Last week I covered the tepid start to inventory this spring selling season. Luckily, we are starting to see more South Bay home listings as this week began with a surge of 20 new listings debuting on the Palos Verdes Peninsula in a matter of two days. Easily the largest rush of new inventory in Palos Verdes for 2024.
New listings are also rolling out in Redondo Beach, and we hope to see that trend continue in Hermosa and Manhattan Beach as the week rolls on.
Shifting gears a bit this week, I am covering the highest and lowest sales of the first quarter of 2024. This is a fun post to write but there are also read-throughs that can be gleaned from this type of research, even if it is a small bit of insight.
Manhattan Beach
- 5-beds, 5.5-baths, 5,400 sq. ft.
- Sold: $7,550,000
On the market for the third time in five years, this 2019-built spec on Fisher resold as Manhattan Beach highest sale of the quarter. Its sales history is as follows: $6.5 million (2019), $6.55 million (2020), and $7.55 million (2024). In theory, this is a barometer for true appreciation in the Sand Section (about 16% over 4.5 years), but it is likely not as accurate because it is so, so difficult to resell spec properties in a short period…let alone three separate times.
- 2-beds, 2-baths, 881 sq. ft.
- Sold: $1,025,000
Many people would say it is impossible to find a Hill Section / Sand Section home for one million dollars, but it is attainable at the 1117 Pacific Avenue condo complex. This unit sold in four months, taking a $74,000 discount. While the overall price is pretty fabulous when it comes to Manhattan Beach real estate, it is still a pricey $1,163 price per square foot!
Palos Verdes Estates
- 6-beds, 7-baths, 10,000 sq. ft.
- Sold: $10,800,000
This is officially the highest sale in all the South Bay to kick off 2024. A massive 10,000 sq. ft. home and over one-acre estate, amenities include a saltwater pool, 1,000 bottle wine cellar, and incredible Queen’s necklace and Los Angeles views. While a significant sale for the South Bay, the price per square foot was kept in-line at $1,080 a square.
- 2-beds, 2-baths, 1,289 sq. ft.
- Sold: $940,000
Smack dab in the middle of Malaga Cove Plaza, this 2-bed condo on Via Campesina was sold for under $1 million which is quite a nice deal. Not just a nice pick-up at $729 price per square foot, but walkable to the plaza’s eateries, RAT Beach, and the Palos Verdes Golf Club, not to mention trails galore.
Redondo Beach
- 5-beds, 5.5-baths, 3,740 sq. ft.
- Sold: $3,200,000
We are used to seeing much higher sales in Redondo Beach, especially South Redondo. Typically, you can find an Avenues home, Esplanade or special property that clear $3.5 million…and sometimes close to $10 million. Not this month as it seems luxury listings in Redondo are a bit slow.
- 1-bed, 1-bath, 669 sq. ft.
- Sold: $660,000
You have got to love the range of Redondo Beach. I always rave about the housing stock in this city where one can find $10 million homes on the beach to 1-bedroom condos just a few blocks away for a little over half a million. This sale is one of those examples that you love to see.
Rancho Palos Verdes
- 5-beds, 6-baths, 7,100 sq. ft.
- Sold: $7,040,000
This massive home with massive ocean views has had an interesting journey ever since being sold for $8.4 million back in September of 2020. Over the course of many listings, this home was put back on the market at $9.9M, $10.9M, 11.4M, $6.9M, $7.6M…until it finally sold for just over $7 million. Not only was it the weirdest pricing up and down, but the final sale ended up easily was a $1.5 million loss for the seller, if not much, much more.
6542 Ocean Crest Drive Unit #C111
- 1-bed, 1-bath, 778 sq ft
- Sold: $550,000
Another lower-priced listing selling just over a half a million dollars that you love to see for affordability purposes. 😊
Hermosa Beach
- 5-beds, 4.5-baths, 3,924 sq. ft.
- Sold: $5,900,000
This beautifully built North Hermosa Beach home spent just a few months on the market starting at a $6.3 million asking price, eventually closing for $5.9 million. For an 11-year-old build, this home still looks darn gorgeous for all the weather it has endured by the beach. That was reflected in the price per square foot coming in at a whopping $1,503 per square foot which reflects the location, views, and quality of contortion.
2411 Prospect Avenue Unit #211
- 1-bed, 1-bath, 740 sq. ft.
- Sold: $600,000
An East Hermosa sale yielding another low price. Yes, you can find ultra-low prices in the priciest of beach cities like Hermosa Beach. Be patient and another in this building may come for you.
Rolling Hills Estates
48 Empty Saddle Road
- 6-beds, 6-baths, 4,473 sq. ft.
- Sold: $4,600,000
Backing up to Rolling Hills Little League and adjacent to the Empty Saddle Club, this almost 4,500 sq. ft. residence on over a half-acre ranks as the highest sale in Rolling Hills Estates this quarter. Clocking in at $1,028 price per square foot, this listing debuted in September and was one of the first closings of the year in Rolling Hills Estates.
3604 W. Estates Lane Unit #303
- 1-bed, 1-bath, 659 sq. ft.
- Sold: $450,000
The most affordable home sale in all the beach cities / peninsula combined wraps up this post. It is stunning to see a Palos Verdes option selling for under a half million dollars, however, a small 1-bedroom in The Estates is within the comparable sales range, so it is no surprise when researching historical values.
Final Thoughts
There you have it!!! The high/low sales of 2024’s first quarter.
You have got to appreciate the affordability of some of the low sales in each of their respective markets, and there are some telling signs with the high sales as well.
See you next week.
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]