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

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

33 Active Listings in Hermosa Beach
SFR- 27
TWNHS- 3
CONDOS- 3

Hermosa Areas:
Sand Section: 22 Active listings
Valley Section: 1 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

531 Loma Dr Listed for $2,699,000 4 bed/3.5 bath
531
Located in the Loma culdesac just north of South Park, this one sold last year for $2,199,000 (06/24/14) and previously sold in 2007 for $2,625,000. In general, we are past 2007 prices here in Hermosa…let’s see how quickly this one goes.

1152 8th St Listed for $1,149,000 3 bed/2 bath
Welcome to 1152 8th street!  Enjoy this AMAZING view!
This home sold in 2010 for $849,000. 5 years later and 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.

901 13th St Listed for $925,000 3 bed/2 bath
901
This property last sold in 1998 for $340,000. Currently, it is a probate sale, sold “as is,” however it doesn’t need court approval. This duplex is just a half block east of PCH with ocean views in the distance.

1130 11th St Listed for $989,000 2 bed/1 bath
1130
This one has a 2501 sq. ft. lot, a consistent lot size in this part of Hermosa and the adjacent Golden Hills area of Redondo. This home last sold in 2008 for $828,000.

315 26th St Listed for $2,250,000 6 bed/4 bath
315
This is a 3-unit 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’s most likely an investment or owner occupied purchase since the dirt, as a tear down, would be priced at close to $1100 per dirt sq. ft.

938 13th St Listed for $1,499,999 3 bed/2 bath
938
This single family is close to Pier Avenue, just east of PCH and has ocean views in the horizon. This property last sold in 2002 for $590,000.

IN ESCROW
427 2nd St Listed for $989,000 3 bed/2.5 bath
427
Just 8 days on the market and this one has a buyer. It last sold in 2005 for $820,000. The Mooring is a townhouse complex located just west of Valley Dr. and has 64 units. There have been several sales in this complex over the last year.

431 Hopkins Ave Listed for $1,875,000 2 bed/1 bath
431
It took over 3 months to find a buyer, but this single family with an 8902 sq. ft. lot, makes this prime to build. The property is back on the market this year. It was on the market last year for 390 days and listed at $1,899,000. It didn’t sell…however; it’s a brand new year. This property has big view potential from the Hermosa Hill looking west.

836 Beach Dr. Listed for $4,799,000 5 bed/3.5 bath
836
It took a little over 2 months to secure a buyer and now this one is in escrow. Beach Drive last sold for a cool $3M just 3 years ago. This house, featured on Bravo’s “Million Dollar Listing,” has high-end finishes; ocean views and is located 1 house or 50 feet from the sand. It’s listed for $1345 per sq. foot. Are we there yet…apparently we are! Nothing surprises me in this market?

714 Longfellow Listed for $1,300,000 3 bed/2.5 bath
714
8 Days and it has a buyer. This one last sold in 1996 for $320,000. It was on the market in 2006 for $1,150,000 but was canceled after just 14 days. Now back on the market and listed for $1.3M

88 18th St Listed for $3,300,000 4 bed/2 bath
88
This was a new active on our update last week and it already has a buyer and is in escrow. Located on one of the best walk streets in all of Hermosa, this duplex is factoring in location and proximity to the water in order to justify the price. It’s a big number…however supply and demand suggests that there are buyers for this type of location. These rarely come up for sale and the quick sale isn’t a surprise.

CLOSED
3225 Highland Ave Sold for $2,405,000 3 bed/2 bath
3225
Sold for just $6K over asking. It has a lot size of 1,920 sq. ft. and only took 6 days to go into escrow. This one last sold in 2004 for $1,015,000. That’s a nice jump up from 2004 pricing.

1738 Pacific Coast Sold for $949,000 2 bed/1 bath
1738
In escrow after only 5 days! And gone after less than a month for asking price. This is a single-family home right on the highway, however it has an elevated lot and potential for ocean views off in the distance over several buildings. If it was purchased as a tear down, and the dirt acquisition is $344 per dirt sq. foot. It seems rich for being right on the highway…however not much surprises me anymore.

1707 Pacific Coast Hwy #304 Sold for $575,000 2 bed/2 bath
1707
Sold for 10K over asking and closing in just 31 days. Currently, there is 1 other unit in escrow #125, which is a 2 bed/2 bath listed for $559,000.

909 3rd St Sold for $750,000 1 bed/1 bath
909
This one had an escrow fall out, but still managed to find another buyer and sell in just over 2 months. This property was last sold in 1998 for $188,000 and hit the market 10 years later in 2008, but didn’t sell for the $639,000 price tag.

446 Monterey Blvd #3F Sold for $1,104,000 3 bed/2 bath
446
$129K over asking for a CONDO! 446 Monterey is a 34 unit condo complex. This unit last sold in 2011 for $700,000. There were no sales last year (2014) in this complex and only 2 in 2013:
#2C Sold for $660,00 2 bed/2 bath 1133 sq. ft.
#1J Sold for $703,000 3 bed 2 bath 1331 sq. ft.

2324 Hermosa Ave Sold for $3,000,000 2 bed/1 bath
2324
This one sold quickly for a cool $3M and $50K over asking. This SFR with a lot size of 2453 sq. feet and a north Hermosa location ½ block to the sand is set to woo someone looking to build.
As a lot sale, this one is priced at over $1200 per dirt sq. foot.
2464 Hermosa Avenue. 1-block north sold for $3,750,000, it’s a 3104 sq. foot lot, just above $1200 per dirt sq. foot. 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. Do the math on what it costs to build and you can deduce why buyers are paying this much for the dirt.

3224 Hermosa Ave Sold for $6,425,000 2 bed/2 bath
Back entrance on Palm
Sold for 75K below asking price, and 238 total days on the market, this one is gone.
When it hit the market in August, this was our first report:
This single family is located in an A+ area of Hermosa. The price however, is breaking through the ceiling. It’s a 4247 sq. ft. lot with a 2 bedroom, 3 bath, 2800 sq. ft. home. The value is in the dirt and that price would make it over $1700 per dirt sq. ft. That’s a huge #. See Dirt value

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

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