Vista Sotheby’s International Announces their 2016 Top Producing Realtors

Vista Sotheby’s International, one of the top real estate firms in the South Bay area of Los Angeles have recently introduced their “Top Producers” for 2016. With offices throughout the area including Manhattan Beach, Hermosa Beach, Palos Verdes, Redondo Beach and the Hollywood Riviera, Vista Sotheby’s has quickly become the dominant force in the local real estate market.

We are proud to annouce that Manhattan Beach realtor Keith Kyle was one of the top agents companywide and was the #9 top producing agent for 2016.   Congrats to all of the realtors given the award.  See also the Vista Sotheby’s top producers for 2015.

We wanted to thank all of our clients and friends that helped make 2016 such as successful year in real estate.

It’s Hard To Believe this is in Los Angeles

By Keith Kyle,Overlooking the Portuguese Bend Beach Club

When people think of life in LA they generally think of the iconic palm trees, beaches and great weather but they also picture traffic, cars and life in the big city.  There are some secret places that feel more like a tropical vacation than the frenzied life of Los Angeles and the Portuguese Bend Beach Club in Rancho Palos Verdes is certainly one of them. It’s a relatively unknown part of Palos Verdes and the residents are more than happy to keep it their little secret.

When you visit this secluded and private beach it reminds you more of something you would find in deep in Baja Mexico and not of something just a short distance from downtown Los Angeles.

Although there are a few very luxurious homes, the bulk of the properties are beach bungalows that feel more like they would belong in an artist colony than on this prime piece of real estate.

 

Foreclosures in Manhattan Beach?

By Keith Kyle

While Manhattan Beach was fairly well insulated from the market downturn and housing market collapse a few years ago, we have seen a few bank owned and preforeclosure properties lately.  Since July 1st there have been three “distressed” properties on the MLS.  These are not your usual foreclosures as prices are well over $1,500,000, but it’s still a very rare occurrence in this community of luxury homes and multi million dollar properties.

Manhattan_Beach_Foreclosures_2015

 

Currently there is only one short sale on the market located at 1127 5th St in East Manhattan beach.  Contact us if you would like to be updated with any of these rare foreclosure opportunities in the future.  To see a list of the foreclosures in other cities including Redondo Beach, Palos Verdes, Torrance and more.

Median Home Prices in Manhattan Beach Decline Y-O-Y in February 2015

By Keith Kyle912-Duncan

February saw a continuing decline in the homes for sale and the number of homes sold in Manhattan Beach and much of the South Bay with housing inventory remaining well below the average.  Manhattan Beach saw 25 homes sell in February at a median price of $1,750,000.  Although it was a 16% drop from the median price a year earlier, that had been a record setting month with median home prices well over $2,000,000.

City Homes Sold February 2015 Median February 2014 Median Year over Year % Change
Carson 39 $395,000 $362,500 9.0%
El Segundo 14 $818,250 $952,000 -14.0%
Gardena 23 $334,000 $372,500 -10.3%
Harbor City 11 $393,000 $317,500 23.8%
Hawthorne 29 $410,000 $460,000 -10.9%
Hermosa Beach 14 $1,512,500 $1,265,000 19.6%
Lawndale 9 $415,000 $412,250 0.7%
Lomita 5 $326,000 $515,000 -36.7%
Long Beach 203 $405,000 $385,000 5.2%
Manhattan Beach 19 $1,750,000 $2,083,500 -16.0%
Marina Del Rey 16 $1,335,000 $769,000 73.6%
Palos Verdes Estates 31 $1,300,000 $1,392,500 -6.6%
Playa Del Rey 11 $891,500 $517,500 72.3%
Rancho Palos Verdes 32 $1,038,750 $708,500 46.6%
Redondo Beach 46 $812,000 $767,500 5.8%
San Pedro 52 $405,500 $450,000 -9.9%
Torrance 86 $542,000 $511,500 6.0%
Westchester 20 $820,000 $797,000 2.9%

Chinese investors remain an X Factor for the US housing market | 2014-10-01 | HousingWire

I thought that this was a very relevant article as it pertains so importantly to the South Bay and Palos Verdes.  Sellers need to understand where Chinese investors remain an X Factor for the US housing market | 2014-10-01 | HousingWirepotential buyers are coming from and how to reach these international buyers.  According to the article the Chinese have now become the largest international investors in US real estate.   The areas seeing the greatest impact are the NY and the coastal cities of California and the South Bay.

Chinese investors remain an X Factor for the US housing market | 2014-10-01 | HousingWire.

It Pays for Sellers to Have Their Home Perfect and Turn Key

In this incredible market so favorable to sellers it seems that just about every home sells regardless of location and condition.   This doesn’t Fireplace-Sunshine-smallmean, however, that they’re maximum prices.  The most impressive sales have all been homes that have been beautifully presented, updated, and staged.

According to Manhattan Beach realtor Keith Kyle, “While most homes that are priced appropriately are selling, we’ve seen a buyer frenzy around the more turn key homes lately.   Whether the homes are new construction, flipped, or just remodeled and staged, buyers in this market are willing to pay a premium for the “perfect” home.   The reaction by buyers to some of these homes has been incredible and we’ve seen a number of sales with multiple offers selling for way over the asking price…in some cases we’ve seen homes sell for more than $200,000 over list price.  It seems that each time a new listing hits the market that shows like a model home, there are bidding wars and prices that are hard to believe.”

These homes are in incredibly high demand as the number of buyers wanting turn key, and not wanting to do any of the work themselves seems to be on the rise.  Simple things such as fresh paint and carpet, scraping the ceiling, new appliances and recessed lights along with staging can pay huge dividends for sellers.  The costs involved are recouped and then some.

South Bay Home Inventory Continues to Rise

By Keith Kyle

What may be the beginning of a slight shift in the South Bay real estate market, inventory has continued to rise for the 5th straight month as both pending and sold homes remained relatively flat. Active homes for sale in July of 2014 were up 40% from the same month in 2013, while sold homes declined 11.7% and pending home sales only increased by 3.5%. This buildup of inventory may finally slow the market and lead to a market not so heavily favoring sellers.  The local Manhattan Beach real estate trends are slightly different with numbers being somewhat similar to a year ago in terms of active, pending and closed home sales although prices continue to rise, especially in the higher end of the market.  To see the most recent home sales visit our recent sales information site.

Manhattan Beach and Surrounding Communities

By Keith Kyle

The South Bay has something to offer everyone in just about every price range.  In general prices are at the highest in Manhattan Beach and tend to decrease the further away you get.  Click on any of the city links below to see more information on these communities, what they have to offer in terms of homes and real estate, and the latest listings.