|Nicely remodeled Golden Hills Tall and Skinny SFR for Sale in Redondo Beach CA|
Here's the question of the day: how much higher can home prices go in the Redondo Beach Golden Hills?
If it seems that I am writing a lot about Golden Hills, the answer is yes I am but primarily because a) I sell a fair number of homes in MLS Area 154 and b) I have a number of clients living there who are interested in their home values.
Let's roll the clock back just a few months to when I listed 1748 Dixon St (pictured below) for $879,000 and it sold for $920,000. At the time, that seemed to be a very high price for a mostly original 1980's Tall and Skinny that all things considered was relatively close to Artesia Blvd. Furthermore, the buyers were planning on doing a major remodel as well and as far as I could tell were sinking another $100K + into the project (or something close to that). In fact, I had to do a lot of work with the appraiser who was really struggling to get his arms around the pricing.
|Golden Hills SFR sold over list price by Ellis Posner - Teles Properties Redondo Beach CA|
After that I also sold 1719 Dixon, which was in a better location but a little smaller with only 2 full bathrooms for $930K.
Now the "new normal" in Golden Hills, particularly the Golden Triangle section is $950K or higher for similar Tall and Skinny 3 bedroom, 2 or 2.5 bath single family properties on 2500 SqFt lots.
Here's a good example.
1718 Goodman Ave (top picture) which is a 3 bedroom 2 bath 1788 SqFt house and was just listed for $950,000 by Vista Sotheby's Realty (MLS SB15160659). It is also a very nice remodel of a 1979 era home with some nice contemporary touches. I am assuming that in this market it will sell at or above list price because the pricing is reasonably based on the last comparable recorded sale (my listing at 1719 Dixon).
Here's how the home is described in the MLS:
"Located on a highly desirable street in the Golden Hills, this 3 bedroom, 2 bathroom remodeled home has tons of charm and style. The beautifully designed kitchen features custom built cabinets, built in wine rack, granite counters, porcelain tile flooring, Fisher/Paykel counter-top stove and oven, a GE Profile-Series fridge, brand new Bosch dishwasher, microwave, a built-in Reverse Osmosis water filter and radiant heated floors. The current owners continued to upgrade the property after they purchased the home with a full remodel of the family room that features a skylight, dark hardwood floors and a sleek marble framed gas fireplace. The backyard was also re-done with built-in bench seating, a gas fireplace, gas bbq hook up and outdoor TV – an entertainers dream! Decorative tiles in the entrance and stairwell pair perfectly with the modern banister leading upstairs into the main living area, while hardwood in the living room and throughout the downstairs bedrooms give this home a clean modern style. Vaulted ceilings in the living room and master bedroom create a spacious and bright living space on the main floor with private balconies off both rooms. You don’t want to miss this one."
The ones that confound the public, and quite frankly I am struggling to understand are listings like the one which just came out at 1754 Carver St for $1,179,000. That home was built in 1990 and yes, it is larger at 1890 SqFt and has very cool architectural curb appeal but how can it sell for more than let's say 1757 Dixon which is a larger, newer, 4 bedroom? See comparisons below - screenshots courtesy of the MLS.
|Architectural Curb Appeal|
"This custom designed Beautiful modern architectural 3 bed, 2.5 bath beach home features dynamic view windows and skylights providing ample natural lighting throughout the home. Granite bar, modern appliances, recessed lights in kitchen and extended vaulted ceilings make the home feel so spacious. Master bedroom with master bath and jacuzzi on second floor with open kitchen, dining room and family room. 2 bedrooms on first floor with full bath and private patio that is accessible from one of the bedrooms. Walk in closets, private back patio garden perfect for entertaining. Double car garage plus 2 car parking in driveway. Extra storage space throughout the house and garage!"
|Unique 4 bedroom|
I can chalk some of the over pricing (in my humble opinion) of Carver up to the fact that the listing agent is "out of area" as in from Tustin which I think is a much different market. But just doing some cursory home work would indicate that they are pushing the price point too much.
As things are going in Golden Hills, I now consider 1757 to be a great deal (after one price reduction). Most likely the public doesn't know what to make of it because there are 3 bedrooms downstairs instead of the usual 2 and 4 bedrooms total.