Category: Uncategorized (17)

The real estate market tends to slow down over the holidays in the South Bay, and this year has been no different. Many properties have continued to linger on the market with Average Days on Market climbing to 117 days for Manhattan Beach, 88 days (Redondo Beach), and 102 days (Hermosa Beach). Below is a summary of each city’s average price per square foot, the median single family home price, and total inventory.

Avg. Price Per Square Foot
– Manhattan Beach $1,137
– Hermosa Beach $1,159
– Redondo Beach $667

Median Single Family Home Price
– Manhattan Beach $3.017 million
– Hermosa Beach $2.745 million
– Redondo Beach $1.382 million

Total Inventory
– Manhattan Beach (72 active properties, 27 under contract/pending, 99 total)
– Hermosa Beach (42 active properties, 14 under contract/pending, 56 total)
– Redondo Beach (80 active properties, 57 under contract/pending, 137 total)

If you are looking to purchase a property and have found an active listing you’re interested in, now is a great time to put in an aggressive offer and test sellers’ interest, potentially obtaining the property below the listing price. On the flip side, if you are thinking about selling your home or investment property this Spring, now is a great time to schedule an appointment to put a marketing plan in action. Our team can help prepare your home to put it in its best light to generate the highest possible demand and to achieve the highest sales price. Call or email today to get started!

(310) 595-6774
neetu@neetugillespie.com

South Bay Real Estate Market Update

Now that school is back in session, the NFL is back in L.A., and the Dodgers are in the playoff hunt, real estate market activity in Manhattan Beach, Redondo Beach, and Hermosa Beach has decelerated noticeably. The Average Days on Market now stands at 89 days (Manhattan), 69 days (Redondo), and 83 days (Hermosa). Total inventory for all three markets has also trended up with 105 properties currently on the market in Manhattan Beach (wow!), 57 properties listed in Redondo, and 44 properties listed in Hermosa. Not long ago, I recall only SEVEN active listings in Manhattan Beach, with every listing receiving multiple offers. Now, after touring properties throughout the South Bay during Brokers’ Opens, I’ve noticed several properties “reaching” for offering prices up to $50k-75k over market value. Without accurate pricing, these are the same properties that have been lingering on the market for up to three months. In the current market, the South Bay’s significant inventories and stagnant listings are offering buyers more leverage in bidding and negotiating sales. For sellers bringing properties to market, effective pricing and timing remains critical to stir up demand. If you are thinking about buying or selling anytime within the next year, it’s never too early to develop a strategic plan – for more information, please contact me today. mb

As a Realtor with a longstanding knowledge of the Bel-Air Crest community, its residents, and its homes, below is an update on available listings in the neighborhood. Contact me for exclusive showings and for more details! 

$13,975,000 – 11782 Southampton Court, Los Angeles, CA 90077
This 8 bed/10 full, 2 half bath home in Bel-Air Crest is one of the largest properties in the entire gated community. Situated at the top of the hill, the home offers dramatic canyon and hill views with an exquisite infinity pool. Newly renovated and tastefully decorated. Original Price $14,500,000.00 95 days on market.

$9,800,000 – 2249 Stratford Circle, Los Angeles, CA 90077

This 7 bed/11 bath, 13,230 square foot home in Bel-Air Crest has been on and off the market since 2011. The asking price has bounced around quite a bit, from $6.250 million in 2011, to $10.750 million in August 2015. The price has since been reduced to $9.800 million, which averages $741/square foot. Original Price $10,750,000.00. Massive property on a great corner lot. 176 days on market.

$7,350,000 – 2227 Stratford Circle, Los Angeles, CA 90077
This 6 bed/7.5 bath, 8,315 square foot home in Bel-Air Crest was first listed for sale in May 2015 for $7,500,000, and was reduced to $7,350,000 on January 5th, 2016. I’ve toured this home and it is staged nicely. Was on market for 124 days and cancelled at $7,500,000.00 now back on market $7,350,000.00 for 45 days.

$6,195,000 – 2171 Stratford Circle, Los Angeles, CA 90077
This 6 bed/7.5 bath, 10,631 sq ft home in Bel-Air Crest was originally listed in December 2014 for $7,250,000. The price has since been lowered three times, now down over $1.0 million since its first asking price. The house has good “bones”, but many buyers have shied away due to the unique decorating, including the Buddha coy-fish pond. Not a bad value for someone willing to make some cosmetic changes throughout the home. Original Price $7,250,000.00; now $6,195,000.00 on market for 443 days.

$5,650,000 – 2165 Queensborough Lane, Los Angeles, CA 90077
This 6 bed/8.5 bath, 7,620 square foot home in Bel-Air Crest was originally listed for $6.248 million in December 2014, and the price has been reduced several times, now offered at $5,650,000.  This home has been on the market for 395 days and is now Pending Sale.

$1,995,000 – 11730 Gwynne Lane, Los Angeles, CA 90077
This 3 bed/3 bath, 2,452 square foot home in Bel-Air Crest was originally listed in April 2015 for $2,150,000 and was reduced in January 2016. This home has been on the market for a total of 265 days.

$1,898,000 – 11828 Henley Lane, Los Angeles, CA 90077
11828 Henley Lane, along with 11730 Gwynne Lane, are examples of one of the moderately-sized homes within the beautiful gated community of Bel-Air Crest. This particular home offers 3 beds/3 baths, and 2,452 square feet on a 6,431 square foot lot. These smaller Bel-Air Crest homes offer all the advantages of living within the private, gated community, including access to the community clubhouse, tennis courts, golf chipping range, and basketball courts, at a price point that more buyers can afford. This particular property sold in July 2015 for $1.625 million and was originally listed at $1.995 million in January 2016 (and has since been reduced). $1,995,000.00 reduced to $1,898,000.00; 42 days on the market.

Listings in the Bel-Air Crest Neighborhood have averaged approximately 270 days on the market.

As the exclusive listing agent for 2297 Stratford Circle, Los Angeles, CA 90077 in Spring 2015, I was able to secure multiple offers for the homeowner (including many before the open house), ultimately selling the home in 13 days, including many preferential terms for the seller. With careful staging, home preparation, and a thoughtful marketing strategy, I can achieve similar results for other homes in the Bel-Air Crest neighborhood. If you are thinking about selling your home in Bel-Air Crest, or looking to buy in the neighborhood, please contact me today (neetu@neetugillespie.com) to set up an appointment to discuss how I can help obtain the highest possible selling price for your home, or to view on-and off-market listings in the neighborhood.

11782 Southampton Court

11782 Southampton Court

As with most things in life, planning can help you achieve the most efficient results. As it relates to real estate and your home, remodeling kitchens and bathrooms can often produce the highest return on your investment, as future buyers gravitate towards well maintained and designed kitchens and baths. This article lays out a few different strategies specifically for kitchen remodeling. If you are considering similar projects for your home, especially as you prepare your home for potential sale, I’d be happy to lend you my expertise and help you make the most of your investment!
Follow these seven strategies to get the most financial gain on your kitchen remodel: 7 SMART STRATEGIES FOR KITCHEN REMODELING