South Bay Luxury Home Update – 8/11

Posted on 21. Aug, 2011 by Tony Cordi in South Bay Luxury Homes

Last month I posted on the relative lack of activity in the high end real estate market of the beach cities and Palos Verdes peninsula ($10 million and up).  In fact, there was no real activity to report at all.  I imagine buyers at this price point are traveling or vacationing around the world.  This past month we’ve had a modest pick up in action.  A three year old Manhattan Beach strand home was placed on hold after a few short months on the market.  The only other change was the addition of a stunning home in Rancho Palos Verdes at an initial offering price of $14.9 million (below).

3300 West Palos Verdes Dr. - $14.9 million

It’s probably no surprise that there hasn’t been much action above$10 million even though we’ve seen some record sales this year.  As might be expected, when the threshold is lowered to $5 million, the amount of activity picks up.  There were a couple of closings in this range this past month.  A strand home in Hermosa that started at $12 million finally closed at half this amount, $6 million after more than a year on the market.  A second closing took place in Rancho Palos Verdes at just over $5 million.  It was on the market for a mere six months and sold for about 11 percent below the initial asking price.  Not bad given that several of the last luxury home sales have closed 20 percent or more below their starting prices.  We’ve now had 11 on-market homes close for over $5 million, though a few more would be added if private sales were included.

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