7 Day Market Update and Weekend Open House List- Hermosa Beach

UPDATE_HEADER
As you can see by the following list…the selling season is well under way and the price of dirt is competing with the price of gold these days.

12 New Listings (click to see)
5 In Escrow (click to see)
7 Closed Sales (click to see)

38 Active Listings in Hermosa Beach
SFR- 23
TWNHS- 11
CONDOS- 4

Residential
Sand Section: 23 Active listings
Valley Section: 5 Active listings
East Hermosa: 10 Active listings
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This is a market snapshot of Hermosa Beach Real Estate over the last 7 days. We are not presenting these properties as our listings. Click the IDX link above to see the recent Active, Pending and Closed properties in HB.

NEW ACTIVE
706 2nd St Listed for $1,950,000 4 bed/3.5 bath
706
Brand new construction build just west of PCH with ocean views. This detached townhome is going for $788 per sq ft. Is that a big number…very likely. 633 and 635 5th street (2014 built) sold last year in the $580 sq. ft. price point for $1,575,000 and $1,600,000. The 5th street properties were over 200 sq. ft. larger as well as priced almost $400K less.

708 2nd St Listed for $1,975,000 4 bed/3.5 bath
708
The second townhouse on this lot offers a little more sq footage. It has ocean views from PV to Malibu. These sisters are located on a 4591 sq ft lot.
845 Cypress Ave Listed for $1,350,000 3 bed/1 bath
845
This home is a cute, original beach style cottage that is 5 short blocks to the beach. It’s priced at over $1000 per sq. ft. and $450 per dirt sq. ft. if you are factoring the dirt value. It last sold in 2004 for $765,000.

159 Monterey Blvd #A Listed for $1,099,000 3 bed/3 bath
159
This attached townhouse is located in a 4-unit complex. It has PV and ocean views. It last sold in 1987 for $187,000. That is a nice progression of value if it sells near the asking price.

1113 Monterey Blvd Listed for $1,599,000 2 bed/2.5 bath
This is the 3 unit complex from the street. the unit for sale is
This attached Townhouse is close to the beach, pier avenue and has great ocean and pier views. It was last acquired in 1988 for $375,000.

1220 Cypress Ave Listed for $2,149,500 3 bed/2.5 bath
Rendering of 1220 and 1222 Cypress Ave. New Contemporary Town Ho
New Construction on Cypress for $850 per sq. ft.! This seems to be fair market value…considering the view properties within 4 blocks of the beach are going for $1000 per sq. ft. and upwards. The front unit offers 2521 sq. ft., and a roof top deck with valley views. This project is still incomplete and are expected to be finished in late June of this year.

1222 Cypress Ave Listed for $2,195,000 4 bed/3.5 bath
Rendering of 1220 and 1222 Cypress Ave. New Contemporary Town Ho
The back unit of this new construction project on Cypress has an extra bed and bath.
These sisters will be ready in about 2 months.

635 6th St Listed for $1,375,000 3 bed/2.5 bath
635
This one was in escrow off-market and fell out. I suspect it will go back into escrow quickly. It last sold in 2003 for $678,500. The entire top floor (living area, kitchen, etc.) is wide open and has voluminous vaulted ceilings. It is the rear unit townhouse of a 3 on a lot and is located just west of PCH and offer views from the roof top deck.

807 20th St Listed for $1,395,000 4 bed/3.5 bath
807
This is the first time this one has been on the market since it sold in 2009 for $1,035,000. It is a detached townhome, part of a community of 7 townhouses. The neighbor next door (a 3 bedroom and 170 sq. ft. smaller) just sold for $1,100,000 last month.

948 3rd St Listed for $1,500,000 3 bed/2 bath
948
This Hermosa Hill property has panoramic ocean views and last sold in 2005 for $1,200,000. Its neighbor just down the street (915 3rd, 200 ft. smaller) is priced at $1,099,000 after 20 days on the market.

62 8th St #A Listed for $2,449,000 3 bed/4 bath
62
This home was built 10 years ago and sold for $2.2M as new construction. It was on the market last year for $2,295,000 and after 82 days it was taken off the multiple listing. This walkstreet townhome last sold in 2012 for $1,725,000…fast forward 3 years later to a $724K higher price tag, it’s back.

1707 PCH #409 Listed for $429,000 1 bed/1 bath
1707
#409 is 1 bed, 1 bath that has been remodeled and has small ocean views from the balcony. This unit last sold in 2007 for $409K
1707 is active this year:
#304 2 bed 2 bath Sold for $575,000
#125 2 bed 2 bath in escrow, list price $550,000

IN ESCROW
526 8th St Listed for $1,395,000 3 bed/2 bath
526
After 11 days, this single family home has a buyer. This one last sold in 2002 for $595,000. It came on the market in 2009 for $959,000 but didn’t sell and now it’s back.

315 26th St Listed for $2,250,000 6 bed/4 bath
315
5 days and in escrow! We just wrote about this one last week. It’s a triplex 3 blocks from the beach, on a lot that is now only zoned for single-family housing. This property hasn’t been on the market in decades. It’s on a pretty standard size sand lot (2476 sq. ft.). It most likely sold to a builder, even though the dirt is priced at $900 per dirt sq. ft. The price of dirt is competing with the price of gold these days.

1152 8th St Listed for $1,149,000 3 bed/2 bath
This coastal contemporary home is immaculate!
Another one we wrote about last week and predicted it would go quick. After 4 days on the market, it is in escrow. What we wrote:
This home sold in 2010 for $849,000. 5 years later, with a $300K increase in price (35%), it’s back on the market. This is an extremely popular price point and we are “all in” that this one will sell quickly.

336 34th St Listed for $1,495,000 3 bed/2 bath
336
Just over 2 weeks and it’s in escrow. This is a trust sale and the previous owner peacefully passed in the property. It’s located right on the northern edge of Hermosa and MB. I’m sure this one went well over asking based on its location and the list price (I’m guessing at least $150-200K over asking).

516 Prospect Ave Listed for $1,549,000 3 bed/3 bath
516
It only took 14 days to find a buyer for this single family home with ocean views. This one last sold in 2004 for $1,199,000 and has ocean views from inside and from its roof top deck. They maximized the 2593 sq. ft. lot with a 3136 sq. ft. home. Can you say….ALL home?

CLOSED
207 16th St Sold for $1,750,000 2 bed/2 bath
207
It only took 5 days to find a buyer. $50K over asking and all cash…this one is gone. It is the first time this was on the market in over 40 years. It last sold in the 1972 for $30,000. Can you imagine? This single family is close to the beach and has ocean views. The lot is 1520 sq. ft., so if they bought it at to tear it down, they will be paying close to $1151 per dirt sq. ft. It is a great location on a corner lot

2824 Hermosa Ave Sold for $3,400,000 2 bed/2 bath
2824
This sale took $300K more than the list price. The last sale was recorded in 1973 for $42K. It’s hard to even imagine a price that low. As a lot sale, this 2559 sq. ft. lot is priced at $1328 per dirt sq. ft., and is much higher than the 2 other recent Hermosa Avenue sales that were close to $1200 per dirt sq. ft.

2 Other recent lot value sales on Hermosa Avenue (SOLD):
Address Lot Size List Price Dirt sq. ft. price
2324 Hermosa Ave. 2435 sq. ft. $3,000,000 $1232
2464 Hermosa Ave. 3104 sq. ft. $3,750,000 $1208

Last year, 2056 Hermosa Avenue sold for $2,615,000 or $972 per dirt sq. foot. Recently, 2 newly constructed homes on the 2400 block sold for $4.5M and $4.8M.

736 Gould Ave #8 Sold for $1,255,000 3 bed/2.5 bath
736
$105K over list price got the deal down for this 1833 sq ft unit with ocean views.
This one resides in a 33-unit building, just west of PCH. #8 last sold in 2002 for $555,000. After 58 days on the market and an original list price of $1,129,000.
Unit #3, a 3 bedroom 2.5 bath, just closed at $1,004,250. Until this year, nothing in this complex has sold for over $1,000,000. There were 2 sales last year in this building:
#15 3 bed 2.5 bath for $950,000
#27 3 bed 3 bath for $830,000

1250 7th St Sold for $1,525,000 3 bed/2.5 bath
Front Exterior
Sold for $176K over list price, this is a charming cottage in the Hermosa Hill Section is about 10 properties west of Redondo. It last sold in 2010 for $1,100,000.

918 9th St Sold for $1,551,000 3 bed/2 bath
918
This property sold almost exactly a year ago in March 2014 for $1,475,000. 1 year and $76K more…it’s sold again.

831 6th St #2 Sold for $638,250 2 bed/1.5 bath
831
Sold for $9,250 over the list price, this condo is in a 6-unit condo complex located just east of PCH. #2 is a bank owned unit that was recently foreclosed on. It last sold in 2006 for $635K. The most recent sale in this complex was unit #5, which has the same specs as #2 and sold for $600,500 in January of 2014. However, it was on the market for 175 days.

1942 The Strand Sold for $15,000,000 6 bed/2 bath
1942
After 101 consecutive days on market this one has sold for $15M.
1942 The Strand hit the market in June of last year for a cool $18,000,000.
That is a big price tag for a home built in 1913, even if it is on The Strand.
However, its positive attributes are its northern Hermosa location, its corner/walk street situation and its 6,632 square foot lot size. The value is in the dirt, and this lot’s per dirt square foot is priced at over $2250. A very similar property on a corner, with a 6,200 sq. ft. lot sold in 2012 for $5,850,000. If you compare the two, that’s some extensive inflation. This is going to be the home of 2 new single-family Strand homes. The corner will be built custom and the inner unit will be built spec and sold upon completion. I’ve heard prices floated in the $16M range. If the market continues to increase in value, that # could go up.

1113 Valley Dr Sold for $1,080,000 2 bed/2.5 bath
1113 closed
Sold for slightly under asking price, (asking price $1,099,000), in just a few days. This townhome was on the market in 2009 for $939,000 but didn’t sell. It last sold in 2002 for $470,000. 1109 Valley (right next door in the same complex) is 1653 sq. ft. and sold last year for $985,000.

If you have any questions about the previous properties or any other properties here in Hermosa Beach or the South Bay area, please call me direct at 310-613-1690.
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