We Saw Some Major Price Reductions This Week….7 Day Market Update and Weekend Open House List – Hermosa Beach


10/19/18
1 New Active
2 In Escrow
4 Closed Sales
(see properties below)

62 Active Listings in Hermosa Beach
SFR- 32
TWNHS- 21
CONDOS- 5

Actives by Hermosa Areas:
Sand Section: 31 Active listings
Valley Section: 14 Active listings
East Hermosa: 17 Active listings
We saw the evidence of some hefty price reductions this week. All over the South Bay, we’re noticing homes that sit on the market are requiring larger price improvements in order to get them to the finish line. 1955 Monterey (new construction, built in 2016) which clocked over 670 days on market, sold for $1,349,000 below its initial asking price. Also, take a look at 435 Longfellow. Building codes and zoning rules are often overlooked when valuing property. It is important to understand and how they can work in your favor.

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
58 The Strand Listed for $9,450,000 4 bed/4.5 bath

58 The Strand was on the market last year for $10,900,000 and again earlier this year at $9,950,000; totaling 270 days on market. It’s back on the market now for $9,450,000. The lot was purchased in 2016 for $5,200,000 prior to the newly constructed home designed by Jon Starr and built by Kim Komich.

IN ESCROW
837 15th Listed for $1,595,000 3 bed/2.5 bath

That was quick!. 837 15th is part of a 3-unit attached townhome complex that overlooks the greenbelt, near downtown. This property last sold in 2010 for $830K.

435 Longfellow Listed for $1,660,000 3 bed/1 bath

435 Longfellow is a smaller single-family home that was in escrow and fell out prior to its recent $225,000 price reduction. 445 Longfellow, across the street, was purchased last year for $1,850,000. That home was slightly bigger with the same lot size, however that side of the street has a 25-foot height limit VS. a 30-foot height limit on the north side of Longfellow (where 435 Longfellow is located). That makes a significant difference in the size of the home that can be built. Buyers and agents often overlook building codes and other important data when valuing a home for purchase. This can make a large difference in value now or in the future.

CLOSED
833 5th #2 Sold for $939,000 3 bed/2.5 bath

This sold for almost $31K below the asking price. 833 5th is part of a 10-unit townhome complex on the east side of PCH. It last sold near the height of the market in 2006, for $840,000.

801 Bard St Sold for $1,475,000 3 bed/3.5 bath

This home sold in 17 days for $24K below the asking price. 801 Bard is part of a 3-unit attached townhome complex located in the sand section of Hermosa, just west of Valley Dr. This unit last sold in 2002 for $221,500. 805 Bard (a similar unit) sold last year for $1,325,000.

1955 Monterey Sold for $4,600,000 4 bed/4.5 bath

1955 Monterey sold for a whopping $1,349,000 below its initial asking price! Built in 2016, it was first listed at $5,199,000 for a year and half with no buyers, then lowered to $4,999,000. It finally sold after clocking over 670 days on market. The land/lot (with an old cottage) was purchased in 2014 for $1,955,000.

1617 Raymond Sold for $1,250,000 3 bed/2 bath

This home sold in 3 weeks for $249,000 below the asking price. 1617 Raymond is a single-family home overlooking PCH that has ocean view potential. It was only on the market for 23 days before going into escrow, however there was a $304K price reduction that helped.

1 New Listings (click to see)
2 In Escrow (click to see)
4 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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