Nice mark-up for this 3 month Flip…and a tough location sells for a good number! 7 Day Market Update and Weekend Open House List- Hermosa Beach

UPDATE_HEADER
9/2/16
2 New Listings (click to see)
5 In Escrow (click to see)
7 Closed Sales (click to see)

46 Active Listings in Hermosa Beach
SFR- 33
TWNHS- 10
CONDOS- 3

Actives by Hermosa Areas:
Sand Section: 30 Active listings
Valley Section: 8 Active listings
East Hermosa: 8 Active listings
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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
650 11th St #B Listed for $1,299,000 3 bed/2.5 bath
650
This 3-unit attached townhome is located between Ardmore and PCH, a few properties from the greenbelt. It last sold in 2013 for $950K and unit #A sold for $1,005,000 at the end of 2012.

1116 7th St Listed for $1,259,000 3 bed/2 bath
1116
This is a single family home that first hit the market in May of 2016 for $1,279,000 and after 15 days it was taken off the market. Let’s see how the market responds this time. This property last sold in 1986 for $224,810. Below are a few other similar sales in the neighborhood:
1116 7th screen
IN ESCROW
1946 Ava Ave Listed for $1,599,000 2 bed/2 bath
1946
After only 2 weeks, this is a single family home, located 1 street east of the greenbelt, has a buyer. The property recently sold in the beginning of 2015 for $1,400,000.

906 3rd St Listed for $1,149,000 2 bed/2.5 bath
906
It took only 2 weeks for this one to go into escrow! This single family home is located about 9 properties east of PCH. It last sold in 2010 for $800K. It seems to be priced well. Here are some other similar criteria sales in the last 6 months:
906 screen shot
325 Reynolds Listed for $1,799,000 5 bed/4 bath
325
After 2 ½ months on the market and a small price reduction, this one has a buyer. This brand new construction is right on the Hermosa/Redondo border. The tax records show that the dirt was sold for $315,000 in 2013 as a foreclosure. That is an extremely low price for a 3000 sq. ft. lot anywhere in Hermosa. The location is challenging though, sitting on an alley facing Redondo. However, the price is very reasonable compared to other Hermosa locations.

1072 7th St Listed for $2,050,000 4 bed/3.5 bath
1072
After 4 months on the market, this townhome has a buyer. It’s one of 2 brand new detached townhomes located 1 property in from Prospect. The dirt sold in 2015 for $1.1M prior to the new build. The other townhome, 1074 7th is currently in escrow as well.

517 24th Listed for $1,880,000 4 bed/3 bath
517
This one sold off-market and was listed as “in escrow” when it hit the Multiple Listing Service earlier in the year. That escrow fell apart, the price was reduced, and now it’s back in escrow. Let see if this one sticks. Stay tuned.

CLOSED
945 7th St Sold for $1,662,500 3 bed/1 bath
945
This one sold quickly for $212,500 over the asking price. 945 7th street is a single family home located just east of PCH. This property is being sold for the land value. It’s a great development opportunity. The land is zoned R2B and it’s a street-to-street 4796 sq. ft. lot. Here are some other recent small home (4000+ sq. ft. lot) sales:
945 screen
925 2nd St Sold for $1,800,000 4 bed/4 bath
925
This one took a little over 3 months and an $85K price cut to close the deal. It’s a single-family home a half block east of PCH with ocean views. It last sold in 1999 for $710K.

2411 Prospect #123 Sold for $439,000 1 bed/1 bath
2411
After a short 2 1/2 weeks on the market, this unit has sold. This one was purchased as a flip for $305,000 in May of this year. That’s a nice mark up in a few months.

165 Manhattan Sold for $1,900,000 3 bed/4 bath
165
After 3 months and a 95K price cut, this deal has closed. It’s a detached townhome steps from the beach. This property last sold in 2008 for $1,250,000.

821 9th St Sold for $1,100,000 3 bed/1.5 bath
821
It took 43 days and $129K price cut to close. It’s a single-family home slightly east of PCH. This home was purchased in 1991 for $415K.
Here are some similar sales over the last 6 months:
821 screen
315 Gentry Sold for $1,180,000 3 bed/2 bath
315
That was quick! This property found its buyer in a week and closed for $30K above the asking price. 315 Gentry is a single family home located just east of PCH. It has a deep lot with a nice yard area. This home last sold in 2000 for $447,500.

1641 Manhattan Ave Sold for $2,650,000 5 bed/3.5 bath
1641
This one sold for $99K below the initial asking price. It’s a single family home located near downtown Hermosa. The property last sold in 2006 for $1.6M prior to the market crash. Even though the bones have existed since 1965, the home has been extensively remodeled.

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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