7 Day Market Update- Hermosa Beach

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After a slow end of summer, our small beach town is reeving back up. Inventory is still very low, however we have 8 new listing on the market this week and 5 new escrows. School is back in session and buyers are back. Hermosa currently has 36 active listings on the market (17-Sand section, 9- Valley section, 10-Hill section). We have 154 closed sales year-to-date VS. 172 last year at this time. That represents a 10% drop in closed sales, however our median price point is up approximately 8% (2014-$1,234,000 VS. 2013-$1,100,000).

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.

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

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842 1st Place Sold for $637,500                                                 2 bed/2.5 bath/1,479 sq. ft.
View from curb side - front of building
It’s hard to believe you can buy a townhome in Hermosa for under $650,000. Unfortunately,
This unit has had a troubled past. It has been listed 9 times since 2005 when it last sold for $699K. It has a challenging location near 190th and PCH with a view of the power plant. Only 1 other townhome has sold under $650 in the last year…831 6th St #5 for $600,500.

205 2nd St. Sold for $1,500,000                                              3 bed/2.5 bath/1,617 sq.ft.
Amy Smart is truly smart. (see previous market update) Her 1976 built freestanding townhome sold very quickly for a ceiling-busting price per sq. foot ($928). The view was the major selling factor, with an unobstructable shot down 2nd street toward the water. Of course, a celebrity owned home always draws more attention to a sale, coupled with several huge write ups in the LA Times and other local press outlets regarding the home when it first hit the market.

646 4th St. Sold for $1,170,000                                                  3 bed/2.5 bath/1,931 sq.ft.
Surprising…another over list priced sale! This is the story over the past few years for properties that are priced right and have the characteristics that buyers are looking for.
There are 7 other similar sales this year and 2 on the same block of 4th:
653 4th #2                 $1,125,000          2,477 sq. ft.       1983 built
651 4th                      $1,138,000          2,388 sq. ft.      1983 built
Just hit the market:
Active 624 4th           $899,000           1,535 sq. ft.         1997 built
Active 654 4th           $1,229,000        2,052 sq. ft.         2001 built

843 8th Place Sold for $963,000                                                   2 bed/1 bath/ 922 sq.ft.
This charming beach cottage last sold in 2010 for $879K. After a failed attempt to sell last year at $1,050,000… it came out this year at $990 and sold for $963 after 89 days on the market. The lot is almost 4000 sq. ft., however the location is only a few properties east of PCH.

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Post by Darren Pujalet

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