Hermosa Condos….How Do They Stack Up In Value?

Most of us have seen the amount of new construction being built and watched home prices soar over the last 6-7 years. You may ask yourself, how have condos performed during this period of time? Condos (not including townhomes) are typically the most affordable and lowest financial entrance into the Hermosa Beach property market. So how have condos, a much more moderate beach property, stood up over this time period?

So far this year, we have seen around 20 condo sales citywide ranging in price from $523,000 to $1,225,000. Although they are affordable compared to other properties here in Hermosa, they are still pound-for-pound very expensive compared to the rest of California and the country. Condos often have hefty home owner’s association dues attached to them, and the land is owned together with all the owners in the same complex. This can make them less desirable from an investment point of view. That said, the condo market here in Hermosa has appreciated considerably.

About 60-70% of Hermosa Beach condo sales come from 4 large condo complexes.
2411 Prospect           63 units
1720 Ardmore            71 units
1707 PCH                     73 units
1600 Ardmore            100 units

1600 Ardmore, known as the Commodore, is the largest  condo complex in Hermosa.
In 2012 & 2013, a 1-bedroom sold for $315,000 and a 2-bedroom for $385,000.
In 2017 & 2018, a 1-bedroom sold for $525,000 and a 2-bedroom sold up to $755,000.

2411 Prospect is considered to be the most affordably priced condo complex.
In 2012, a 2-bedroom unit sold for $300,000.
In 2018, a similar size unit sold as high as $626,066.
That is a huge spread in pricing over 6 years.

After reviewing the upward moving market over the last 7-8 years since what was considered the bottom, condos appear to have been a great investment. We have seen, in some cases, prices more than double. Either way, condos here in Hermosa remain one of the easiest and most affordable ways to stake your claim of property ownership here in our little beach city.

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Post by Darren Pujalet

Darren has written 316 articles.

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