With the Fourth of July holiday this week, the real estate market has taken a short pause. I wanted to take this time to share a few quick notes on local happenings throughout The Hill and Beach Cities that could impact the surrounding real estate market.
Palos Verdes Peninsula/Rolling Hills
The famed Hacienda de la Paz at 1 Buggy Whip Drive in Rolling Hills is finally going to auction. After five years of being on and off the market, it looks like the Seller is going to let market forces determine the value.
Originally asking $53,000,000 in 2013, the 7.4 acre Spanish estate is currently on the MLS asking $40,000,000. Per the MLS and auction website, the “auction without reserve” is to begin on Thursday, July 26th. Good luck to all!
Manhattan Beach/El Porto
El Porto has received some good news and some bad news.
The good news: Manhattan Beach City Council unanimously voted to move forward with the formal process to underground utilities in El Porto. This process is far from complete but this is a welcomed development for many residents in the area.
The bad news: The West Basin Municipal Water District has posted a 1,000-page report of a draft environmental impact of a desalination plant on the border of Manhattan Beach. Its location would be in El Segundo along Vista del Mar on the northern border of El Porto. Many residents in this area are not happy about the potential new plant. This would be a blow to the El Porto neighborhood that already deals with plenty of industrial facilities to the north.
Hermosa Beach is currently in the planning stages of the “Greenbelt Infiltration Project.” The project is designed to treat runoff from the Herondo drain, which causes high bacteria levels to local beaches.
Hermosa Beach residents have been up in arms as the project will be located on the Greenbelt stretching from 2nd Street to Herondo along Valley. Construction noise and potential structural damages from the proposed 12-month project has owners at the adjacent properties upset.
Redondo Beach/Waterfront (The Pier)
The Redondo Beach Waterfront and Pier developer CenterCal has designed a revised proposal offering a much smaller project. After numerous lawsuits, judge orders, and ongoing Coastal Commission review, it looks as if some progress is being made in bringing the project together.
No question, this is one of the most contentious topics in the South Bay and a very long way from being approved. This process still requires a multiple year time frame for any meaningful construction to occur at the Redondo Waterfront.
Keep tabs on these stories in the coming months as they will likely have an impact on the South Bay real estate market. The Rolling Hills auction should have an immediate impact on values, while the Redondo Beach Waterfront could be five to seven years out and perhaps longer before it will have any meaningful effect.
I hope everyone had a safe and happy Fourth of July!