7 Day Market Update- Hermosa Beach

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2 New Active Listings (click to see)
2 New In Escrow          (click to see)
6 Closed                          (click to see)

After the close of 3 full quarters in 2014…the numbers are in. Prices are up (14%), the # of sales are slightly down (6%), new construction and building is on fire and living in Hermosa is more popular than ever (See 3rd Quarter report). There will always be people that want to buy and sell in Hermosa Beach, however the ratio is currently way out of balance. Inventory is still very low and there are far more realistic buyers than sellers. This has been the story so far for 2014 and a major element in why home prices have dramatically increased.

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.

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2411 Prospect Ave #209 Sold for $341,000                                                 1 bed/1 bath
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FOUR condos have sold in this 64-unit building (See condo blog) in 2014. That’s almost a 7 percent turnover in less than 1 full year. This sale represents the 2nd lowest sale in the entire city of Hermosa Beach this year.

1214 9th St Sold for $869,000                                                                     3 bed/2 bath
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This duplex has been on and off the market since April 11th, 2013. It has a 2-bedroom and a 1-bedroom unit with pro forma rents of approximately $3500 total. It’s the only multi-unit property that has sold under $1M this year.

2411 Prospect Ave #126 Sold for $420,000                                           2 bed/2 bath
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This 2 bedroom condo represents one of Hermosa’s most affordable 2 bedroom options. This is the new floor for a basic entry-level property with more than 1 bedroom, Hermosa schools and a Hermosa zip code. The HOA’s in this building are also relatively low at just over $300 mth.

1154 6th St Sold for $838,000                                                                     2 bed/1 bath
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Are there still bargains in Hermosa? 23 Single Family homes under $1Million have sold so far this year. Only 6 sold for less than this one. Located on the eastern Hermosa border near Redondo, this home sold for $209 per dirt sq. ft. (see dirt value blog), just in case you are only giving it land value (4003 sq. ft. lot). Depending on what the highest and best use is for this property, it may have been a well price acquisition.

628 Prospect Ave Sold for $1,095,000                                                             5 bed/ 3 bath

628 ProspectThis one finally hit the finish line after it’s June list date. We thought it would sell right away, although, just over 3 months isn’t really that long. This is a 3-bedroom/2-bedroom duplex. Even at lot value the dirt is only $171 per dirt sq. ft. That’s seems like a deal for beach sand…I mean dirt.

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Post by Darren Pujalet

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