had at an extremely low price compared to single-family home options in the area by a long shot.
If you go to the top of the Hill in Rolling Hills Estates, value can be had with fabulous views that Palos Verdes is known for…
- 134 Aspen Way
- 3 bed, 2 bath, 1,590 sq. ft.
- Sold Price: $870,000
Those are some BIG city views and the location is a stone’s throw from Peninsula Center.
This buyer was able to get almost 1,600 square feet for just $870,000, which equates to $547 a square foot compared to the Crest sub-market area’s median single-family home, which goes for $1.515 million and $606 a square foot.
Palos Verdes Estates Condos
Palos Verdes Estates condos might represent some of the best value propositions to their single-family counterparts in the entire South Bay.
The median priced single-family home sale in Palos Verdes Estates this year is about $1.95 million. The lower quartile of homes sales is around $1.5 million. What’s more, is the median price per square foot of these homes is roughly $740. Those are some very big numbers for Palos Verdes Estates houses.
Lunada Bay and Malaga Cove provide condos that offer this incredible value.
- 2322 P.V. Drive West #103
- 2 bed, 2 bath, 1,171 sq. ft.
- Sold Price: $689,000
- 2545 Via Campesina #102
- 2 bed, 3 bath, 1,540 sq. ft.
- Sold Price: $685,000
These two condo sales are representative of a lot of Palos Verdes Estates listings that come to market regularly. At closing prices of below $700,000, buyers can break into Palos Verdes Estates at just 35% of what the median single-family home buyer pays.
That is a crazy discount while still having access to the coveted P.V. Beach Club, incredible public schools, and easy walkability to the Lunada Bay Market and Malaga Cove Ranch Market. Not to mention, also being only a few blocks from Paseo Del Mar or RAT Beach.
- 2201 Via Carrillo #3C
- 2 bed, 2 bath, 1,840 sq. ft.
- Sold Price: $805,000
Furthermore, just like the Rolling Hills Estates example, the Via Carrillo condo option lives like a large single-family home that was had for half price of what lower quartile 1,800 square foot single-family homes sell for in Palos Verdes Estates. This buyer was able to have this one for just $437 a square foot relative to the median $740 a square feet in the area.
Rancho Palos Verdes Condos
There are loads of Rancho Palos Verdes condo options, but since we have focused a lot of attention on the northern, western, and top of The Hill, I will jump to the P.V. Drive South area.
Namely, I am focusing on condos in the Bay Club. These condos offer large apartment complex amenities from a club house, fitness center, and amazing pool along with units that have stunning views.
- 32759 Seagate Drive, #303-C
- 2 bed, 2 bath, 1,433 sq. ft.
- Sold Price: $800,000
- 32614 Coastsite Drive, #302-B
- 2 bed, 2 bath, 1,506 sq. ft.
- Sold Price: $960,000
The $800,000 Bay Club sale represents a 50% discount relative to single-family homes in the area which have trended at $1.632 million for 2019.
The $960,000 sale is a premium for a penthouse unit with fabulous views. At $637 a square foot, it is higher than the median $560 price per square foot for the single-family residential area, which shows that ocean view property still commands a high price.
I have claimed above that there are many condos like the ones mentioned in this blog that come throughout the year, and the same is true for the Bay Club. Take a look at a current listing that just cut below $800,000.
- 32709 Seagate Drive, #206
- 2 bed, 2 bath, 1,506 sq. ft.
- Asking Price: $799,000
This has similar views to the $800,000 sale mentioned above, and during this slow time of year, this listing has a chance to be stolen depending on the seller’s motivation.
Conclusion
To be able to acquire a roof over your head at 50%, 35%, and even 25% off the cost of neighborhood homes, it is hard to not be intrigued by Palos Verdes condos if you do not need the space of a home just yet.
Not to mention, there are instances where owning may even be cheaper than renting in this neck of the woods.
If you do not need the larger home but want to get started with home ownership, then Palos Verdes condos will be some of the best bang for your buck in the entire South Bay!
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]