7- Day Market Update- Hermosa Beach

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This week, the market has been a little sleepier. We only have 4 new Active listings on the market here in Hermosa, compared to 10, last week (See last weeks update). Even in the hot summer real estate season, it’s common to see a drop during the month of August, due to summer plans and travel before the kids go back to school. Although the market may be a bit calmer this week, our little beach town has been quite active. With the advent of the Discovery channels 1st annual Fin Fest, we hosted approximately 13,000 people on Saturday for the free concert series on the beach, with music superstar Jimmy Buffet headlining. On Sunday, another multi-thousand crowd showed up for the Australian John Butler Trio. We are very fortunate to have these concerts brought to us for free and coordinated by the owners of St. Rocke.

This is a market snapshot of Hermosa Beach Real Estate over the last 7 days. These are not our listings. Click the IDX link below to see the recent Active, Pending and Closed properties in HB.

4 New Active Listings   (click to see)
4 New In Escrows          (click to see)
4 Closed Sales                 (click to see)

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15 15th St #A Sold For $663,000
15 15TH ST
Hermosa411 thinks this was a good deal. How many places go up for sale under $700K that are with 100 feet of the beach…..not many! This condo is located in a 27-unit complex (Hermosa Beach condos) just north of Pier Avenue on 15th street. The last unit that sold in this complex was smaller (840 VS. 946 sq. ft.) and sold last October for $704,000.

643 6th Street Sold for $1,275,000
643 6th
This townhouse last sold on September 14th, 2008 for $1,000,000 …1 day before the U.S. stock market tanked.  Recently, it brought in multiple offers and sold for $76,000 over its $1,199,000 listing price. In 2014, more than ever in recent history, we are seeing over list price sales and All Cash offers. The market has changed.

2450 Hermosa Ave Sold for $3,250,000
2450 hermosa
With its 3rd trade since 2007, this Single Family home recently sold for below its list price. Imagine that! It sold for under $1000 a sq. ft., which seems like a potential deal for a 2001 built home on a decent northern block of Hermosa Avenue. We really liked this home. Just recently, 2056 Hermosa Avenue, a tear down property (What is Dirt Value) just down the street, sold for $2,615,000 or close to $1000 per dirt square foot.

2437 Manhattan Ave Sold for $4,000,000
2437 Manhattan
Another Off-Market sale. This home was built by LuAnn Development in 2009 and just traded for the 2nd time in a year. This time for $1125 sq. ft. It also sold last year in August for $3,266,000. Not a bad profit for owning the house for a year. In this market, a buyer may be willing to pay top price not to have to compete with other buyers and potentially lose out on a highly desirable property. Recently, 2052 Manhattan Ave. a 2014 built by Lazar home, ($5M and Up…Not on the Strand?) went into escrow. It’s another $4M+ property east of Hermosa Avenue.

Inventory still remains low with only 36 Active listings in the entire City of Hermosa Beach. Over asking price sales, All-Cash deals and multiple offer situations are very common in this market. See you next week.

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Post by Darren Pujalet

Darren has written 287 articles.

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