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 28 luxury property sales in 2016. The luxury home sales in Hermosa Beach may be taking a stabilization break; as of today, no 2017 luxury sales over $3,000,000 appear in the sold column on the MLS.
Redondo Beach is the most affordable of the South Bay beach cities, and its luxury sales lag behind those of its sister beach cities. During 2016 Redondo Beach posted seven luxury residential sales over $3,000,000. Again, Redondo Beach is showing no residential sales in the $3,000,000 and up price range for 2017.
Luxury Homes (single family, townhouses, and condos priced at or over $3,000,000) currently for sale in each of the Beach Cities of the South Bay of Los Angeles:
Manhattan Beach: 52
Hermosa Beach: 11
Redondo Beach: 2
Beach Cities Luxury Homes currently in escrow with an accepted offer:
Manhattan Beach: 16
Hermosa Beach: 10
Redondo Beach: 0
Norma Toering, Broker/Owner of Charlemagne Int’l Properties. 310.493.8333 or Norma@CharlemagneProperties.com