Happy New Year!
I wanted to share with you the latest information of the South Bay new home sales from 2016. Also, see what 2017-2018 holds for new home pipeline.
Happy New Year!
CoreLogic reported in late December that home buying saw the fastest November in more than four years even though the month’s sales totaled 7.5% below 1988 month average. The surge in sales increased what buyers paid. Our relatively robust local job market created more job opportunities along with pay hikes nationwide. Fewer absentee buyers were reported. Mortgage financing was not used in 21% of the deals.
For full report, click HERE!
After falling to the lowest level in 50 years, the U.S. homeownership rate bounced up slightly in the third quarter of this year. Corelogic reports that the amount of equity homeowners now have has doubled in the last five years sales.
For the full article & market report, click HERE!
“Existing-home sales rebounded strongly in September and were propelled by sales from first-time buyers reaching a 34 percent share, which is a high not seen in over four years, according to the National Association of Realtors®. All major regions saw an increase in closings last month, and distressed sales fell to a new low of 4 percent of the market.”
Click HERE for complete article, plus inside market info!
This South Bay Beach Cities market video shows new construction sales, new home pipeline, and a year over year comparison from the early 2000s.
Market insight is the essential ingredient in all of the services I offer. I answer the question “How is the market?” By monitoring real estate trends and statistics, I’m able to help you make critical decisions…all while giving you valuable information on an ever changing housing market!
CenterCal Properties unveiled 3D model of the Redondo Beach waterfront redevelopment. The developer undoubtedly is hoping the 3D model will help build public support for the massive overhaul of the harbor area.
16-by-7-foot exact replica of the 36-acre project, down to the palm trees — with individual palm fronds laser-printed and stacked on top of each other. The project is 1/16th — every inch represents 16 feet. Typically, projects are a little larger, with every inch representing eight feet. While the model lives in the CenterCal offices in El Segundo for now, people can visit as long as they call for an appointment.
The development includes a 20-foot-wide boardwalk, parks, a 120-room boutique hotel facing the pier and an upscale movie theater overlooking Seaside Lagoon, which would be opened to the ocean and transformed into a shallow beach. A pedestrian drawbridge would connect the pier to a harbor-side public market.
There is also a virtual tour of its $300 million project vision. The nearly 12-minute-long video features sweeping views of the 35-acre site from Seaside Lagoon to the Redondo Beach pier, historical photos, movie-like renderings, and interviews with familiar waterfront faces, including Tony’s on the Pier co-owner Tony Trutanich Jr., Captain Kidd’s Fish Market owner Chris Bredesen, Kincaid’s General Manager Reggie Thomas, King Harbor Boating Foundation Chairman Julie Coll and others.
We live where people want to vacation. Some Los Angeles cities list as their attributes as several “close to” attractions, shopping, dining and even other areas. But in Manhattan Beach, other than its proximity to LAX, there is no need for those “close to” references because so much is happening right here. Without the pretentiousness of nearby West LA. Manhattan Beach retains a community-oriented atmosphere where everyone seems to get along in a friendly manner. Hot Volleyball, cool water, a town for athletic people, young or not so young- everyone is out walking, riding or running by this is the place to BE.
As proof, here’s the Top 10 Reasons You Should Live In Manhattan Beach:
1.) The Beach. Manhattan Beach does not just have a beach, it has a clean beach. There are no tacky t-shirt shops, no graffiti, no seedy side that taints the views of the Pacific Ocean under a bright blue sky. What you have here is a nice, wide beach that’s upscale, relaxed and so perfectly pristine you’ll wonder why you didn’t move here sooner.
2.) The Strand. This “moving” sidewalk of sorts is the centerpiece of activity in Manhattan Beach and, in fact, throughout the entire South Bay. Because of The Strand, having a bike here is a must; you can ride all the way to Palos Verdes on one end – with Hermosa Beach and Redondo Beach along the way – and if you desire, to Santa Monica on the other. And it’s all right along the sand. The Strand is also idea for running and walking. No motorized vehicles are allowed, which means it’s purely people power that moves on The Strand.
3.) The Sunsets. One of the nightly rituals is going down to the beach to watch the spectacular sunsets. Sometimes, the sun will turn orange and the sky around it will explode with colors. Downtown is particularly fetching, with the palm trees on either side of the pier, making for the kinds of photos that, when you share them with your friends, will get lots of envious remarks. You can even soak in the sunset from a restaurant with a glass of wine in your hand.
4.) Friends Will Always Be Coming To You For Get-Togethers. Because Manhattan Beach is so spectacular and people from all over Southern California love it, when it’s time for get-togethers with friends, they will be coming to see you rather than you always having to always to go meet them someplace. In fact, you will soon discover they want to visit you a lot because they like coming to Manhattan Beach!
5.) The Events. In addition to the idyllic everyday beach life in Manhattan Beach, there are also events that stir the locals’ soul. Each Sunday in the summer, there are free concerts in Pollywog Park that are more like picnics with great music. There is Old Hometown Fair the first weekend of each October with its Saturday morning 10K, festival and lively beer garden. There’s Holiday Open House, where the downtown shops open up in the evening to strollers, some offering entertainment and refreshments. But the most spectacular event of them all is the Manhattan Beach Holiday Fireworks, a sensational show on the second Sunday of December that brings in about 10,000 people, all in a festive holiday mood. This being Manhattan Beach, many bring beach chairs and watch while sitting on Manhattan Beach Blvd.
6.) Downtown Shops & Restaurants. For those living in the hill section, it’s a short 5-minute walk to downtown where you’re rewarded with a pleasant, peaceful stroll through high-end shops, great restaurants, classy restaurant/bars and even a couple of classic beach dive bars. No worries about parking or having that extra glass of wine because you can walk back home. In fact, you may find you will leave your car parked on weekends because, frankly, why go anywhere else!?
7.) Beach Volleyball. Manhattan Beach is the birthplace of beach volleyball, and many of the Olympians either live here or practice here. Go down to Marine Street and see where the sport was created. Or just walk to the pier where, on any given summer weekend, there’s some sort of tournament taking place. The “king of the beach” volleyball tournaments is the Manhattan Open, which the top pro players (and Olympians) refer to as the Wimbledon of beach volleyball.
8.) The Escape. Living in Manhattan Beach is like being on a year-round vacation. With all the activities and events, you can put yourself right in the middle of it all, but there’s enough elbow room to have privacy, too. You will also notice quickly that Manhattan Beach is really a small community and it’s easy to forget that the really large city of Los Angeles is all around you.
9.) It’s Close To LAX. Okay, here’s the one “close to” you need to know about when it comes to Manhattan Beach. You can be at the airport, door-to-curb, in 15 minutes. Sometimes even 10 minutes. It’s a near-direct drive and there is rarely any traffic. It’s the most stress-free trip to (and from) the airport of just about any city in North America.
10.) Real Estate. Manhattan Beach residents have a fairly high income but shun the snobbery for a fun attitude. There is some sticker shock to people who first want to move here. We have a mixture of beach homes and mansions. Land is expensive in all the beach cities in varying degrees. Manhatan Beach homes have held their value very well along the bumpy Real Estate market down and up turns.
We live where people want to vacation. Hot Volleyball, cool water, a town for athletic people, young or not so young- everyone is out walking, riding or running by this is the place to BE. Be yourself, be fun, be free!
Just below LAX airport are the traditional beachside communities of El Segundo, Manhattan Beach, Hermosa Beach and Redondo Beach. The pretentiousness of nearby LA cannot be found here. Our neighborhoods retain a community-oriented atmosphere where everyone seems to get along in a friendly manner. Actually, they are technically cities in their own right, autonomous from Los Angeles proper despite merging into the massive greater-L.A. sprawl.
Hermosa Beach. The ‘beautiful’ beach as it translates from Spanish is defined by our pier and adjacent promenade, a pedestrian-only street that’s packed with bars and restaurants. When we turn right on Artesia off Pacific Coast Highway it is a thrill to see the magnificent Ocean.
The beach is known for volleyball and its surfing tradition and just hanging out — centered around the pier, but continuing for a mile or so south, and miles north. The boardwalk/bike path known as “The Strand” accomodates walkers, joggers and is packed with bikes and skateboards on weekends and is obviously less crowded during the week. But on weekends it’s certainly a great place for people-watching, drinking discreetly out of plastic cups and staring with envy at the luxurious new houses that have recently been constructed, blending a laid-back surfer community… with a coastal version of Beverly Hills.
North Hermosa Sand section is a dream lifestyle for families living with school age children in .Once residents discover this little community they would not live anywhere else. Many families that bought in the1960’s have more family that bought in 1990’s and more in 2010’s. It is very common for generations of families living in homes within blocks of each other, a mixture of family living in the family home, or purchased when something comes up near where they grew up. It’s a lot like the multi-genreational lifestyle of Hawaii but with a great city nearby.
Hermosa Valley and View schools have teachers and staff that amaze me. We love our schools. The parent and student portal keeps us aware of grades and homework. Our high school choice is Mira Costa or Redondo Union High. Parks and Recreation community center is bustling with activity for every age, with sports, theatre groups, and art classes. History is preserved right there in the Historical Society very well and worth a visit. Hermosa Valley Park has something for every age, or party, trees for climbing, picnic and grill stations, hills to run around in, Basketball area, soccer or field sports.
Our community loves the sunsets. We get excited when whales spout like shooting fire hydrants, or dolphin groups leap lazily along. Our kids go to the Green Store for a treat or Marthas’ for breakfast of lunch. They play on the swings or getting older get to walk or bike or razor or skateboard to the Pier. They play tennis, have the skateboard park or are in local plays in our Community Center on Pier. Summers are the best with surf lessons and ocean safety. We see our neighbors in beach chairs lined up along the water, surfing or out on Paddleboards. Circling the blocks with our dogs, talking to neighbors, and watching sunsets is a ritual.
Hermosa has a mixture of beach homes and mansions. We sadly miss every beach house torn down. Land is expensive in all the beach cities in varying degrees. There is some sticker shock to people who first want to move here. The South Bay homes held their value very well along the bumpy Real Estate market down and up turns.
One review about Hermosa says it has apartments. Every city has some and that is misleading to Hermosa as a whole. In our 1.5 square miles most of the apartments are along the South border of the Sand section. That is where young professionals new to the area can find a first place to lease and have their dog or cat. Then they learn the area and many move up to a purchase. Young people love moving here for the water, volleyball, bike and lifestyle.
When it comes to home buyer preference, there are a lot of variables. Some people buy according to price, while others are looking for a particular neighborhood or style of home. A recent analysis of the Department of Housing and Urban Development’s American Housing Survey done by the National Association of Home Builders looked at what’s most important to buyers of both new and existing homes. According to the report, the top two reasons a buyer chooses a particular home are size and layout/design. In fact, 76 percent of buyers named size the most important factor and 74 percent said layout. Neighborhood came in third at 72 percent of buyers. New home buyers named similar features but added exterior appearance and construction quality to their list of deciding factors. They were also even more likely to name these features as important than buyers of previously owned homes. Among first-time buyers, the home’s price was a bigger factor than among other buyers. First timers were also more likely to look for a neighborhood that was close to work, family, and friends. Other buyers said the neighborhood they moved to would be based primarily on the house they were interested in and safety. To a lesser extent, potential home buyers were interested in buying in a good school district, though that tended to be more important to new home buyers than other types of buyers. More here.