7 Day Market Update- Hermosa Beach

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0 New Listings (click to see)
2 In Escrow (click to see)
4 Closed Sales (click to see)

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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ACTIVE
No new Active Listings

PENDING/BACKUP
             501 Herondo St #65 Listed for $780,000                                  3 bed/3 bath
501 2.43.18 PM 501 Herondo is a 75-unit complex located on the southern edge of Hermosa, bordering Redondo Beach and called The Mooring. #65 is the 3rd sale for this complex in 2014.
The 2 other sales (closed) this year were:
#2 (2 bed/2 bath, 1439 sq. ft.) $720,000
#46 (2 bed/3 bath, 1475 sq. ft.) $700,000

#65’s neighbor next door, #66, entered the market about 1 month ago at $849,000 ($69K more). It’s still actively for sale and has yet to find a buyer.

The highest recorded sale in this complex was back in 2005:
501 Herondo    $835,000     11/15/05
(See Hermosa Beach Condos-Where are they now?)

                 1942 The Strand Listed for $16,900,000                                   6 bed/2 bath
1942 This property is essentially a double lot. We’ve heard that 2 different homes will be built on this lot…one that will be a custom built, owner occupied home and the other will be developed as a spec home and resold. The sale is rumored to be in the $15 Million range.

We wrote about this property and The Strand earlier in the year right after this listing hit the market. Here what we said:
1942 The Strand is freshly on the market for $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. Even after city mandated building set backs and lot coverage rules…you can build a mega-mansion on this lot. The value is in the dirt, and this lot’s per dirt square foot is priced at over $2700. 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.
(See more about the strand at: Wow…$18 Million and Soaring)

CLOSED
           1639 Prospect Ave Sold for $1,385,000                                       3 bed/4 bath
Corner lot with lush landscaping and great curb appeal This one was in escrow shortly after hitting the market, fell out, went back into escrow, and now it has closed.
Guess what…after 64 days on the market; it still sold for over asking ($26K over asking)

     332 Ocean View Ave Sold For $1,535,000                                   4 bed/3.5 bath
332 After 2 months on the market and a start price of $1,620,000, this one is in the history books, closing at $1,535,000. It’s one of two newly constructed (2014) detached townhomes. The back unit recently closed at $1,530,000. The land was purchased in 2013 for $841,000. 434 Ocean View, a similarly sized 2001 built detached townhome sold for $1,150,000, just ½ block to the north (closed 2 weeks ago).

        535 11th St Sold for $1,695,000                                                3 bed/2.5 bath
Photo is of staged front unit at 533 11th St. Each unit varies o This is the second of these 3 newly constructed townhomes to close escrow!   Three other new construction, similarly sized townhomes on the corner of 11th/Cypress (1/2 block to the west) sold earlier this year for $1,549,000-$1,565,000. Also, 425 11th (3/3, 1850 sq. ft, 2002 Built) just sold for $1,425,000 ($770 per sq. ft.)

533 11th St.        $1,732,000    SOLD PRICE
535 11th St.        $1,695,000    SOLD PRICE
537 11th St.        $1,695,000    List Price, Still in Escrow

     1720 Ardmore Ave #203 Sold for $485,000                                2 bed/2 bath
1720 1720 Ardmore #203 went into escrow in less than 2 weeks and just closed.
There have been 4 other sales in this 70-unit complex this year in 2014.
#225   1 bed/1 bath             $397,000       774 sq. ft.
#222   1 bed/1 bath             $399,000       691   “
#221   2 bed/2 bath             $505,000       974   “
#101   2 bed/2 bath             $511,000       974   “
See Hermosa Beach condos

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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