Luxury Real Estate Happens Here

With the first Quarter of 2011
behind us, South Bay DIgs takes an in depth look at the local real estate market trends starting on page 29 for the Beach C ities of the South Bay, (Manhattan Beach, H ermosa Beach, South/North R edondo Beach, P alos Verdes E states, R ancho P alos Verdes, Rolling Hills and Rolling Hills Estates.) As of press time, there are currently 527 active “Single F amily R esidences” for sale with an average list price of $2,116,600 with 92 average days on market.

With the first Quarter of 2011 behind us, South Bay DIgs takes an in depth look at the local real estate market trends starting on page 29 for the Beach Cities of the South Bay, (Manhattan Beach, Hermosa Beach, South/North Redondo Beach, Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills and Rolling Hills Estates.)
As of press time, there are currently 527 active “Single Family Residences” for sale with an average list price of $2,116,600 with 92 average days on market.

Home sales in California remained above the 400,000 mark in August for the fifth consecutive month and rose to the highest level since October 2012, according to a recent report from the California Association of Realtors (CAR). The median price of an existing, single-family detached home in California edged up 1% in August to $493,420 from $488,470 in July. Sales of condos and townhomes were up nearly 10% from last year and are ahead 6.6% year to date.

Our wonderful South Bay community is filled with interesting residents and I’m very lucky to get the chance to meet some of them along the way. It looks like the higher end home sales are starting to heat up a bit in Southern California. Last year, 2010, California homes priced at $1,000,000 or more experienced a 21% increase in sales versus 2009 — the first increase in five years.

Jimi Hendrix, one of my favorite guitarists, and arguably the best of all time, asked the question in his song “Are you Experienced” in 1967 from the album of the same name. In the song, Hendrix invites the listener to go beyond “your measly little world” and go on a journey of self-discovery.

The New Year is upon us and 2011 is off to a fast start! I’ve read various prognostications on what the real estate market will do this year, and as usual, the projections are varied. For the overall U.S. economy, the outlook for GDP growth this year is in the 2.5%-4% range — yet we still have a high unemployment number and other factors that will play a role in determining how the economy will fare this year. Locally, I think the mood is ‘cautiously optimistic’ as we gear up for the all important “Spring Listing Season.”

As we approach the end of 2010, it’s a great time to explore, dream, and discover new possibilities for the New Year. Economically speaking, it’s been a very challenging last couple of years, especially in the real estate sector. At the end of the 3rd quarter of this year, 32% of California mortgages are in a negative equity position, according to CoreLogic. Ever since we launched South Bay Digs magazine in October of this year, I’ve been asking local realtors and brokers the same question—“how’s business?”

Warren Buffet once said “Price is what you pay. Value is what you get.” In this economic environment the question of price versus value is more relevant than ever. At South Bay Digs magazine, our ability to deliver on our value proposition to our customers is our ultimate quest—it’s our passion. That’s why we continue to explore new ways to innovate and integrate the most relevant communication channels available to connect the home consumer to the local real estate professional.