The second quarter is the South Bay home market’s most important quarter as it is the busy “Spring Selling Season” that normally sets the tone for the remainder of the year.
This week, I am going to feature the highest and lowest single-family home sales in a variety of markets from Manhattan, Redondo, and Hermosa Beaches to Rancho Palos Verdes and Palos Verdes Estates.
Last week, there were a few impact sales that caught my eye as major needle movers throughout the South Bay (both high & low sales), but since they occurred in July, we will save them for future blog posts.
In case you missed my quarterly report, you can check out all the Q2 South Bay housing details on my podcast at The Richard Haynes Real Estate Show or go to my previous blog post.
Manhattan Beach Q2 High/Low Sales
Readers love seeing the top sale price in Manhattan Beach so that’s where we will start.
High Sale
1012 Pacific Avenue
6-beds, 7-baths, 9,278 sq. ft.
SOLD: $14,900,000
Built in 2009, this Nantucket-inspired home on a nearly 12,000 sq. ft. lot was the highest sale price for the quarter in the tony beach city.
What might be more impressive than the price is that it sold in just eight days after asking $16 million and landed an impressive $1,605 price per sq. ft. in the desirable Hill Section. Many transactions in this submarket sell off-market, but this result might get owners to consider going to market with fantastic results like this.
Low Sale
1616 18th Street
3-bed, 2-bath, 1,356 sq. ft.
SOLD: $1,700,000
Honestly, I think this is one of the most solid single-family home deal in Q2 in all of Manhattan Beach.
The price per sq. ft. is nothing to write home about, especially with the major upgrades needed, but this 18th Street location backing up to Manhattan Beach Middle School, ball fields, and Polliwog Park is awesome. Not to mention a beautifully lit south-facing backyard.
Good luck finding a livable home under $2 million anywhere in East Manhattan Beach, and with some thoughtful upgrades here, low $2 million resale value is there, making this a great buy with a nice chunk of room to reinvest into the property to make it shine.
Palos Verdes Estates Q2 High/Low Sales
Onto Palos Verdes Estates and some equally impressive sales.
High Sale
1420 Paseo La Cresta
6-beds, 10-baths, 11,332 sq. ft.
SOLD: $10,600,000
This 1992-built Tuscan villa estate sits on 35.000 sq. ft. of land and had it all. Expansive yard with mature landscaping, pool, views, and the list goes on and on.
Another huge sale that took just 36 days to make a deal and closed with a quick discount to its original $11,888,000 asking price.
Low Sale
2610 Via Pacheco
3-beds, 2-baths, 1,721 sq. ft.
SOLD: $1,900,000
This home was priced insanely low (intentionally) at $1.499 million. There were major repairs needed in the disclosures like a potential roof replacement, among others, and so the price was designed to create a market-induced feeding frenzy.
In the end, the listing closed for $1.9 million, which is probably around the right price if it needed $100k to $200k worth of work. I am not privy to the exact repair details but landing an SFR under $2 million in Palos Verdes Estates is never easy work these days.
Hermosa Beach Q2 High/Low Sales
Next up is Hermosa Beach where the low sale is just four properties from the beach and lower than the previous low sales by a mile.
High Sale
707 24th Place
5-beds, 5-baths, 5,000 sq. ft.
SOLD: $7,750,000
This was a spec home that sold off-market and was uploaded to the MLS for comparable sale purposes. Only one picture and not much more to it other than a Hermosa Valley location (likely with views and a wonderful, oversized lot) that landed $1,550 price per sq. ft.
Low Sale
39 10th Street
1-bed, 1-bath, 730 sq. ft.
SOLD: $1,250,000
Just four lots from the beach and right next to the famous Hermosa Beach pier for just $1.25 million off-market. Wow!
It is a “wow” because no one ever expects to see a sale this low by the beach, but there are reasons for it that make sense. The current home is just a 1-bed/1-bath and likely could only accommodate two bedrooms at maximum, the lot is incredibly small at 1,434 sq. ft., and of course, there are risks of this home being historical or tough to tear-down/change substantially.
Regardless, to own 700 sq. ft. of home and a 1,343 sq. ft. slice sand in one of the most expensive beach towns in the country, this might be a smoking hot deal…or, it could be a dud loaded with repairs and restrictions.
But who really knows? Only time will tell.
Rancho Palos Verdes Q2 High/Low Sales
Up next we’re moving to Rancho Palos Verdes with its high/low sale for Q2.
High Sale
51 Albero Court
6-beds, 5-baths, 5,182 sq. ft.
SOLD: $4,150,000
This 1991-built Mediterranean home is perched above Terranea Resort, offering views, access to hiking/trails, and Rancho Palos Verdes’ fabulous ocean coves.
While it is the priest sale in Rancho Palos Verdes for the quarter, it was another very efficient sale like all of our top sales in each city, inking a deal in just 32 days.
Low Sale
1855 Homeworth Drive
2-beds, 1-bath, 807 sq. ft.
SOLD: $1,000,000
It is not every day you see a single-family residence in Palos Verdes sell almost below $1 million but that almost happened in Q2.
A tiny 2-bed home in the Rancho Palos Verdes/San Pedro trade area, known as Eastview, sold for $1 million; not for its small home but for its sizable 11,282 sq. ft. lot that is conveniently located to the 110 freeway for commuters.
Redondo Beach Q2 High/Low Sales
And last, but certainly not least, Redondo Beach with its Q2 high/low sales.
High Sale
221 Avenue D
6-beds, 6.5-baths, 5,606 sq. ft.
SOLD: $4,200,000
Another off-market sale by the beach.
This time the off-market transaction was in South Redondo west of PCH. An “Avenues” double-lot home sold after listing for the same price back in early 2021 as the Covid home market was beginning to take off. It was pulled from the market, which back at the time, seemed like a very high price and why it failed to sell…but the market had changed today finding a buyer.
Honestly, this feels like a give-away as two side-by-side lots at $2.1 million each seems like an OK deal just for the dirt. Instead, you also get a 5,600 sq. ft. home thrown in.
Now the price does not pencil dirt value as new construction comps on standard lots are hard to find west of PCH, but to enjoy the sizable home and double lot, the “land bank” is an easy win over the next decade.
Low Sale
2023 Ripley Avenue
3-beds, 1.5-baths, 1,100 sq. ft.
SOLD: $995,000
A one-day deal! Lol.
I am not sure one day on market is the right amount of time on the MLS to make a deal on a single-family home under $1 million, but I did not get through this undersized fixer on a busy cut-through street.
All in all, this buy is based on the upside from repairs and not having the tough location bother the buyer, so the quick deal may have been a nice win for the seller based on their motivations.
Final Thoughts
There you have it! The high and low sales for Q2 in our local South Bay housing market.
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]