7 Day Market Update- Hermosa Beach

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

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As you may have noticed from the activity below….the market is starting out strong and bullish again this year. Currently, the low inventory is helping to artificially drive up the demand. As of today, there are only 24 properties active on the market here in Hermosa, 16 are in escrow and over the last 30 days, 12 properties have closed.

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.

ACTIVE
136 Neptune Ave Listed for $2,250,000 3 bed/2 bath
136 136 Neptune last sold in 2013 for $1,725,000. Less than 2 years later, it’s on the market for $525,000 more. This is a 1510 sq. foot 1967 built cottage on a half lot. It’s located on the northern most street in the Hermosa sand section, bordering Manhattan Beach. The property comes with architectural plans for a future 3000 sq. foot dwelling with ocean views. Location is a huge attribute for this property.

902 6th St Listed for $1,475,000 4 bed/3.5 bath
corner lot with west facing ocean views Last sold in 2004 for 1.2M. It was listed in 2012 and didn’t sell, however the market is considerably better this time around and I think the outcome will reflect the difference.

551 3rd St Listed for $1,099,000 3 bed/2 bath
551 Last sold in 2003 for $709,000. It’s a 1539 sq. ft. tall/skinny home on a 2506 sq. ft. lot that was built in 1967.

596 1st St Listed for $1,325,000 3 bed/3.5 bath
596 This property was on the market for the same price last year, however it didn’t sell. I look forward to seeing how 2015 unfolds. This property will likely sell this year given the low inventory.

501 Herondo St #63 Listed for $799,000 2 bed/2.5 bath
501 What’s going on…3 units right next to each are for sale?
Now it’s unit #64 for sale. Unit 65 and Unit 66 are both currently on the market
#66 is Active Listed for $849,000 2 bedroom 2 ½ bath and 1,439 sq. ft.
#65 is in Escrow Listed for $780,000 3 bedroom 3 baths and and 1,446 sq. ft. (however it’s a probate listing)

PENDING/BACKUP
320 Hermosa Ave #101 Listed for $699,000 2 bed/2 bath
320 It’s hard to find anything in Hermosa west of Valley for $699K. This 13-unit building, located 1 block from the sand, was built in 1972. The last sale was a 2-bedroom on the 2nd floor looking west and sold for $10K over asking at $705,000.
It’s been on the market for 99 days, had a significant price reduction, and now procured a buyer.

40 7th Court Listed for $1,199,999 2 bed/2 bath
40
Only 15 days on the market before going into escrow. It’s 962 sq. ft. lot about ½ block to the sand. I’ve heard this one has multiple offers.

404 Hermosa Ave #1 Listed for $1,000,000 3 bed/2 bath
404 The last condo to sell in this building was unit #5 in 2013 for $685,000. This unit is almost double that at 1453 Sq ft. $One Million dollars may seem expensive for a condo, however it’s rare to see a $1M sale that is ½ block to the beach here in Hermosa.

402 31st St Listed for $2,399,000 3 bed/3.5 bath
402
402 31st is back in escrow. It originally hit the market last May 15th at $2,395,000, then fell out of escrow. It’s now back active on the market for $80K more than the original list price and after 123 days on the market, it has found a new buyer.

1106 Palm Listed for $2,199,000 4 bed/3.5 bath
1106
Palm has been on the Market for a whopping 661 cumulative days.
It has been listed twice before at $1,999,999 in February 2012 and December 2013, but didn’t sell. Now it’s listed for $200K more and found a buyer. This property is an attached townhome built in 2006.

CLOSED
537 11th Sold for $1,695,000 3 bed/3.5 bath
Photo is of staged front unit at 533 11th St. Each unit varies o This is the 3rd unit (back unit) of 3 brand new townhomes to sell.
The other 2 recently sold for:
533 11th-(front) $1,732,000 in November 2014
535 11th-(middle) $1,695,000 in December 2014

1502 Bonnie Brae Sold for $1,720,000 4 bed/3.5 bath
1502 After 218 days on the market and a start price of $2,200,000 this one finally sold for $1,720,000. It’s a large 4592 sq. ft. home that required a $480K price chop in order to cross the finish line.

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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