February Sun, Interest Rates and Inventory! 7 Day Market Update and Weekend Open House List- Hermosa Beach

Now that the year is in motion and Interest Rates have ticked up, where do we go from here? This year has already presented several up and downs with the stock market volatility, a rise in Interest Rates (in some cases upwards of ¾ of a percent) combined with continued low inventory. The rates have recently climbed due to a combination of a prolonged period of low interest along with deficit and inflation concerns. Most experts are forecasting that it is unlikely we will see rates as low as we have seen over the past few years again for quite some time. The stock market’s roller coaster effect has damaged a lot of down payments and the cost of borrowing money is prohibiting some buyers from buying if they barely qualified at the end of 2017. Despite all of this short-term activity, analysts are saying that there still isn’t enough housing in LA County to support the amount of growth coming into our area and active listings have dropped over 1000 homes county wide. On top of the low inventory, the South Bay (and specifically Hermosa) is one of the most desirable places to live in the entire county. Hence, we are attracting a much larger buyer pool from all over the world. I believe 2018 is going to be another year of low inventory with fewer low priced deals, shorter days on market and more multiple offer situations. Supply and demand is likely the largest controlling factor for the market…and demand is winning!

2/16/18
3 New
2 In Escrow
3 Closed Sales
(See properties below)

43 Active Listings in Hermosa Beach
SFR- 20
TWNHS- 18
CONDOS- 2

Actives by Hermosa Areas:
Sand Section: 22 Active listings
Valley Section: 6 Active listings
East Hermosa: 15 Active listings

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.

ACTIVE
255 28th Listed for $2,600,000 3 bed/2 bath 259 28th Listed for $3,100,000 4 bed/4 bath

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225 and 259th 28th are owned by the same person directly next door to each other. There is potential to build with very ocean views. It doesn’t state if these must be purchased together, however getting 2 lots in Hermosa sand section this close to the beach is going to piqué a lot of interest. Either way, it’s a big number for the dirt alone ($2,850,000 average).

429 Bayview Listed for $1,719,000 3 bed/3.5 bath

429 Bayview is a two on a lot attached townhome with ocean views. This property last sold in 1997 for $ 497,000. The front unit, 430 Manhattan Ave., sold in 2015 for $1,640,000.

IN ESCROW
501 Herondo #16 Listed for 1,039,000 3 bed/2.5 bath

In less than 1 week….this property has a buyer. 501 Herondo is a 75 unit complex located on the Hermosa/Redondo border. Unit #35 just went into escrow with a list price of $1,029,000.

725 9th Listed for $1,399,000 3 bed/2.5 bath

725 9th found a buyer in 2 weeks. This is a 2 on a lot attached townhome with ocean views. This home last sold in 2001 for $538K.

CLOSED
925 15th Pl Sold for $1,370,000 2 bed/1 bath

After 47 days and $180K below the initial asking price this home is sold. 925 15th is a remodeled French cottage located east of PCH. This home last sold in 1986 for $80K.

1461 Monterey Sold for $1,700,000 4 bed/3.5 bath

1461 Monterey is a sand section lot for sale with approved architectural plans. It was on the market last year for $2,199,000, however it didn’t sell. The plans call for a 4 bed, 3.5 baths, and 2472 sq.ft. home with a rooftop deck.

1707 Pacific Coast Highway #416 Sold for $615,000 1 bed/1 bath

1707 PCH is a 73 unit condo complex on the west side of PCH. Unit #303 is in escrow at a list price of $479,000, however it doesn’t offer the panoramic ocean views that unit #416 does.

3 New Listings (click to see)
2 In Escrow (click to see)
3 Closed Sales (click to see)

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

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