There are always trends in real estate.
Sometimes it is a color trend, sometimes it is an architectural trend, and some trends can last for years or just be a flash in the pan.
A trend this month seems to be one-level homes.
And in reality, one-level homes rarely go out of style or lose demand. If you study demographic trends, one can quickly ascertain why one-level homes may continue to see strong demand now and in the long term.
While there is no clear statistical metric to measure one-level home statistics, there are some interesting examples to study throughout the South Bay this month.
Let’s take a look at three March sales below.
South Redondo Stunner
The Avenues has been a highly desirable South Bay neighborhood for years. As a result, many of the original one-level bungalows are torn down to make way for larger homes that can command $3 million, $4 million, and even $5 million.
Since there is a shortage of remodeled one-level homes, you get a result as seen below.
502 Avenue D
3-beds, 2.5-baths, 1,847 sq. ft.
SOLD: $2,725,000
This absolutely beautifully redone property not only came out asking a premium price per square foot for the neighborhood, it sold even higher at $220,000 over asking price to an all-cash bidder.
What’s more, this was an undersized lot for the neighborhood.
But the buyer (and competing buyers) did not bat an eye. It was less about price and comparable sales, and more about a beautiful, move-in ready home with a one-level footprint.
Rancho Palos Verdes Estate Property
A similar story unfolds here but with an older, charming home.
12 Surrey Lane
4-beds, 2.5-baths, 3,217 sq. ft.
SOLD: $2,029,000
This property is large and likely intentionally underpriced to sell quickly. The good bones, view, and significant one-level plan over 3,200 sq. ft. is what stood out to the market’s buyers. If you have a remodel budget, then this can become an incredible property.
As a result, it sold for $131,000 over asking to yet another all-cash buyer.
The demand is truly overwhelming for one-level opportunities.
East Manhattan Bungalow
And finally, East Manhattan Beach which is known for beach bungalow sales that rarely survive the demolition ball due to the allure of newly constructed beach mansions. But not this one…
1417 21st Street
3-beds, 2-baths, 1,647 sq. ft.
SOLD: $2,150,000
Typically, an East Manhattan Beach land deal will go below $2 million to accommodate a profit margin for a developer, but not in this case.
This charming 3-bed bungalow went soundly above land value leading one to believe this one will be brought back to life in an improved one-level format.
Final Thoughts
These are just three bullish one-level examples completed to start off the month of March. Due to these premium sales, demand for a variety of one-levels will continue, in my opinion.
Time will tell.
P.S. My gorgeous Redondo Avenues listing just made a major price improvement of $400,000. It is worth your consideration if you are house hunting in South Redondo. The combination of size, location and price are unparalleled in the coveted Avenues. Don’t miss it!