Monday, October 4, 2010
SEPTEMBER 2010 SALES STATS FOR THE BEACH CITIES
There were 38 closed sales in Manhattan Beach, ranging in price from $570,000 for a condominium at 640 Manhattan Beach Boulevard to $3,270,000 for 644 17th Street, a 5 bedroom, 6 bath home built in 2003. In addition closed sales, there were a total of 27 properties that went into back up or pending status in escrow during the month of September.
There were 12 closed sales in Hermosa Beach (the smallest of the beach cities) ranging in price from $369,000 for a condominium at 1707 Pacific Coast Highway (The AppleTree) to $2,500,000 for 242 33rd Street, a 4 bedroom, 5 bathroom home built in 2005. In addition to closed sales, there were a total of 13 properties that went into back up or pending status in escrow during the month of September.
There were 52 closed sales in Redondo Beach (the largest of the beach cities)ranging in price from $295,000 for a condominium at 1400 South Catalina to $2,000,000 for 1600 The Esplanade, a 3 bedroom, 3 bathroom townhome built in 2000. In addition to closed sales, there were a total of 62 properties that went into back up or pending status during the month of September.
So, though prices continue fluxuate and have not yet stabilized, there is no question that property IS selling in our beach cities. Higher end continues to be a bit of a challenge due to the continued restraint being exercised by lending institutions. However, I am aware of several all cash transactions for multimillion dollar properties. Many entry level home buyers and first time beach property home owners are taking advantage of the recent reductions in home prices and making their dreams of owning a home at the beach come true.