7 Day Market Update- Hermosa Beach

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3 New Listings (click to see)
1 In Escrow (click to see)
2 Closed Sales (click to see)

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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
                   404 Hermosa Ave #1                                                        3 bed/2 bath
404
This condo has been completely remodeled (and they did a good job). The last 3 bedroom condo sale on Hermosa Avenue was last year for $801,000…just a few doors down at 412 Hermosa. This one should sell quickly based on its size, proximity to the water and the low inventory.

                                 909 Owosso Ave                                                           4 bed/3 bath
909This property last sold for $950,000 in 2003.
The comparable properties that sold in the last 6 months are:
628 Prospect     5/3      1956     6376     $1,095,000
909 21st            4/3      2356    4886     $1,305,000
840 20th            4/3       3442    3898    $1,770,000
This is a corner lot, which may add some value.

                             431 Hopkins Ave                                                       2 bed/1 bath
431This property is back on the market this year. It was on the market for 390 days and listed at $1,899,000. It didn’t sell…however, it’s a brand new year. This is almost a 9000 sq. ft. lot (8902), with big view potential from the Hermosa Hill looking west.

PENDING/BACKUP
                                                49 8th St #4                                       2 bed/2.5 bath
49 This one wrapped up quickly…even though it was during the holiday season. Serious buyers are still out during the Christmas/New Year time, and they often find better deals and have less competition. Rumor is that this one sold for over asking and with multiple offers.

CLOSED
                                                       63 18th St                     4 bed/3 bath
63 This property just sold off-market last year (2014) for $2,900,000 ($101K over the off-market list price). Now it’s sold for $400K more. The selling advantage on the northern Hermosa walk streets has to do with the law of supply and demand. These types of property rarely come up, making them more challenging to compare to other sales and creating an imbalance in favor of demand. There are only 6 walk streets north of Pier Avenue in north HB (less than 100 homes). It doesn’t matter what it sold for earlier this year. It’s worth what only ONE willing and able buyer will pay today.

                                       107 24th St                                                      2 bed/2 bath
107
This property sold quickly. It was a probate sale and subject to court approval and potential overbids…meaning someone has the option to buy it later through the probate court if they are willing to pay more than the current buyer. It’s a great location on a 2403 sq.ft. lot. It was listed for $2,000,000 and it sold at auction (with multiple buyers bidding) for $2,760,000 ($760K over the asking price).

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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Post by Darren Pujalet

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