Corona Virus and The Market Shift – 7 Day Market Update – Hermosa Beach

Corona Virus and The Market Shift

Wow…what an era we are living in! As most of us are captive in our homes, we are asking what is going on with the economy (and more specifically the Real Estate market) and what we should do?
C.A.R. (California Association of Realtors) has recently updated its California 2020 forecast (https://www.car.org/knowledge/pubs/newsletters/Newsline/Coronavirus). Although C.A.R. is saying that it is not time to panic, there are many conflicting reports shedding gloom and doom for an unknown period of time ahead. With property showings nearly halting due to the Stay At Home order, it is hard to argue against sales slowing down over the next few weeks while the virus panic continues to increase. On the flip side, some analysts are saying that with pent up buyer demand and historically low interest rates, we may have a very active, yet delayed spring buying and selling season this summer.

Forbes posted another quick read about what a recession may mean for the Real Estate market and the top cities they deem to be overinflated (https://www.forbes.com/sites/ingowinzer/2020/03/24/coronavirus-recession-what-it-would-mean-for-real-estate/#76a8fb7d2ad2).

As you can see from the chart below, we are still in line with the amount of closed sales and active listings in Hermosa compared to March of 2019, however the number of new escrows has shrunk considerably
(18 in 2019, 6 in 2020).

4/3/2020

5 New Active

0 In Escrow

2 Closed Sales

(see properties below)

43 Active Listings in Hermosa Beach

SFR- 25

TWNHS- 13

CONDOS- 2

Actives by Hermosa Areas:

Sand Section:             23 Active listings

Valley Section:             8 Active listings

East Hermosa:             12 Active listings

CURIOUS WHAT PROPERTIES ARE AVAILABLE OFF-MARKET?
(See bottom of email thread for more information)

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

NEW ACTIVE

540 1st Listed for $1,229,000 3 bed/3 bath

540 1st is a 10 unit townhome community on the west side of PCH, bordering Redondo beach. This complex has had a sale every year since 2017.

118 1st Ct Listed for $1,999,000 3 bed 3 bath

118 1st Ct is a detached townhome located on 1st and Palm Drive, a short block from the sand. This home was built in 1999 and has a rooftop deck with ocean views.

Similar South Hermosa sales:

1807 Valley Listed for $10,500,000 7 bed/6.5 bath

1807 Valley sits on a rare 23,879 sq. foot lot in the Valley of Hermosa. This home sold 3 years ago for $7.7M. The only lot over 15K sq. feet that has recently sold is 2840 Amby, which has huge views from the Hermosa Hill (MB Hill adjacent).

1131 19th Listed for $1,299,000 2 bed/1 bath

1131 19th is a cute renovated cottage built in 1905. This home sold in the summer of last year for $960K, then upgraded.

1563 Golden Listed for $1,900,000 3 bed/3 bath

1563 Golden is a 1940’s single family home located east of PCH. This home sold in 2017 for $1,750,000 and in 2014 for $1.4M.

IN ESCROW

None this week

CLOSED

1720 Ardmore # 212 Listed for $599,000 1 bed/1 bath

This condo sold in 2 ½ weeks at the list price. 1720 Ardmore is a 72-unit complex. This unit sold last May for $562K.

1116 2nd Sold for $1,295,000 3 bed/1.5 bath

This home closed in 2 weeks at the list price. 1116 2nd is a single family in east Hermosa beach, close to the Redondo Beach border. This beach cottage has been updated.

5 New Listings (click to see)

0 In Escrow (click to see)

2 Closed Sales (click to see)

CURIOUS WHAT PROPERTIES ARE AVAILABLE OFF-MARKET?

Have you been looking for a home or investment property, and haven’t been able to find what you’re looking for….or missed out on an opportunity?

We have access to a network of off-market and coming soon properties.
Describe and share with us what you’re looking for and we will let you know what is currently available and/or search for some options that you may never be able to find online or on the market.

DO YOU HAVE EVEN A REMOTE THOUGHT OF SELLING….WHAT YOU SHOULD KNOW?

If you’re considering selling, please call me to discuss some of your unique options,  a few crucial challenges you can avoid,  and how to maximize your return. We have some valuable insights you should know before putting your home up for sale.

If you have any questions about the previous properties or any other properties here in Hermosa Beach or the South Bay area, please call or text me direct at 310-613-1690 or email me at dronp@aol.com.

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Post by Darren Pujalet

Darren has written 335 articles.

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