The Palos Verdes real estate market is starting to hit its stride; total year-to-date volume is up $58,831,607, there have been 41 more closed sales, average sales price is up and average days on market is down 28 days from same period last year. On the COVER this issue is a lush Mission Style Spanish Revival estate on a wonderfully quiet street in Palos Verdes Estates. This fabulous home features an amazing outdoor space on spacious 40,000+ sq ft lot situated across from Parkland, and luxurious architectural details throughout.
It’s no secret, the South Bay real estate market is heating up and one beach city in particular, Manhattan Beach. Looking at closed sales for Single Family Residences in Manhattan Beach (March 1 – April 1, 2013,) a total of 32 homes sold at an average $52,350 over listing price at an average of 40 days on market. Several homes in the area have sold for multiple six figures over asking price with multiple offers. Where does it go from here?
Despite the ongoing tight inventory in the South Bay market, aggregate Single Family Residence (SFR) home sales are up 30% so far in Q1 for the Palos Verdes Peninsula over last year. For the period of January 1st through March 26th, there have been a total of 148 homes sold vs. 114 last year. Interesting, average days on market are down 31% and average selling prices are up 4.5%. On the COVER this issue is the serene “VILLA BALINA” — a timeless estate on one of the best streets on the entire Palos Verdes Peninsula with panoramic views of the Pacific Ocean and entire Santa Monica Bay.
Buyers, buyers and more buyers! That’s what is going on in the local real estate market with inventory still very tight. Manhattan Beach is an interesting case study, with only 32 active listings (SFR) as of press time. Prices are also on the rise in Manhattan Beach, which are now at levels not seen in over four years for Single Family Residences. Sellers…? On the COVER this issue is an unforgettable Mediterranean Estate originally built in 1929 for the daughter of Frank A. Vanderlip, the impressive grounds boast unobstructed panoramic ocean, canyon, coastline and Catalina Island views.
It seems like every other conversation I’m having these days with local real estate professionals centers around the topic of “off market” inventory. For our purposes, we refer to “off market” as the properties that are not listed in the Multiple Listing Service (MLS) but are actively for sale in the local market. While this is a subject of much debate, the “off market” inventory in the Beach Cities in the South Bay may be as high as 10% of total available listings for sale at any given time. What is for certain in today’s real estate market is that there are more buyers than sellers, inventory is still low and prices seem to be edging up. As we get into Spring, the market should give us a good indication if inventory will loosen up, but I’m starting to feel that the tide may be turning.
To kick off our new “Real Estate Insider” editorial section this issue we met with Arnold Goldstein, Founder & President of Shorewood Realtors who is celebrating his 50th Anniversary in South Bay real estate. Yes, that’s five “real estate” decades worth of experience, market knowledge and most importantly — wisdom. I remember meeting with Arnold in early 2010 and asking for his advice as I was gearing up to launch the first edition of South Bay Digs. Arnold gave me more than words of wisdom that day — he connected me to people who could potentially help me — exactly what he’s been doing the last 50 years so successfully.
Real estate statistics, they’re everywhere. Home consumers are “armed and dangerous” when it comes to local market trends, as an endless barrage of real estate data is widely available at every turn. If you’re a buyer / seller and agonizing over real estate pricing data and what it all means—relax. What are you looking for? – Gregg Good deal? Place to live? A lifestyle? Place to raise your kids? Easterbrook Whatever your real estate goal, it’s the emotion that counts most.
The local real estate market was in a word, “interesting” in 2012. Despite a much discussed lack of inventory of homes for sale in the beach cities and Palos Verdes, the aggregate 2012 closed sale numbers showed a total of 169 increased sales transactions as compared to 2011. “Off Market” sales were all the rage last year, especially in Manhattan Beach where demand was particularly strong. As we begin the New Year, I’ve asked several local REALTORS how they see the market in 2013 and the general consensus is positive — that inventory will loosen up a bit and buyer demand is still strong.
Merit Real Estate is celebrating their 25th year of being in business and have big changes planned in the near future, according to Rodman Amiri, who works with his father Amir Amiri, Merit’s founder.
This issue marks our 2nd Annual Year-End Architect | Design | Build Edition and it’s our best ever. In this special issue, our feature article will showcase some of the best and most interesting architecture | designs in the South Bay. Inside, you’ll gain insight into some of the personalities that make up the local architect | design | build community in our “Q&A” section. We’ll also highlight some “must read” architecture books, uncover some South Bay restaurants with interesting architecture and design elements, highlight some super cool Prefab home designs and take a look at some local homes designed by several influential architects of the past.
Can you believe we are in the “home stretch” in 2012? It seems as though time speeds up when October arrives. For those that think the local real estate market shuts down during the Holiday Season — think again. The last three years have averaged over 100 sales per month during the 4th quarter when looking at closed sales for Single Family Residences sold in zip codes (90266, 90254, 90277, 90274, & 90275.) Additionally, closed sales in October 2012 are up 67% versus October 2011 and 11.6% overall in 2012, (Jan. – Oct.).
