South Bay Luxury Home Update – 7/11

Posted on 19. Jul, 2011 by Tony Cordi in South Bay Luxury Homes

It’s been a month since my last post on the so-called super luxury home market in the South Bay and Palos Verdes.  It turns out that this is one of those rare months when there is virtually no activity to report.  We still have nine active listings, one more than I stated last month but only because one of the homes was pulled briefly from the market.  There have not been any price adjustments this past month or new listings added.

A home to watch will be the recently sold home at 2666 The Strand in Hermosa Beach.  It is still in escrow with a most recent list price of $7.5 million.  This home will be leveled in the next few months and replaced with another elegant beach home.  I am hearing that it will have an infinity pool in addition to a myriad of other fine appointments.  The home will remain under 7,000 sq ft in size, but nonetheless, I anticipate the sale price will be over $12 million in a year or more.

2666 The Strand in Hermosa Beach

Though there isn’t much to report on the $10 million and above market, we are seeing lots of activity above $5 million.  This year-to-date we are now up to nine closed escrows above $5 million, up from six a month or so ago.  This is consistent with where we were a year ago.  Five of the homes are located in the beach cities and the other four are up in Palos Verdes.

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Tags: Beachtime Realty, hermosa beach strand, hermosa strand homes, manhattan beach strand, manhattan strand homes, palos verdes estates homes, palos verdes estates properties, rancho palos verdes homes, rolling hills homes, south bay luxury homes, Tony Cordi