Hermosa Beach Real Estate Blog

Manhattan Strand Home Update – 9/11

Tony Cordi — Tue, 04 Oct 2011 21:15:39 +0000

After a very slow August, we are seeing a modest pick up in real estate activity on the Manhattan Beach strand. We started the month with four active listings and now stand at just two. The home at 2504 (see photo) went into escrow after a drop in price from about $7.2 million down to just under $6 million after spending a total of seven months on the market. The other change from the beginning of the period was that listing for 1712 The Strand was canceled. Often times with strand properties we see homes pulled from the market and sold in off-market transactions to elude the MLS system. As of this writing the home at 1712 has not changed hands in a private sale, at least not yet.

2504 The Strand - In Escrow

In the course of the last month, the home at 308 The Strand went on the market only to be pulled off within a week. I checked to see if it exchanged hands in a private sale and it has not thus far.

Finally, the homes at 2016 and 2020 The Strand, which are being sold together, have had another downward price adjustment. They started out over eight months ago at $30 million and are now priced at $24.9 million. I have a hunch we’ll see more adjustments if it continues to stay on the market.

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Hermosa Strand Home Update- 9/11

Tony Cordi — Tue, 27 Sep 2011 20:14:46 +0000

Fall has officially begun and it may bring with it a renewed energy in the sales activity of strand homes in Hermosa Beach. Last month I reported that there actually was nothing to report for the period, something very rare for this segment of the market. We managed to go a full month without a single change in the market. The current inventory still stands at five homes though a new listing was added for 3222 The Strand (see photo). This change was offset by the cancellation of the listing at 3205 The Strand. Prices for the five active listings range from just under $5 million to just under $19 million.

3222 The Strand - $4,999,900

For the year-to-date, there have been four closed sales thus far. The lowest price was just under $3.6 million for 1534 The Strand. The highest price paid remains the record-setting $12.6 million cash deal for the brand new super luxe home at 2826 The Strand. No other home has ever sold for more money in the beach cities.

There are, however, a couple of possible challengers to this record. One is the home at 2909 The Strand currently priced at just under $19 million. The other is the home at 2666 The Strand which was recently acquired for $6 million. The bar on this one has been set with a pre-construction price of just under $14 million.

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South Bay/PV Luxury Home Update – 9/11

Tony Cordi — Wed, 21 Sep 2011 06:35:01 +0000

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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Manhattan Strand Home Update – 8/11

Tony Cordi — Thu, 01 Sep 2011 06:24:36 +0000

I posted a few days ago about the complete lack of activity in the Hermosa Beach strand home market and it turns out that this is the situation in Manhattan Beach as well. August came and went without a single change in the market. There remain four active listings and none of them had a price change this past month.

I’ll check back in on this in a month’s time…

Hermosa Strand Home Update – 8/11

Tony Cordi — Sun, 28 Aug 2011 19:46:05 +0000

This is quite possibly the first month in the two years I’ve been posting on Hermosa Beach strand home real estate activity that there hasn’t been a change of any kind at all. No sales. No price adjustments. No new listings.

I’ll check back in on this in a month’s time…

South Bay Luxury Home Update – 8/11

Tony Cordi — Mon, 22 Aug 2011 05:41:03 +0000

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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Manhattan Strand Update – 7/11

Tony Cordi — Thu, 04 Aug 2011 16:20:11 +0000

It has been another relatively active month for Manhattan Beach strand home real estate activity. A home that had only been on the market for 65 days popped into escrow. The listing at 2908 The Strand had an initial asking price of just under $8.4 million, an attractive enough price for this quick sale. The fact that it is on an oversized lot probably helped a lot. This will be the sixth home to change hands on the strand this year-to-date. Of these, two of them were private, off-market sales.

2908 The Strand - $8.395 Million

We started this period with seven active listings and now stand at four. In addition to the sale of 2908 The Strand, the home at 3112 shows up in the MLS as being cancelled while the home at 1712 is on hold. We’ll see if the status of these homes changes yet again before the end of this month.

There are no price changes to report for the past month.

Visit us at Beachtime Realty…

Hermosa Strand Home Update – 7/11

Tony Cordi — Wed, 03 Aug 2011 14:32:05 +0000

I posted last month that there was very little activity from the prior month with respect to Hermosa strand real estate. We started and ended the period with six active listings and saw little change otherwise. This month that number drops to five after the sale of 1534 The Strand for the unusual price of $3,583,045. As it turns out, I had featured this home last month because it had been on the market for over 400 days and saw its price dropped to about $4 million after starting just a tad below $5 million (link). Since then, it has been in and out of escrow.

1534 The Strand - Sold for $3,583,045

The home at 2666 The Strand closed escrow within the past couple of weeks. Look for construction to begin on this spec remodel very soon.

The only other change to report is a price drop at 3205 The Strand from $6.29 million down to $5.49 million.

Visit us at Beachtime Realty…

South Bay Luxury Home Update – 7/11

Tony Cordi — Tue, 19 Jul 2011 16:53:11 +0000

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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Manhattan Strand Update – 6/11

Tony Cordi — Sun, 03 Jul 2011 19:43:09 +0000

In spite of no new sales to report, there has been quite a bit of activity as far as the past 30 days of the Manhattan Beach strand real estate market goes. Another home has become available with the home at 2908 The Strand being added to the market at $8.4 million. This raises the active inventory to seven homes with prices ranging from $6 million to $27 million. We had ended the prior month with six homes actively on the market.

2908 The Strand - $8.4 million

The prior month saw the sale of 3516 The Strand at $7.3 million. It started on the market in 2009 at just under $13 million (link). This represents a drop of over 40 percent. The record price for a Manhattan strand home remains under $11 million and was set just a few months ago.

The only other changes this month were a few more price reductions. The home at 3308 The Strand dropped from $6.59 million to $6.2 million. For the home at 2504 The Strand the price was reduced to $6.49 million. It was most recently at $7.19 million.

These price breaks are modest, however, in comparison to what we saw happen at 2020 The Strand. This listing is for the two adjacent homes there and had started off with guns blazing at $30 million. It was just reduced to $27 million.

Have a great Fourth of July!

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