|Tall & Skinny Living Room|
Golden Hills has been the hottest neighborhood in the hottest market in the South Bay, North Redondo Beach.
So far in 2015 there have been 406 closed sales in 90278 with 67 of those closings in Golden Hills, about 16.5% of the total. But that's only part of the story. Prices have increased substantially with 24 of the 67 sales selling at over $1M. Of those, 13 sold above the MLS asking price. Another 18 sold between $900K and $999K and of those 16 sold above the list price and 8 sold for more than $1.2M.
So basically Golden Hills is now a $900K plus neighborhood with most homes selling above the MLS asking price.
A few weeks ago I started to notice some interesting trends though. Buyers are definitely pushing back on 1980s houses with 3 beds and 2 baths (without the extra powder room) priced above $950K. In fact , as of this writing there are a few of those currently sitting on the market and even one priced at $899K. I'm also seeing somewhat of a buildup in inventory with 9 currently active listings and 12 in escrow including a few I thought would have been under contract by now. FYI, 10 of the 12 are priced over $899K and 5 over $1M.
Where are the Golden Hills?
North Redondo Beach is comprised of 4 MLS Areas 151-154 with Golden Hills (154) being the smallest and having the least density but some of the highest prices. While you can get a very nice home in the $700-$800K range elsewhere in North Redondo Beach you can also reasonably expect to pay $950K or more. Some of this is simply location with most of the neighborhood being further west than the rest of Redondo Beach and even parts of Manhattan Beach.
A few thoughts for Buyers and Sellers if you are considering Golden Hills.
- The "Golden Triangle" meaning the area bound by Artesia, Aviation, and Hermosa Beach to the west seems to be generating more demand than the homes around Jefferson Elementary on the other side of Aviation Blvd.
- Buyers are favoring "Standard" the standard reverse floor plan, paying a lot more for properties that have been remodeled and or have any views.