With all the doom and gloom about home prices in the South Bay Beach cities it may come as a shock to know that the high end market is very active. In fact home sales in Manhattan and Hermosa since August 1, 2006 are doing as well, if not better, then during the same time frame last year and much better then 2004 sales.
In 2004 three homes closed escrow over $3,000,000 from August 1, 2004-October 31, 2004. Prices ranged from $3,000,000 to $5,500,000. During the same time period in 2005 thirteen homes sold over $3,000,000 with prices ranging from $3,000,000 to $6,000,000.
Currently there are 25 homes for sale in Manhattan and Hermosa over $3,000,000. Prices range from $3,150,000 to $10,600,000 for a new Hermosa Beach Strand home.. There are 10 homes in escrow with prices ranging from$3,100,000 to $10,600,000. One of the pending properties is a moderate fixer on the Strand in Manhattan Beach priced at $9,400,000. There are 13 that have closed escrow since August 1, 2006. Prices range from $3,000,000 to $6,000,000.
In August I posted an article about what Big Bucks Buyers know that others don't. It would seem they recognize value and are willing to pay a hefty price for property deemed to be in a premium location.
There's only so much beach property in prime locations. Our beaches are some of the best in the world. Our weather is phenomenal. Our schools are excellent. Maybe it's time to realize how lucky we are... Just a thought...
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