We are proud and honored to report that the Manhattan Pacific Realty team is seeing a busy start to the fourth quarter. Many thanks to all of our clients and readers who put their trust in us.
In the coming week you can expect a new podcast taking a deeper dive into Q3 South Bay home numbers, a blog post on SB9 and SB10, and a newsletter going to press for those of you on our snail mail list.
This week’s blog will be a quick one, and a little out of character for the normal blog, as I will break down two personal new listings. Let’s get right to it…
Special Lunada Bay Charmer in Espinosa Circle
If you have never been to Espinosa Circle in Lunada Bay, then you are missing out on one of the most special pockets of Palos Verdes Estates. This community is a throwback to old times when neighbors all knew each other’s names and residents shared one another’s basketball hoops, soccer goals, and gather on a Friday night for an impromptu neighborly get-together.
This is your chance to check out our latest gem on Via Garfias.
- 1604 Via Garfias, Palos Verdes Estates
- 2 beds, 2 baths, 1,536 sq. ft., 6,630 sq. ft. lot
- Asking Price: $1,479,000
What is not to love about this one-level two-bedroom home?
It uniquely appeals to all sorts of buyers as it can serve first-time purchasers, forever home seekers, and even investors. There is loads of potential to improve over time or keep it as its charming self.
Check out its primary comparable that closed last month:
- 1701 Espinosa Circle, Palos Verdes Estates
- 3 beds, 2 baths, 1,720 sq. ft., 6,969 sq. ft. lot
- Sold Price: $1,535,000
After multiple offers, this home sold for $45,000 over-asking price and is currently undergoing a major remodel. Sure, it has a bit more square footage and an unofficial third bedroom, but it needs major work, is in a busier location, and its corner lot limited its back yard space in a big way.
I believe we are a more compelling option and hope to see a similar, if not better performance, in the final sales price when looking at the latest Espinosa Circle comp.
Come by and visit us this weekend from 1pm to 3pm. You won’t be disappointed at PVE’s most affordable single-family home.
Gated Community Blank Canvas in Ridgegate
If you are looking for an affordable gated community atop the Palos Verdes Peninsula, then look no further than Ridgegate at the elbow of Hawthorne and Highridge. For far below the one-million-dollar mark, you can snag a spacious townhome with four pools, three sport courts, gated security and all the conveniences of nearby parks, shopping, trails and award-winning schools.
This truly is a blank slate at an amazing price.
- 28026 Ridgebluff Court, Rancho Palos Verdes
- 2 beds, 3 baths, 1,083 sq. ft.
- Asking Price: $669,000
With interest rates this low, it is hard to imagine this one will last long in Rancho Palos Verdes.
Check out our two primary comps within the complex this year:
- 27955 Ridgecove Court, Rancho Palos Verdes
- 2 beds, 1.5 baths, 1,140 sq. ft.
- Sold Price: $700,000
- 28007 Ridgecove Court, Rancho Palos Verdes
- 2 beds, 2 baths, 1,152 sq. ft.
- Sold Price: $711,000
One of these units received multiple offers, while another was on the market for about two weeks before making a deal. No one argues that these were in better condition, but the asking price more than compensates a buyer to get a head start on a major rehab that at completion, would likely lead to a resale price higher than these units.
This listing is one for a buyer with vision and who can see the unbelievable value to secure a Palos Verdes address/pools/amenities for well under $700,000. You just don’t have an super low price like this every day.
A great investment opportunity and a price that is tough to come by on top of the hill.
We will be open here from 12pm to 2pm both Saturday and Sunday. You will be pleasantly surprised at the opportunity and compelling price.
See you next week!
Richard Haynes
DRE: 01779425
For more South Bay real estate insights, subscribe and follow Richard’s social channels below:
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]