I’m always anxious to see how the luxury real estate market in the Beach Cities of Manhattan, Hermosa, and Redondo compares to what’s happening in the luxury housing market on the Palos Verdes Peninsula. As we enter August, the beach cities’ luxury home market is slightly weaker than the same market in Palos Verdes.
Beach Cities Luxury Single-Family Home Update for August 2016:
There are currently 68 luxury homes priced over $3,000,000 for sale in the Beach Cities of the South Bay.
Sixteen Beach Cities single-family homes are in escrow with accepted offers.
Twelve Beach Cities luxury residences sold during July 2016, and 67 South Bay Beach Cities luxury single-family properties have sold year-to-date.
This report does not include condos and townhouses, but it’s not uncommon for those sales to top the $3,000,000 price range as well. There is no question, coastal real estate sports a high price tag because it is a highly desirable and limited commodity.