|2505 Vail Ave Redondo Beach CA|
My buyer clients just closed on 2505 Vail Ave in North Redondo Beach (pictured above) for $1,330,000. This 2160 SqFt 4 bedroom SFR was recently remodeled with amazing finish work and taste. And a unique floor plan. Plus a look and feel that is more common in Manhattan Beach. And a backyard to die for.
So I was thinking about how common it is to see $1M plus these days in North Redondo Beach. In fact, so far in 2016 as of the date of this blog post there have been 81 closed sales over $1M with the highest price being $1,699,000. That compares to 107 in 2015, 32 in 2014 and only 27 in 2013. So that should be a pretty good indication of where pricing is going in N Redondo which is now a "luxury" market.
So how do I define Luxury Real Estate?
One definition is luxury real estate is often defined as real property that has an appraised value of over $1 million in the United States, yet this varies greatly depending on the location. Another definition of luxury incorporates amenities such as ocean views or waterfront, golf course, community amenities such as pools, etc. None of this applies to North Redondo Beach other than the price point relative to other homes on the market.
When you cross the $1M threshold in N Redondo Beach you should start to see a higher level of finish work, appliances, and other features. And, in general we do.
A few more data points.
So far this year there have been 271 closed sales in N Redondo Beach so the 81 over $1M which is just about 30%. Of those 41 were over $1.25M. That's still 15% of the deal.