7 Day Market Update- Hermosa Beach

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2 New Listings (click to see)
8 In Escrow (click to see)
3 Closed Sales (click to see)
The market is heating up already this January. In previous years, the activity usually starts to pick up steam in the beginning to middle of February. Recently, the Hermosa Beach market never slowed down over the holidays and the momentum continues to throttle forward. The FED continues to signal that interest rates will go up later this year, however there are conflicting opinions about whether that will happen. Low inventory continues to be the same old headline as it has been for the last several years.
I look forward to seeing how the year unfolds and I remain bullish in 2015.

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
pending
Closed
Open

NEW ACTIVE
909 3rd St. Listed for $799,000 1 bed/1 bath
3rd
This property was last sold in 1998 for $188,000 and it hit the market 10 years later in 2008 for $639,000, but didn’t sell. It’s a 1924 built, 1-bedroom, 1-bath, 504 sq. foot house. It’s most likely a lot value acquisition. Let’s see what the south Hermosa lots are going for?

2411 Prospect Ave #210 Listed for $399,000 1 bed/1 bath
2411
There are 64 units in this building. They are typically the most affordable properties in Hermosa Beach. This condo was bought last year for $338,000. It looks like some upgrades were added and now it’s back on the market for $61K higher. Let see if the market agrees.

PENDING/BACKUP
825 18th St. Listed for $1,185,000 3 bed/2.5 bath
Spanish style duplex with separate private garages.
This listing was last sold in 2011 for $900K and was back on the market last year at $1,299,000; but didn’t sell. This time it’s back for $64K less and went immediately into escrow, signaling that the deal was done off-market before hitting the MLS.

1649 Monterey Blvd. Listed for $4,495,000 5 bed/5 bath
1649
1649 Monterey has huge views from the top of Monterey. It’s price at almost $1000 per sq. foot, however this 4561 sq. ft. home offers a lot for the price tag. These types of homes are limited in supply. See $5M not on the strand
It was on the market for 85 days before going into escrow; however, most of that time was during the holiday season.

2222 Hermosa Ave Listed for $4,499,000 5 bed/1/3/2 half bath
2222
This one last sold in early 2012 for $2,735,000. Now, less than 3 years later, it came back up on the market with a 64% markup and went into escrow right away. These north Hermosa avenue properties are highly coveted. Supply (limited) and demand is in favor of the seller once again! There are 2 newly constructed properties on the 2400 block that sold for $4.5 and $4.8 within the last year.

902 6th St Listed for $1,475,000 4 bed/3.5 bath
corner lot with west facing ocean views
902 6th sold quickly this time! My guess is that it went $25-30K over the asking price.
Here is what we wrote about it last week:
This one 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
Rumor is this one had over 10 offers. It’s a 1539 sq. foot house on a 2500 sq. lot, however it’s a single family west of the Highway and 5 blocks to the water. I’m sure it bid up. It last sold in 2003 for $709,000.

136 Neptune Ave Listed for $2,250,000 3 bed/2 bath
136
That was quick, 10 days and it’s in escrow…location and ocean views!
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.

931 Manhattan Ave Listed for $2,095,000 4 bed/3 bath
931
Less than 2 weeks on the market and it’s in escrow! We sold the property next door last year for $1,810,000 (same lot size and with slightly more annual income). There is a huge demand for income property at the beach right now.

227 29th St Listed for $2,250,000 4 bed/4 bath
227

Last sold in 1987 for $385,000 this one quickly went into escrow after only 16 days.
Recent comparable properties:
246 30th $2,200,000 This one sold for dirt value. Construction is already underway
350 33rd $2,250,000 Duplex…3 bedroom and a 2 bedroom.

CLOSED
501 Herondo Drive #65 Sold for $755,000 3 bed/3 bath
501
Now unit #65 for has closed. This unit finally sold at $755,000, $25K less than list price. Last week we talked about unit #64:
Unit 64 and Unit 66 are both currently on the market and Active
#64 is Active Listed for $799,000 2/2.5 1439 sq ft.
#66 is Active Listed for $849,000 2/2.5 1439 sq. ft.

942 10th St. Sold for $1,130,540 2 bed/2 bath
Spanish style duplex with separate private garages.
That didn’t take long. 942 10th street is a duplex with TWO 1-bedroom units, renting in the $1500-2000 range. This property last sold as a SHORT SALE in 2012 for $720,000. That’s over $400K in less than 3 years. This market continues to heat up.

49 8th St #4 Sold for $1,421,000 2 bed/2.5 bath
49
The final price tag was $22K over asking. This unit was on the market in 2006 for $1,329,000 and didn’t sell. It last sold in 1997 for $357,000. It’s a 1500 sq. ft. condo in a 4-unit complex located west of Hermosa Avenue, 1/2 block to the sand. There is a lot of demand for property this close to the water.

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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