Demand is high and competition is keen, but it is possible to purchase multi-family income property in the beach cities of the South Bay area of Los Angeles County: Manhattan, Hermosa and Redondo Beach.
Earlier this year Norma Toering & Team represented the buyer on a fourplex purchase in Redondo Beach. There were seven offers on the property. I knew any offer would need to be clean and at asking price if we hoped to secure a place in the final counter. The seller countered only cash offers with short escrow periods. Fortunately, our buyer's offer was selected and 14 days later the property was his!
Can you win them all? No, but if you're in the market to purchase residential income property in the South Bay's Beach Cities bring your best offer to the table. As I tell prospective buyers, you may only have one shot at being the new owner, so let you offer tell the seller what you're willing to do to be the next owner. Here's a market update on income property markets in the South Bay Beach Cities of Los Angeles:
- Manhattan Beach: Four income properties are for sale and YTD nine multi-family properties closed escrow.
- Hermosa Beach: 10 Income properties are for sale and YTD 12 have closed escrow in 2013.
- Redondo Beach: Eight income properties are currently for sale and YTD 19 have closed escrow. Redondo Beach has a large share of the income property in the beach cities as reflected by these numbers.
Manhattan Beach income units for sale:
Hermosa Beach income units for sale:
Redondo Beach income units for sale: