Real Estate Blog

The Palos Verdes Drive North section of Palos Verdes Peninsula covers an unusually shaped and diverse area. This is where the South Coast Park and Botanic Garden, Rolling Hills Country Club, and Chadwick High School are located. The borders of this area are difficult to describe though the south border is partially Palos Verdes Dr. North. Both Hawthorne Blvd. and Crenshaw Blvd. run through this area. Homes tend to average having between 2,500 to 2,800 sq ft of living space. Lot sizes range, on average, between 18,000 sq ft to 23,000 sq ft. Like most areas in the greater South Bay, the peak number of homes sold was reached in 2002 while the high point for average sales price occurred in 2007.

Homes here averaged selling for $760 K back in 2001. Prices rose steadily through 2007, but dipped only modestly in 2008. As a point of reference, the majority of areas in the South Bay experienced significant reductions in 2008. This year-to-date there had been a 20 percent decline in average sales prices through September; however, there are currently 16 homes pending with an average sales price of $1.42 M. Though I generally caution anyone from placing too much emphasis on sales averages for this area given the diversity of the neighborhoods within it, one can still get a sense of sales trends. Prices here have more or less remained flat from 2005 through this year with the exception of the early part of 2009. continue reading…

Form a real estate standpoint, Hermosa Beach is often described as being made up of three distinct areas. These include the sand section, the valley, and Hermosa Beach East. The latter area is the relatively small area of Hermosa Beach that is located east of Pacific Coast Highway. Many of the homes here offer ocean views with livable space of 1,800 sq ft or so. Lot sizes are typically between 3,000 to 4,000 sq ft. The home values in this area have not mirrored the South Bay in general over the last several years. In virtually every other area, average sales prices rose each year from 2002 through 2007. In the east part of Hermosa Beach, sales prices increased through 2005, but have since leveled off through this year-to-date.

Average sales prices were abut $533 K back in 2001. They peaked at just over $1 M a few years ago and have been staying near this level. The number of homes sold increased through 2002, but then have dropped every year since. The number of homes selling now is one third of what it was back in 2002 when 84 single family homes were sold. continue reading…

Like many cities, Palos Verdes Estates is made up of a few different sub-areas in the world of real estate. I covered the beautiful Malaga Cove area a few weeks ago and today will be looking at an adjacent area, Monte Malaga. This area is “up the hill” and offers spectacular views of what is often referred to as the Queen’s Necklace. This includes the coastline, beach cities, LAX, Century City, Los Angeles, and the Hollywood Hills. As a point of reference, the popular wedding or event facility of La Venta is located just before this area when driving up the hill. Homes are typically 3,500 to 4,500 sq ft in size. Lot sizes range from 16,000 sq ft to over 19,000 sq ft. The sales of homes here have followed a pattern common for the South Bay.

Back in 2001, the average selling price for a home here was just under $1.4 M. This average rose steadily until it had doubled to $2.8 M in 2006. In 2007, the average home sold for about $2.3 M and dropped again to just over $2 M last year. This year-to-date has seen a further decline. If one were to use the sales average data at face value, one would conclude that values have dropped up to 28 percent from their peak. I would caution against using just the sales average numbers, but they may illustrate actual trends just fine. continue reading…

The Golden Hills section of Redondo Beach is essentially bounded by Prospect Avenue to the west, Artesia Blvd. to the north, and Aviation Blvd. to the east and then south. Homes in this area are typically about 1,700 sq ft in size on average and sit on lots that average having 2,700 to 2,900 sq ft. Home values here have followed a pattern very similar to the greater South Bay area in general over the last several years.

In 2001, a home could be bought for just over $400 K on average. This number climbed steadily until it hit $800 K in 2005. It stayed at that level through 2007 before dropping to $730 K in 2008. This year-to-date the average sales price has been just under $690 K. Sales volume peaked in 2002 and has been dropping since. At the peak, there were 166 single family homes sold. In 2008, this number had declined to 72 homes. In 2009 there have already been 53 sales and there are 15 homes in escrow with pending sales. continue reading…

Manhattan Village is the only gated community in Manhattan Beach and, as such, offers unique opportunities for its residents. This area includes the Marriott Hotel and the Manhattan Beach Country Club. Over the last several years there have been four times the number of townhome sales than single family sales here. In fact, in a busy year there may only be eight single family home sales. The sales trends of the townhomes have matched a pattern that we have seen for the South Bay in general. The trends for the single family homes have also followed this pattern to some degree, but with a less consistent sales volume.

Back in 2001, a townhome here sold for $538 K on average while a single family home sold for $958 K. The price for the townhomes rose every year through 2005, hitting an initial peak of $1.072 M. Prices dropped in 2006 and 2007, but reached a new peak in 2008 of $1.2 M. This quite possibly may be the only niche of the South Bay market that had a significant increase in 2008. I should note that it was on a very low relative sales volume for the area. This year-to-date, the average sales price has dropped to $877 K. For single family homes, the average sales price rose consistently from 2001 through 2007. The peak value hit $2 M in 2007, but dropped sharply to $1.5 M in 2008. This can be attributed to a very low number of sales in 2008 and thus should not be used for decision making. continue reading…

The Golden Hills section of Redondo Beach is essentially bounded by Prospect Avenue to the west, Artesia Blvd. to the north, and Aviation Blvd. to the east and then south. Homes in this area are typically about 1,700 sq ft in size on average and sit on lots that average having 2,700 to 2,900 sq ft. Home values here have followed a pattern very similar to the greater South Bay area in general over the last several years.

In 2001, a home could be bought for just over $400 K on average. This number climbed steadily until it hit $800 K in 2005. It stayed at that level through 2007 before dropping to $730 K in 2008. This year-to-date the average sales price has been just under $690 K. Sales volume peaked in 2002 and has been dropping since. At the peak, there were 166 single family homes sold. In 2008, this number had declined to 72 homes. In 2009 there have already been 53 sales and there are 15 homes in escrow with pending sales. continue reading…