Looking back at South Redondo real estate over the past six months, town homes over 1,600 sq. ft. have been very popular. Over that span of time, there have been six closed sales, three properties currently in escrow, and no inventory on Catalina Avenue (except for my new listing that hit the market today).
Catalina Avenue is a long street west of Pacific Coast Highway starting from the border of Redondo Beach/Torrance, running all the way north to the Redondo/Hermosa Beach border. I like to separate Catalina Avenue in two:
- South of Knob Hill
- North of Knob Hill
To South Bay locals, being north or south of Knob Hill is obvious. South of Knob Hill is more residential, has slower traffic, and is closer to Riviera Village. North of Knob Hill is denser with more commercial property, has heavier traffic, and farther to Riviera Village.
South of Knob Hill
There have been two sales in the last six months south of Knob Hill:
- 1010 S. Catalina Ave #C
- 3 bed, 2.5 bath, 1,642 sq. ft., 1980 build
- HOA: $400/mo.
- Sold for: $1,149,000 ($699/PPSF)
- 718 S. Catalina Ave #4
- 3 bed, 2.5 bath, 2,200 sq. ft., 1979 build
- HOA: $250/mo.
- Sold for: $1,243,000 ($565/PPSF)
These two sales are similar when it comes to location and bedrooms; however, the glaring difference is that 718 S. Catalina Avenue is bigger by a whopping 550 sq. ft.. Both properties also needed updating, but 1010 S. Catalina Avenue needed it most and will likely spend around $100,000 in updates.
These two sales show us that even though you may have a bigger floor plan, the number of bedrooms will ultimately decide your value. As a result, the larger unit was sold at a significantly reduced price per square foot.
Knob Hill Sales in Escrow
Now, let’s look at the sales South of Knob Hill currently in escrow…
- 1005 S. Catalina Ave #A
- 3 bed, 2.5 bath, 1,760 sq. ft., 1990 build
- HOA: $330/mo.
- Asking: $1,100,000 ($625/PPSF)
This property above is by far the most interesting pending sale. It is located on the same block as the above 1010 S. Catalina Avenue sale, but is larger, updated, and has a more affordable HOA. The caveat, however, is that it took almost two months to make a deal at a $50,000 discount to its closest comparable sale across the street. Hmmm…
The only reason I can justify the discount in price is that 1005 S. Catalina Avenue came on the market in December which is a tough time to sell. It is also in a building with seven units rather than four. But still, an updated town home with more square footage taking a discount to a neighboring comp is an interesting clue into this market.
- 1309 S. Catalina Ave #B
- 3 bed, 3 bath, 1,963 sq. ft., 2000 build
- HOA: $200/mo.
- Asking: $1,500,000 ($764/PPSF)
- 1208 S. Catalina Ave #B
- 4 bed, 3.5 bath, 3,090 sq. ft., 2006 build
- HOA: $225/mo.
- Asking: $1,735,000 ($561/PPSF)
The 1208 S. Catalina Avenue sale really puts into perspective how much the extra square footage and bedroom can take your sale to the next price level. This home offered a compelling ask, in terms of price per square foot, for the market over last six months…even though the buyer may end up getting a bigger and nicer home!
North of Knob Hill
There have been four sales North of Knob Hill over the past six months…
The first three sales are all comparable due to their similar sizing ranging from 1,800 to 1,933 square feet.
- 718 S. Catalina Ave #1
- 3 bed, 2.5 bath, 1,903 sq. ft., 1979 build
- HOA: $250/mo.
- Sold for: $975,000 ($512/PPSF)
- 206 S. Catalina Ave #D
- 3 bed, 2.5 bath, 1,933 sq. ft., 1990 build
- HOA: $250/mo.
- Sold for: $1,000,000 ($517/PPSF)
The comparable property sale of 206 S. Catalina Avenue sold at a similar bargain price due to the fact that it was not only on Catalina Avenue, but also near Torrance Blvd. Although it did not need updates now, it would in the near future. It went on and off the market for months and eventually sold at a discount to an all-cash buyer. Still, your money goes far on Catalina relative to many other locations by the beach.
- 730 S. Catalina Ave #A
- 3 bed, 2.5 bath, 1,800 sq. ft., 1988 build
- HOA: $375/mo.
- Sold for: $1,190,000 ($661/PPSF)
- 302 S. Catalina Ave #9
- 3 bed, 2.5 bath, 2,542 sq. ft., 1992 build
- HOA: $582/mo.
- Sold for: $1,299,000 ($511/PPSF)
Both 718 Catalina Avenue and 730 Catalina Avenue are on the same block and again, we see a wide range of sale prices with one going at $975,000 and another going at $1,190,000. This time, it makes a lot of sense. The lower priced sale needed a bunch of work, was an older building, and located in a complex with more units. The discount was warranted and with an ultra-low close price. $512 PPSF is about as good as it gets west of PCH for property under $1 million.
Catalina Town Homes are a Deal
If you are willing to deal with a slightly busier street, but not a main thoroughfare, you are going to get a great bang for your buck on Catalina relative to the other neighboring streets in South Redondo. Below is the range of price per square foot on Catalina (north and south of Knob Hill), along with the median price per square foot per area in Redondo Beach for comparison purposes:
- South of Knob Hill
- $561 – $764 PPSF
- North of Knob Hill
- $511 – $661 PPSF
- West of PCH
- $690 PPSF
With the exception of one current escrow on Catalina south of Knob Hill, all sales and pending escrows are below the median price per square foot for all other property West of PCH. In fact, the upper 50% of sales in the area over the last six months have all been priced at $700/PPSF or higher with many pushing into the $1,000/PPSF range. Catalina offers a screaming deal compared to those homes.
New Catalina Listing
Take a look at my gorgeous remodeled listing on Catalina.
- 425 S. Catalina Avenue #3
- 4 bed, 3 bath, 2,298 sq. ft., 1983 build
- Asking: $1,099,000 ($478/PPSF…WOW!)
This updated four bedroom town house is huge with almost 2,298 sq. ft. of living space. It has a finished loft that can be used as a fourth bedroom or office and is located near Veteran’s Park.
The PPSF comes out to an insanely low at $478, which would be one of the lowest price per square foot listings not only West of PCH but in all South Redondo…and it is turnkey!
This is a can’t miss opportunity that should go fast. Come take a look this weekend at my open house, both Saturday and Sunday from 1 to 3 p.m.
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]