market status
the market is still tight in the beach cities. there are a handful of homes
in the 3 beach cities (redondo, hermosa, manhattan beach) that have been
lingering on the market but in general these homes have been priced a bit too
high to begin with.
i keep reading about pricing falling in other parts of the country but in
redondo, it's still going strong. north redondo has seen tremendous growth
in the last few months...basically it has not slowed down much (if at all)
since a year ago. north redondo is still the entry point into the beach
cities and there is still an incredible amount of construction going on.
in south redondo it is now extremely tough to find a newer 4 bedroom/3
bath/2400 sq ft townhouse for under $1M. in fact most of the nice ones go
for around 1.2M. in north redondo you can find these starting at around
$920k or so...at the start of the year these were starting at $840k.
the cheapest place in south redondo is $485k and that's for a 615 sq ft 1
bed/1bath condo. sometimes studios come on sale and those will run about
$360k (but none are available now). this is all in the village.
the cheapest in north redondo is $544k and that's for a 1400 sq ft 2 bed/2.5
bath townhouse. these townhomes went for $450k just 6 months ago.
manhattan beach is still the cream of the crop in the beach cities. the
entry point (for 2 bedroom type places) hovers at around $900k. a nice home
(4 bed/3 bath/2200+ sq ft) in a nice section will run about $2M. the really
nice ones (wish i could move there) are around $3M (4000+ sq ft, etc.).
my recommendation for this area is to buy. i still think prices are going up
around here but logic will say that prices can't go up much higher. i just
feel that this area will hit any type bubble bursting later than most of the
other areas of LA so any obvious trend will be seen way before it actually
gets here.
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posted by RVD at 8:48 AM
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