Beach Cities of the South Bay of L.A. Real Estate Update 2017
I was browsing about on Zillow for a luxury home in Manhattan Beach for one of my clients. I was surprised to see Zillow is predicting a smaller than usual increase in value for the area in 2017. On the other hand, property in the Beach Cities of the South Bay of Los Angeles has enjoyed a phenomenal surge in value since the housing market recovered from the recession years of 2008-2010. I'm happy to see the market taking a breather and not advancing toward a bubble; bubbles burst. 86 Manhattan Beach luxury homes priced at or above $3,000,000 sold during 2016. Year-to-date in 2017 as of March 6, eleven MB luxury properties have closed escrow. The year-over-year comparison shows only a slight reduction in 2017 sales. Hermosa Beach's smaller number of sales can be attributed to its smaller size both in land space and residents. However, Hermosa still posted [...]