by Raju Chhabria
The current SouthBay residential real estate market in the SouthBay is a strong one. Inventory is low. Manhattan Beach only has 40 properties on the Multiple Listing Service as active, ranging from a townhouse in ManhattanVillage for $779,000 to my listing at 1240 fifth Street for $7.99 million.
Hermosa Beach has even fewer — just 34 properties on the MLS as active, ranging from a condo for $339,000 to my new construction listing at 2666 The Strand for $14.25 million.
If a property is priced right (both in the low-end of the real estate market as well as the high-end), it will generate multiple offers and sell for more than listing price.
Many homes have sold before they hit the market as well. The property at 2020 The Strand in Manhattan Beach sold for the land value of $9.45 million and then was put on the MLS for comparable purposes, as was 3300 The Strand in Manhattan Beach, which sold for $10.99 million. Another Manhattan Strand property is currently under contract for over $10 million, which is the land value. The Strand activity has been doing increasingly well.
For homeowners interested in selling in 2013, now is a great time.
I personally have seen an increase in activity as well. Thus far in 2013, I have listed over $63 million in real estate and placed into escrow over $39 million — that’s an all-time high for my career.
With interest rates at an attractive rate and lenders more active in lending, I predict 2013 to be a great year for real estate.
In North and South Redondo Beach there are currently 77 properties on the MLS as active, ranging from a condo for $330,000 to my ocean bluff estate listing at 709 Esplanade for $9.9 million.
In Palos Verdes Estates, there are 27 properties on the MLS as active, ranging from a condo for $499,000 to an estate for $10.5 million.
In Rolling Hills, there are 16 properties on the MLS as active, ranging from $1.49 million to $10.9 million.
Rolling Hills Estates has 20 properties on the MLS as active, ranging from a condo for $230,000 to my estate listing at 50 Santa Cruz for $3.19 million
In Rancho Palos Verdes, there are 77 properties on the MLS as active, ranging from a condo for $239,500 to my new estate listing with over 5.5 acres at 7 Marguerite Drive for $15.9 million
Raju Chhabria is a Broker Associate with Shorewood Realtors. RajuSells.com (310) 379-2167