7-Day Market Update- Hermosa Beach

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Celebrity’s and Athletes! The South Bay and more specifically Hermosa and Manhattan Beach, have had an influx of athlete and celebrity homeowners (Vince Vaughn, Jimmy Kimmel, Steve Nash, etc.) over the last few years. With its close proximity to Los Angeles and LAX airport, our little beach community has become highly desirable to “the industry” folks. This time, one of our celebs has decided to put their home on the market. Amy Smart’s (actress on “Felicity,” “The Butterfly Effect,” “Road Trip,” etc.) has decided to put her Hermosa Sand Section home on the market (see below).

It’s vacation time and the market has taken some time off. It’s very common for parts of August to be less active than it’s neighboring summer months. This year is no exception.
The question that remains is…will this September be as strong as the previous 2 years.
There are currently about 40 active listings (half of them in the Sand Section-20) in Hermosa and 19 properties currently in escrow. This equals just under 2-months worth of inventory, a relatively small amount historically. In early 2008, we had approximately 16 months (or more than 8 times) worth of inventory. The summer is wrapping up, the kids are heading back to school and this Sunday is the last summer concert on the beach (Beatles vs. Rolling Stones Tribute 5-8PM Sunday, August 24th). Where does the time go?

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 below to see the recent Active, Pending and Closed properties in HB.

NEW THIS WEEK (See photos below)
3 New Active Listings (click here)
1 New In Escrow (click here)
3 Closed Sales (click here)

There are 2 notable Active listings that have come up. Amy Smart’s (actress on “Felicity,” “The Butterfly Effect,” “Road Trip,” etc.) home at 205 2nd street, a 1617 sq. ft., 1976 built townhouse listed at $1,500,000 (almost $930 per sq. foot), and 577 18th, a 2 bedroom/1 bath single-family home on a 5011 sq. foot lot listed at $$1,699,000. Both of these properties will be breaking new ground if they sell at or near their list price.

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528 24th St. Sold for $1,815,000
528 24th St
528 24th street is located on the eastern part of the Sand Section as 24th heads
down hill towards Valley Drive. This has been a hot area in 2014. Buyers are flocking to this section of Hermosa Beach (See 555 21st sold for $4.4M a few months ago, 15K+Lot) as an alternative to the Manhattan Tree section, because the lots are typically bigger and the purchasing dollar can buy a bit more home and land. This property came out listed at $1,849,000 before closing this week and it last sold in 2007 for $1,535,000. That’s about a 20% increase, which is in alignment with or slightly under the local market average.

2052 Manhattan Ave. Sold for $4,600,000
2052 Manhattan
Hurray…it sold! This one was in and out of escrow. This was a beautiful home built by Lazar. It was a soft modern, beachy-plantation Tommy Bahama style home. That sounds like a lot, however it worked. This sale is helping raise the pricing bar in the middle Sand Section area. It sold for just under $1000 per sq. foot, which seems to be the new norm for a quality product, in a good location. They started out listed at $5.3M, quickly went into escrow and then fell out. The seller raised the price to $5.4M. Apparently the market spoke… they had more than one offer in the price range that it sold…hovering around the mid $4M’s. Now it’s one for the history books.

336 Ocean View Ave Sold for $1,530,000
336 Ocean View
Another quiet sale! This new construction property sold off-market. It seems well priced for new construction at $625 per sq. foot. It’s hard, if not impossible to find an almost 2500 sq. foot newly constructed townhome in the $1.5M range. It closed at $625 per sq. foot.

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Post by Darren Pujalet

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