Sales in North Redondo Beach 90278 clipped along at a very healthy pace during July with 50 properties closing escrow.* As of this blog post there are another 60 in escrow and a staggering 74 offered for sale. So we are certainly seeing a balancing of the market with more homes for buyers to choose from.
With the added inventory, there is no doubt that there is a softening and that not every property is going to sell with multiple offers the first weekend. (Unless I'm your listing agent of course.)
Let's take a deeper dive into what's going on looking at certain neighborhoods, price points, and property types.
REDONDO BEACH GOLDEN HILLS
MLS Area 154, Golden Hills, still remains one of the most sought after neighborhoods in the Beach Cities. While admittedly not everyone wants to live in a Tall & Skinny SFR with virtually no back yard, the demand is still strong due to location, preference for SFRs, and the fact that many of these homes offer city or mountain views.
Right now you can expect to pay at least $1M for a nice standard 3 bedroom, 2.5 bath reverse floorplan house with updates. If it is original or the 2 bath model expect to pay less but if it is newer, has a few or on one of the streets further west you will pay more. Here's what sold during July.
REDONDO BEACH LUXURY HOMES SALES
This is where I usually talk about the properties over $1M which for July accounted for 32%, almost 1 third of the homes sold in North Redondo Beach. Wow. Ten years ago we almost never said $1M and North Redondo in the same sentence. I'm going to have to move the bar up a little bit going forward.
So what can you get for $1M in N Redondo these days?
At right around $1M you are looking at a new construction attached 3 on a lot townhouse. It is a very nice 3 on a lot, but still a 3 on a lot. That pretty much is the new normal for that product.
As for resale detached 2 on a lot 4 bedroom townhomes, if you can find one between $1M-$1.1M built after 2000 in good condition, jump on it. That may be as good as it gets for a deal these days.
As you get further into the $1.1Ms expect a very nice Tall & Skinny as noted in the section above.
Above $1.3M is where things really get interesting in this segment. At around that price if you are lucky you can find a very nice new construction detached 2 on a lot. And I mean very nice. Or a gorgeous remodel like my sales at 2505 Vail Ave*. That house was redone in a very high end finish that you would expect to find in Manhattan Beach or Hermosa.
As you go even higher and go above $1.5M you will 4 and 5 bedroom SFRs over 3000 SqFt built post 2000. Of course that's the price similar properties used to sell for a few years ago in East Manhattan Beach but now those will cost you over $2.2M in 90266.