7-Day Market Update- Hermosa Beach

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July 25th, 2014

4 New Active Listings
7 New Escrows
2 Closed Sale

ACTIVE:

425 11th street, Listed For: $1,450,000
This 2002 built townhome came to market this week after it’s neighbor to the east, 2008 built 431 11th street went pending (listed at $1.399M and rumored to sell at $1.350). They are both roughly 1,850 sq. ft., however, 425 11th has a view right down 11th street to the ocean. I think that will likely be worth difference in price.

2435 Myrtle, Listed For: $2,999,000
It’s newer neighbor just posted a sale at $3.7M. This property has 3 units on it renting for a total of approximately $10K per month. Is it going to sell as an income property, an owner/user, or as a scrapper? Let’s see.

1942 The Strand, Listed For: $16,900,000
Back on the market! This over 6,600 sq. ft. lot came back to the market after originally coming out at $18M. This is an extremely rare corner double lot on the Strand and 20th walk street (arguably one of the best walk streets).

1942 The Strand

1032 6th Street, Listed For: $2,100,000
Brand new construction in the Hermosa Hill section with ocean views, 2800 sq. ft. and $750 sq. ft. Let’s watch this one.

IN ESCROW:

2624 The Strand, Listed For: $9,200,000 
After only 12 days on the market, this 3,758 sq. ft., 1962 built home is in escrow. With only 300 homes on the Strand from southern Hermosa to northern Manhattan Beach, Strand properties for sale are more rare in supply. Priced at almost $2,500 sq. ft., these properties are a luxury and priced accordingly. The most recent comparable sale is 3035 The Strand for $8.5M (3,219 sq. ft., 1991 built).
2624 The Strand

2450 Hermosa Avenue, Listed For: $3,399,000
After 2 price improvements and 2 months on the market, this one has gone into pending. It last sold for $2.5M in 2010.

2052 Manhattan Avenue, Listed For: $4,995,000
After over 100 days on the market, this brand new construction is back in escrow. It went pending for a brief moment shortly after it hit the market at $5.3M and then fell out. It’s still priced at over $1,050 sq. ft. and is setting a new benchmark for this type of property.

1207 8th street, Listed For: $1,025,000
This is an east Hermosa tall and skinny home with 2,128 sq. ft. of living on a 2500 sq. ft. lot. We knew this one would go into escrow quickly since it’s priced similar to it’s neighboring North Redondo tall skinny comparable homes. The word is that they had multiple offers.
1207 8th

317 Hopkins, Listed For: $1,999,000
Here is another example of a home that didn’t sell last year and is in escrow for $100K more this year. Hopkins was on the market last year for $1.899M and recently went pending with a list price of $1.999M. Even though it feels very much like a single family home, it is actually a townhome and shares the parcel with the front home.
317 Hopkins
303 Culper, Listed For: $1,479,000
3 bedroom, 3.5 bath townhome built in 1999.
92 days on the market.

1212 Cypress, Listed For: $1,749,000
3 bedroom, 3 bath townhome built in 2008.
82 days on the market.

SOLD:

2461 Myrtle, Sold For: $3,701,000 
This home is located on the west side of Myrtle with open ocean views and was built in 2004 by Steve Lazar. The recent sale price has broken new ground…selling for almost $1200 per sq. ft. This home last traded 2 years ago (April 2012) for $2.8M. That’s a nice bump in 2 years.
2461 Myrtle
316 29th court, Sold For: $999,000
This is a small 2 bedrrom, 1.5 bath single family on a ½ sized lot.
After 263 days on the market, this one finally hit the finish line!

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