We’re Baffled…How New Construction Did This Year Plus New Record Sales!

New Construction was a big portion of our retail market this year here in Hermosa. We have seen some builders start to pull back due to the long run of appreciation and the uncertainty of interest rates and the future economy. However, buyers are still willing to pay a premium for new construction. All it takes is one buyer! If a buyer likes what the home has to offer and they can’t find another option that meets the same criteria…they will pay a hefty price tag. See some of the record prices below that still has us baffled.

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Currently we have (New Construction): 

13     Active for Sale

7      Pending Sale

25    Closed Sale in 2018

In 2017, we had 20 closed sales. That means we are up 25% in year-to-date sales for2018, however still down from a recent high in 2016.

# of New Construction Sales (per year) 

Here are some of the highlight sales.

633 30th Street

Sold for $8,300,000. 

This marks the biggest sale of the year for new construction. It is the biggest sale ever east of Valley Drive.

1638 Hermosa Avenue

This home took 275 days to sell.

1121 Manhattan Avenue

Sold for $3,740,000 ($1304 sq. foot)
Big number. 

1955 Monterey

They started at $5.2M. & sold for $4.6 after more than 675 days on market. 

They 1st listed on 07/21/16 and closed sale on 10/12/18

There are 2 larger developments that have accounted for a bulk of the 2018 new construction.

One complex is 6 units (19th Street) and the other is 7 units (PCH).

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Post by Darren Pujalet

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