|Contemporary Remodeled House North Redondo Beach CA|
Last year I sold 2117 Huntington Lane Unit A for $1,079,000 and that was a new high for an attached front unit townhouse. Or at least a new high at the time because we are routinely seeing new and resale detached townhouse listed and selling anywhere between $1-1.2M. And these days in Golden Hills, $1M is almost a bargain. But all that may be about to change with prices ratcheting up yet again.
If the listing at 1913 Gates Avenue (above) sells at anywhere close to the asking price of $2,200,000 we may see an absolute explosion in home values in 90278. There has never been a SFR sold on 90278 over $2M. In fact the previous high was $1,670,000 in 2007 right at the height of the bubble preceding the collapse. This cycle, the highest closing was $1,576,475 at the end of April (pictured below).
|SFR sold on Graham in North Redondo Beach CA|
The major difference though is that Gates has been remodeled in a super hip contemporary style that many people (including me) prefer to the typical South Bay product. Rather than me making a feeble attempt to describe it just take a look at the pictures below.
A few thoughts.
- There is definitely a market where a) the buyer will pay more for this style and b) turnkey sells and you can move into this one.
- If this home were in Hermosa Beach, Manhattan Beach or even South Redondo Beach it would be arguably underpriced or even a great deal.
- Will the market support a premium of over 20% higher in just one leap?
The last point is the wild card and remains to be seen. I'll be watching this one very closely.
Final thought. Everything above makes this sale at 1203 Goodman which closed in April seem like a steal by comparison. New construction, 5 bedrooms, 3162 sq ft. Wow.
|New Construction SFR North Redondo Beach CA 90278|
* if you are not familiar with Redondo Beach, properties in South Redondo Beach, 90277, typically sell for substantially more than North Redondo Beach and there are far more homes for sale in South Redondo over $1M and $2M than in North Redondo Beach. If you are interested in buying or selling a home in the Beach Cities feel free to contact me directly for more information.