South Bay/PV Luxury Home Update – 9/11

Posted on 20. Sep, 2011 by Tony Cordi in South Bay Luxury Homes

We are now heading into a third month of no real action in the super luxury real estate market (homes listed at $10 million or more).  We started the month with nine active listings and remain there after a cancellation was offset with a new addition.  A beautiful home in Palos Verdes Estates has been added to the market with a starting price of $10.5 million (see photo).  The cancellation was for a Manhattan Beach strand home.  The only other change in the market was a second significant price cut on two adjacent strand properties in Manhattan.  What started at $30 million has now found its way to $24.9 million  and yet still may have a ways to go.

978 Paseo la Cresta - $10.5 million

Last month I reported that there had been 11 closed sales this year-to-date for properties over $5 million.  We’ve seen two additions to this list since then bringing our on-market total to 13.  One of these sales was another Manhattan Beach strand home and at less than three months, it didn’t last on the market for very long.  The other home, located in Rancho Palos Verdes, boasts over 8,300 sq ft and was also on the market for less than three months before getting picked up.  Both homes managed to sell within seven percent of their original asking price, something we haven’t seen that much of this past year or so.

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