With Thanksgiving quickly approaching, we are entering a traditionally slow period for real estate markets. So, I wanted to take this opportunity during the holiday week to show you some intriguing deals under $1 million in the South Bay. The holidays can be a great time to snag a deal!
Manhattan Beach
- 644 Manhattan Beach Blvd #10
- 2 bed, 2 bath, 841 sq. ft., condo
- Asking $880,000
Finding a home under $1 million in the Manhattan Beach market is not always easy, especially in this condo’s specific location. Technically, this home is located in the Hill Section, but it is a stone’s throw from the Sand Section and it is actually closer to downtown than most properties in the city.
There was a sale earlier this year at 644 Manhattan Beach Blvd #11 that received the same number as this asking price. If you believe the market is going to stay healthy, then landing this condo lower than its asking price could make for a nice holiday deal.
Rancho Palos Verdes
- 30504 Palos Verdes Drive West
- 13,416 sq. ft. lot
- Asking $499,999
Land deals are fraught with risk if you do not know what you are doing. This property is no exception even at the half million asking price. Palos Verdes still has raw land to sell, but most owners believe their lots are worth well over $1 million, which is what makes this lot intriguing. This particular owner at Palos Verdes Drive West understands that raw land requires time, money, and hard work and a low price is crucial to attract a buyer.
This lot has potential for a stunning ocean view home, but unfortunately, most of this lot is used for drainage and you would have to build into a steep hill. There are many expensive items due to the challenging topography of this lot, so one may even argue the lot is worth less. Although this property presents opportunity, there is much more due diligence required to ensure it is a safe bet.
North Redondo Beach
- 2623 Voorhees Avenue
- 3 bed, 1 bath, 1,194 sq. ft., single-family residential
- Asking $849,000
This charming home offers great bones and with little work, it could really shine. It may not the best location in North Redondo, but this property has long-term upside as a lot play.
With R3 zoning, this property supports two town homes. It is also a corner lot which normally means easier ingress/egress to build larger town homes. Is it a developer deal now? Absolutely not. But, if you like North Redondo and want a cute bungalow under $1 million, this is a good one to consider for now and into the future.
South Redondo Beach
- 1800 S Pacific Coast Hwy #30
- 3 bed, 3 bath, 1,622 sq. ft., town home
- Asking $899,000
Many know this town home complex for being built on top of a huge parking structure and restaurants. But outside of the mixed-use component, this complex is quite lovely once you get up to the residential area.
This particular property is turnkey and offers big bang for your buck in South Redondo. With a seemingly sluggish market and rising interest rates, the seller smartly listed just below comps to find a quick sale. It has now been on the market for a month and surprisingly, there have been no takers. If you are a believer that the market and economy will stay strong, then this is a good one to snag relative to 2018 comparable sales.
Palos Verdes Estates
- 2571 Via Campesina #A
- 2 bed, 2 bath, 1,335 sq. ft., condo
- Asking $699,900
This property is a flip, so buyers beware on the quality of finishes. That said, the seller seems to be very motivated since the property has been on the market since May and the price has been cut aggressively over the last few weeks to find a buyer.
If a buyer can snag this in the mid $600’s then they might be able to land a condo where the flipper did all of the work free of charge! Just make sure the updates are quality construction.
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]