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    South Bay Home Buys at Low Prices

    May 5, 2023

    By: Richard Haynes

    The last couple of weeks I have focused the blog on high-end sales or expensive price per square foot homes with a broad-brush stroke. But what about LOW PRICE per square foot deals?!

    Today I am going to dive into a few sales at low price per square foot (PPSF) numbers so you can see opportunities that became deals for some buyers.

    I will conclude with active listings that may offer a similar opportunity.

    Discounted Rancho Palos Verdes

    These days we talk about home sales pushing $1,000 per sq. ft. and beyond for new homes, ocean views, or prime locations.

    That is far from the case in this completed Rancho Palos Verdes sale last week.

    11 Mela Lane

    • 4-beds, 3-baths, 3,024 sq. ft., 4,636 sq. ft. lot
    • Closed: $1,590,000 (April 28th)

    Good luck finding homes for $525 per sq. ft. on the regular. Furthermore, a move-in ready home over 3,000 sq. ft. with four bedrooms.

    This home sale does make some sacrifices being off busy Crenshaw and Crest Road, but hey, this Palos Verdes – it really isn’t that busy after 8:30pm for the most part.

    Pair that with being a PUD (planned unit development) – think Palm Springs developments – you do pay a small HOA but get amenities like a pool and tennis court.

    All in all, this is a wonderfully low PPSF buy in the heart of The Hill.

    Manhattan Beach Deal

    The YTD median PPSF in Manhattan Beach currently sits at $1,289 per square.

    We just saw the lowest price per square foot deal close last week and there is a ton of value.

    1341 17th Street

    • 6-beds, 3-baths, 3,381 sq. ft.,
    • Closed $2,400,000 (April 27th)

    Of the 67 closed sales in Manhattan Beach for 2023, just three have sold below $900 per sq. ft. This back unit townhome officially cleared for an ultra-low $709 PPSF.

    What’s more, this is a six-bedroom offering is almost 3,400 sq. ft.

    With the Manhattan Beach buyer market on fire for large single-family homes in the Tree Section and East Manhattan Beach, if you were willing to sacrifice for a townhome, this one offered a massive value on your dollar.

    That much room, move-in ready, and for just $2.4 million is going to be a great buy and it will be hard to find a better PPSF deal in Manhattan beach for the rest of the year.

    Even though the buyer went $200k over asking – it is a great buy.

    Stealing Rolling Hills Estates Views

    And finally, we end in Rolling Hills Estates where this big one-level, move-in ready home with massive panoramic views was had for another great deal.

    38 Deerhill Drive

    • 5-beds, 4-baths, 4,211 sq. ft., 22,755 sq. ft. lot
    • Closed: $3,000,000 (May 1st)

    The panoramic views here are quite substantial that many view properties are going to command at least $1,000/sf, but that is not the case here – where the property traded for just $712 a square foot and is certainly move-in ready.

    There is almost always a sacrifice on something like this, however, and that was little to no yard space with the views and the HUGE 4,200 sq. ft. home helped bring the price down.

    That said, 4,200 sq. ft. move-in ready home with panoramic views is not too shabby.

    I believe there will be similar deals like this in deeper PV Drive East and Mira Catalina submarkets (the “far away” Covid markets as I call them) but this location is closer to RHCC, Lomita restaurants and easier access the remainder of the South Bay.

    Current Low PPSF Opportunities

    Now to the juicy part where you can benefit from the highlights below of some interesting low PPSF home listings in our South Bay community.

    1540 Via Zurita, Palos Verdes Estates

    • 8,138 sq. ft., 6-beds, 7-baths, 21,220 sq. ft. lot
    • Asking: $5,158,000 ($663/PPSF)

    Now this is a massive home on a large lot with fabulous Palos Verdes Estates canyon and ocean views.

    On this same side and block of Zurita, there were large home sales at $813 per sq. ft. in 2023 and another at $942 per sq. ft. in July of 2021.

    The July of 2021 sale was an 8,700+ behemoth as well.

    All in all, there is meat on the bone with this one and it is asking essentially replacement value. If you are looking to be long term in Montemalaga and want to do some work, then this might be intriguing.

    Palos Verdes Estates is tricky on replacement values compared to other submarkets – so call me for more insight – but the previous comps make this PPSF a compelling consideration.

    1201 11th Street #A, Manhattan Beach

    • 3-beds, 2-baths 2,018 sq. ft.
    • Asking: $1,525,000 ($755/PPSF)

    Remember the huge MB town home at the lowest PPSF deal of the year above? Here’s another one at just $755 per sq. ft.

    While this listing is not as well located and has shared walls, good luck finding 3-bedrooms and 2,000 sq. ft. for much less than $1.6 million anywhere in Manhattan Beach.

    The low PPSF price is another great barometer for value in this expensive beach city.

    28876 King Arthur Court, Rancho Palos Verdes

    • 4-beds, 3-baths, 4,249 sq. ft., 9,991 sq. ft. lot
    • Asking: $2,795,000 ($657/PPSF)

    This small street just west of Wallace Ranch is a interesting at $657 per sq. ft.

    There was a plethora of sales back in 2021/2022 with comps at $723, $788, and one even reaching $976 a square foot, however, this one does not come without risks.

    King Arthur, pre-pandemic, sold for much less than those comps and could have been fueled during the pandemic markets.

    There is no view, and the yard is smaller than meets the eye.

    So, while this PPSF is an eye-catcher, one still needs to be careful if this submarket is re-setting back to its 2019 and earlier sales.

    It is intriguing but proceed with caution.

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