Buy…Build…Sell, Buy…Build…Sell….How Long Will It last? 7 Day Market Update and Weekend Open House List- Hermosa Beach

UPDATE_HEADER
10/28/16
3 New Listings (click to see)
3 In Escrow (click to see)
5 Closed Sales (click to see)

49 Active Listings in Hermosa Beach
SFR- 32
TWNHS- 11
CONDOS- 3

Actives by Hermosa Areas:
Sand Section: 28 Active listings
Valley Section: 9 Active listings
East Hermosa: 12 Active listings

Hermosa inventory is idling at a similar rate compared to most fall seasons. We currently have 49 properties for sale citywide (28 in the Sand section). The big change happening in town is the density. 1 property (or lot) will go down and several might go up. It is common these days to see the single family or duplexes here in Hermosa that are zoned R2 or R3 turn into 2 or 3 new townhomes. How long will it last…who knows for certain. We have seen the extreme market hype cool down a bit here in the late 3rd and early 4th quarter. There are rumors of a recession coming and varying opinions about how it will effect the real estate market. That being said, the development continues.
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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
545 8th St Listed for $1,300,000 3 bed/2 bath
OLYMPUS DIGITAL CAMERA
Apparently this single family home is zoned to allow 3 units on this lot. This property is likely a complete teardown. The location is a few houses south of Cypress Park. My guess is that this one will sell quickly, even though it’s right on the busy intersection of 8th and Valley.

1865 Prospect Listed for $1,665,000 4 bed/3 bath
1865
This single family home is located east of PCH. This is the first time it’s been on the market since it was purchased in 1973…for $23,500.

118 Meyer St Listed for $2,200,000 4 bed/4 bath
118
This detached townhome was built 2 years ago and sold for $1,775,000. This property is located east of PCH close to the Hermosa/Redondo Border.

IN ESCROW
717 3rd Listed for $899,900 2 bed/3 bed
717
717 3rd is part of a 7-unit complex just 2 properties west of PCH. This complex was completely renovated in 2004. The last sale in the complex was 723 3rd that sold for $879K last year.

1116 7th St Listed for $1,259,000 3 bed/2 bath
1116
After 2 months and a $20K price reduction, this single-family home has a buyer. It first hit the market in May of 2016 for $1,279,000 and after 15 days it was taken off the market. This property last sold in 1986 for $224,810. Below are a few other similar sales in the neighborhood:
1116 7th screen

446 Monterey #L1 Listed for $989,000 3 bed/2 bath
446
This is a popular complex located west of South Park on Monterey. Out of 34 units, there have been 2 other sales this year. #3H just sold a month ago for $1.2M off market. We are guessing that this one sold for over the asking price.
446-screen

CLOSED
557 3rd Sold for $2,100,000 4 bed/3.5 bath
557
After 3 weeks and a $200K price cut, this home has sold. It was built 2 years ago and the lot was purchased for $600K in 2012.

336 34th St Sold at $2,225,000 3 bed/2.5 bath
336
This is a newly remodeled single family home that sold for $174K below the asking price after 2 months on the market. The lot and pre-remodel structure was purchased last year for $1,687,000 before it was taken down to the studs.

1072 7th St Sold for $1,950,000 4 bed/3.5 bath
1074 7th St Sold for $2,025,000 4 bed/3.5 bath
1072
Both of these brand new detached townhomes are located one lot away from Prospect and sold for slightly below their initial asking price. 1074 is slightly bigger, offering 200 more sq. ft. of living space. The lot sold pre-construction in 2015 for $1.1M.

1501 Palm Sold for $3,150,000 4 bed/4.5 bath
1501
Sold for $249K below the asking price. This newly constructed townhome was on the market for about 4 months before selling. It was originally put on the market at the beginning of this year, however didn’t sell. It is located just a short stroll to the sand and has ocean views right down 15th street. The lot was purchased in 2013 for $1,725,000 prior to building the 2 current townhomes.

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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