2018…Boom Or Market Uncertainty? 7 Day Market Update and Weekend Open House List – Hermosa Beach

There has been a lot of discussion in conjunction with a lot of uncertainty as to what the next few years of Real Estate will look like here at the beach. Home prices have erupted by volcanic proportions led by the Sand Section and the lava has been spreading to the Valley and Hill Section of Hermosa and the neighboring cities (Redondo, Torrance and Hawthorne) as folks are getting priced out of the beach adjacent areas.
Homes sales were steady this year, only slightly down from last year (197 in 2017 vs. 221 in 2016 Y-T-D) while the median home price continued to rise ($1,635,000 in 2017 vs. $1,525,000 in 2016 Y-T-D) as it has every year since the last downturn. The upcoming tax bill has stirred up a lot of concern regarding home ownership and some analysts are predicting we may see as much as a 10% correction. There are some many variables in play at the moment, including interest rates, the proposed tax bills and potential tax ramifications, peak home prices, low levels of inventory, etc. It should make for an interesting year.

12/15/17
2 New
2 In Escrow
4 Closed Sales
(see properties below)

32 Active Listings in Hermosa Beach
SFR- 18
TWNHS- 7
CONDOS- 3

Actives by Hermosa Areas:
Sand Section: 18 Active listings
Valley Section: 7 Active listings
East Hermosa: 7 Active listings

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
1246 20th Place Listed for $1,299,000 2 bed/1 bath

1246 20th place is a single family home located on the Hermosa Beach/North Redondo area. This home is most likely for someone looking to do some upgrades or remodeling. It sits on a 5,018 sq. foot lot. Unfortunately, the city doesn’t allow you to split this size lot that was a common practice in the past, and is still common practice in the neighboring Golden Hills area of Redondo Beach. Even though it’s only a few properties from Redondo, it seems to be priced to sell.
Here are some other recent sales:

1865 Hillcrest Listed for $1,450,000 2 bed/1 bath
1865 Hillcrest is about half block west of the above property (1246 20th place). This home has ocean views to the west. There have been 3 other sales on this street in the last year and a half (2016+, see below).
Address                 Original List Price          Sold Price          % price         Days
1844 Hillcrest          $1,329,000                            $1,216,000              8.5%               75
1845 Hillcrest           $1,395,000                            $1,215,000              13%                 73
2039 Hillcrest          $1,299,000                            $1,210,000              6.85%            64

IN ESCROW
201 24th Listed for $2,799,000 3 bed/2.5 bath

It took 9 days at the new price to find a buyer. 201 24th is a single-family home, located 2 blocks to the sand in an ideal North Hermosa neighborhood. It was originally on the market in September for $3.1M and lowered to $2.99M. This home last sold in 2013 for $1,810,000.

CLOSED
317 Bayview Dr Sold for $1,559,000 2 bed/3.5 bath

After a month and a $100K discount, it has sold. 317 Bayview is an adorable beach cottage located one block to the beach. This property last sold in 2014 for $1,358,000.

1009 4th St Sold for $1,860,000 4 bed/2.5 bath

It took over 3 months and $125K price incentive to get this one sold. 1009 4th is a single family home located in the Hermosa hillside. It is a tall-skinny with a standard lot size of approximately 2500 sq. ft.

648 Longfellow Sold for $2,300,000 4 bed/3.5 bath

648 Longfellow is located in the Hermosa Valley section just above Ardmore with ocean and neighborhood views. This home last sold in 2002 for $1,099,000. The prices are jumping up, even east of Ardmore.

1105 Cypress Sold for $2,325,000 3 bed/3.5 bath

This property sold for $26K over the asking price in 7 days. 1105 Cypress is part of a 3 on a lot attached townhouse complex. They were built in 2013. This unit sold 3 years ago for $1,549,000.

2 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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