Where Is The New Inventory Hiding? 7 Day Market Update – Hermosa Beach

WHERE IS THE HIDDEN INVENTORY?

The market is still in motion. Even in this time of turmoil, many sellers still have to sell due to timing, job transfers, economic reasons and so forth. And, with extremely low interest rates, many buyers are actively looking and ready to go. We currently have 41 properties for sale here in Hermosa Beach, however there is a lot of inventory sitting on the sidelines, off-market. Many of properties that were recently active on the market, are “On-Hold” waiting for some of the virus turmoil to pass.

Between finished new construction, off-market coming soon properties and homes on hold, there is a good percentage of properties that are available for purchase, however hidden from the general population. At the moment, 8 properties (over 20%) are “On-Hold” (we have one of them on hold at 1601 Manhattan Avenue). Most of this inventory doesn’t show up on internet sites like Zillow and Redfin, so you may need the help of a broker to find these available properties. Throughout every cycle, properties trade off-market or sell prior to hitting the market.

If you would like a list or more information about these opportunities, please call or email me.We are happy to share or to point you in the right direction.

3/27/2020

3 New Active

1 In Escrow

3 Closed Sales

(see properties below)

40 Active Listings in Hermosa Beach

PROPERTIES ON HOLD- 7

SFR- 25

TWNHS- 10

CONDOS- 2

Actives by Hermosa Areas:

Sand Section:             23 Active listings

Valley Section:             6 Active listings

East Hermosa:             11 Active listings

CURIOUS WHAT PROPERTIES ARE AVAILABLE OFF-MARKET?
(See bottom of email thread for more information)

PROPERTIES ON HOLD

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

707 3rd Listed for $1,550,000 2 bed/1 bath

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707 3rd is a single family home on a 4608 sq foot lot zone R-2, which means this lot could potentially have 2 townhomes built on it.

A similar property, 622 1st (see below), sold in December for $1,475,000.

865 Loma Dr Listed for $1,389,000 2 bed/1 bath

865 Loma drive is a single family home sitting on a 2520 sq. foot lot.  We sold this property last year for $1,381,000. It’s a good property to build a new, larger single family home. The lot is about 130 dirt sq. feet too small in order be able to build 2 townhomes.

703 Longfellow Listed for $1,975,000 2 bed/2 bath

703 Longfellow is a duplex located in the Valley section of Hermosa. Each unit is a 1 bed 1 bath. This home last sold in 2018 for $1,810,000.

IN ESCROW

428 Palm Listed for $1,600,000 3 bed/2 bath

This home went into escrow after 8 days on the market. 428 Palm is a single family home on a half lot in the sand section of Hermosa. It sold in 2016 for $1,400,000.

CLOSED

447 Herondo #106 Sold for $870,000 2 bed/2 bath

This condo sold in 18 days for asking price. 447 Herondo is a 30-unit complex on the Hermosa Redondo border. This condo community hasn’t had any properties on the market since 2017.

1201 20th Pl Sold for $1,095,000 2 bed/1 bath

Back on the market and in escrow after only 2 weeks, this home sold for list price.  1201 20th is an adorable beach bungalow close to Lazy Acres.  It sold 2 years ago for $1,048,000.

1707 PCH #408 Sold for $565,000 1 bed/1 bath

1707 PCH is a 72 unit condo complex on the west side of PCH. This 1 bed, 1 bath unit last sold in 2018 for $540,500.

3 New Listings (click to see)

1 In Escrow (click to see)

3 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

Darren has written 315 articles.

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