7 Day Market Update- Hermosa Beach

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It’s Labor Day Weekend and Fiesta Hermosa.
Another great weekend here in our beautiful coastal community. Fiesta Hermosa, put on by the Hermosa Chamber of Commerce, started back in 1972 and has become the largest Arts and Crafts Fair in Southern California. Each year it attracts over 300 vendors and 10’s of thousands of people every Labor Day weekend who come down to enjoy the 80-degree weather, 2 stages of music, the beer garden, food court, the sun and ocean breezes.

As for Real Estate, the market is still on vacation. Typically the end of August is a bit quieter than the rest of the summer months and picks back up after Labor Day weekend. Let’s see what happens over the next few weeks?
Here is what happened this past week.

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)
1 Active Listing (click to see)
5 In Escrow (click to see)
3 Closed Sales (click to see)

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Hermosa Inventory over the last 3 years
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Inventory is still low!

1207 8th St Sold for $1,100,000
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Another Over List Price Sale! This home was listed at $1,025,000 and recently closed for $75K over the list price at $1,100,000 ($516 sq. foot or 7 ½% over the asking price). This is what is happening in today’s market if a desirable home is priced right. It last traded in 2004 for $985K.

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1648 Palm Drive Sold for $1,200,000
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Another OFF-MARKET sale! Close to 25% of our sales this year have happened off-market. It’s a new era of the “make me move” type seller. Some sellers will sell if they can get their price, however they may not want to show the property on the open market or disturb their current tenants. Buyers will often pay a premium to not have to compete with other buyers on the Open market. Off market sales can be a WIN-WIN for both the buyer and seller. This property was a small (1196 sq. feet) single family home on an undersized ½ lot (1346 sq. feet).

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1720 Ardmore #221 Sold for $505,000
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1720 Ardmore “The Apple Tree” is one of Hermosa’s largest condo complexes with 70 total units (see condo link). It’s a great place to start if you want an entry level home west of PCH. The turnover in this complex seems to be pretty steady. There have been 8 sales in the last 1 ½ years, which equals close to an 8- 10% turnover each year. This sale is the 2nd highest sale, with one closing above it last year for $511,000. There aren’t very many places you can by for a ½ million this close to the water in the South Bay area, let alone Hermosa.

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Post by Darren Pujalet

Darren has written 288 articles.

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