What Is Happening In The Market??? 7 Day Market Update – Hermosa Beach

What Is Happening In The Market???

Like most people, you are probably bouncing off the walls and looking forward to the chaos of the virus to soften and settle down. These are unique times, like nothing we have ever seen before. It’s hard to tell if our world is heading towards normalcy or the state of Marshall Law. The local Real Estate market has taken another blow to the chin this week now that the County of Los Angeles (including the Beach Cities) has adapted the City of LA’s rule of no physical property showings or open houses allowed for occupied properties until May 15th. This is supposed to include inspections, appraisals and other Real Estate related activities as well. The call to prevent showings is the most recent in a series of hiccups that has affected our market.

The National Association of Realtors just released a statistic stating that 60% of buyers have only decided to delay the buying process just a few months and surprisingly, only 12% of buyers have decided not to buy due to recent events (see article link below).

Given all of that, the shocking fact is that we have had 55 closed sales year-to-date here in Hermosa VS. 39 closed sales Y-T-D in 2019.  The beginning of 2020 was extremely active, and many of the closed deals were in motion leading up to the recent turmoil. Contrary to the preceding, we just listed a Sand Section Duplex with 1 vacant, showable unit, and the phone has been ringing all day. At this point, it’s hard to tell if the activity is pent up or if this is due to the limited amount of available properties that can be shown in person. The jury will reach a verdict on this property and the results will be in an upcoming blog post. Until then, we hope that you are safe, healthy, enjoying some downtime, digging in on some DIY projects and finding the following information helpful.

4/17/2020

2 New Active

4 In Escrow

4 Closed Sales

(see properties below)

47 Active Listings in Hermosa Beach

SFR- 28

TWNHS- 13

CONDOS- 3

Actives by Hermosa Areas:

Sand Section:             29 Active listings

Valley Section:             8 Active listings

East Hermosa:             10 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

1505 Loma Listed for $1,199,000 2 bed/2 bath

There is an opportunity in every market. 1505 Loma is a quintessential Hermosa cottage style duplex with some ocean views from the top unit and located a block away from downtown and 3 blocks to the water. It is priced very well.

12 The Strand Listed for $5,600,000 3 bed/3.5 bath

12 The Strand was built in 1987, has 3 levels and is located on the border of Redondo and Hermosa, the southern end of The Strand. This home last sold in 2018 for $5,194,000. 22 The Strand recently sold for $5,610,000, however it is 3600 sq. feet and built in 2001.

Other Active HB Strand Properties:

Recent HB Strand Sales:

IN ESCROW

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

This home went into escrow after 3 weeks and no price reductions. 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.

946 8th Listed for $2,799,000 4 bed/3.5 bath

This one went back on the market for $100K less than last year and is now in escrow. 946 8th was built in 2019 and offers ocean views in the distance. This is 1 of 2 detached townhomes on this lot.

1276 9th Listed for $2,349,000 4 bed/3.5 bath

This home required took several price reductions to find its buyer. 1276 9th is located in the Hermosa Hills section and was built in 2013. It last sold in 2014 for $1,850,000.

1720 Ardmore #325 Listed for $639,900 1 bed/1 bath

After only 3 days on the market, unit #325 is in escrow. This condo complex, known as “The Apple Tree,” has had 5 sale since the beginning of 2019.

CLOSED

736 Gould #8 Sold for $1,400,000 2 bed/2.5 bath

In just over a month, this condo has sold for $200K below asking price. 736 Gould is part of a 33 unit complex on the south side of Gould, just west of PCH.  Unit #24 is still active in this complex for $1,299,000. 

215 Longfellow Sold for $1,765,000 3 bed/2 bath

It took a $234K discount to finalize the sale.  215 Longfellow is a single -family home in the Hermosa Sand Section. This home last sold in 2011 for $755K.

1921 Hermosa Ave Sold for $2,600,000 5 bed/3 bath/2 pwd

1921 Hermosa is a corner lot duplex on Hermosa Avenue. It is a larger, 3689 sq. foot lot with lots of future options. They took $449K off the original asking price to close this one.

310 Hollowell Listed for $2,435,000 4 bed/4 bath

310 Hollowell is a 2015 single family home located in east Hermosa on Prospect and Hollowell.

NAR Flash Survey: Economic Pulse (https://www.nar.realtor/research-and-statistics/research-reports/nar-flash-survey-economic-pulse).

2 New Listings (click to see)

4 In Escrow (click to see)

4 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

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