Beach Cities of Los Angeles Residential Income Report

Let's begin with 2017 residential income listings and sales in Redondo Beach.
Active Listings: There are currently nine residential income properties for sale in Redondo Beach ranging in price from $1,595,000 to $7,200,000.
Pending Sales:  Nine Redondo Beach income properties are in escrow with accepted offers.
2017 Sales Y-T-D:  44 Redondo Beach residential income property sales were recorded as of 10/26/2017 per MLS records.

Hermosa Beach Residential Income Report for 2017:
Active Listings:  There are seven Hermosa Beach residential income properties listed for sale ranging in price from $1,659,000 to $5,195,000.
Pending Sales:  Two Hermosa Beach residential income properties are in escrow with accepted offers.
2017 Sales Y-T-D:  19 Hermosa Beach residential income property sales were recorded as of 10/26/2017 per MLS records.

Manhattan Beach Residential Income Report for 2017:
Active Listings:  Seven Manhattan Beach residential income properties are for sale ranging in price from $2,099,000 to $7,895,000.
Pending Sales: Four Manhattan Beach residential income properties are in escrow with accepted offers.
2017 Sales Y-T-D:  As of 10/26/2017 24 Manhattan Beach residential income properties have sold per MLS records.

If you're considering investing in residential income property, the Beach Cities offer an excellent location with a ready supply of renters who want to live the coastal beach lifestyle.

 Norma Toering Broker/Owner 310.493.8333

All in a Real Estate Day

This article was written in 2013, but it encompasses the broad range of properties and locations Charlemagne International Properties covers as we go about our daily real estate lives.

Norma Toering & Team specializes in luxury homes, vacation homes, and income property.  Yesterday was a banner day for our business specialties.  We had a strong showing on our luxury home listing in Hermosa Beach, our offer on an eight-unit apartment building was accepted (after 30 long days of negotiations, rejection and finally resurrection–I’m tenacious), and we wrote an offer for a second home in a private beach community.  I won’t mention the sleep I did not get, as I spent my evening into the night hours negotiating the beach house offer as well as an offer received on vacant land.  Ahh yes, it does remind me of the pre-recession housing market, and it’s good to have it back.

My real estate niche specialties evolved over time.  Gradually, more of my clients from years past moved up to larger homes and I became knowledgeable about the luxury home market in Palos Verdes and the beach cities of Manhattan, Hermosa and Redondo. A few years later many of the same clients decided they wanted a weekend or summer place either in the desert, the mountains or most popular, the beach.  Their expanding real estate collection often included the addition of income-producing properties to their investment portfolio.

My clients are often the catalyst for my expanding real estate horizons and expertise.  My knowledge about rent control, cap rate, internal rate of return and so much more was client driven to help them make savvy income property investments.  I attended a three-day luxury home seminar to be up to date on marketing luxury homes internationally.  When a client wanted to purchase a desert property I spent a weekend attending open houses in 110-degree weather–call me crazy, but after studying the comparable sales and listings online, viewing photos and locating them on Google Maps, I still wanted to see the homes with my eyes.

I owe my clients a big thank you for helping me expand my real estate knowledge and business.  I’m not sure where this business will take me next, but I’m an adventurer, so I’m eagerly anticipating the next new avenue I’ll venture down in real estate land.

Since writing this article, I’ve sold luxury property in Pasadena, CA, Palos Verdes Estates and Rancho Palos Verdes. I’ve sold fixer properties, beach homes, income properties, oceanfront condos, and the list goes on. I have no idea where the day will take me as I continue the adventures of real estate and life.

Photographs of a few of my recent luxury sales

Norma (310) 493-8333

South Bay Los Angeles Income Property

 

The South Bay of Los Angeles has residential investment units in most cities. Units occasionally come on the market in Palos Verdes, and units in the Beach Cities tend to get snapped up fairly quickly. Torrance is still very popular with investors.

The LA City rent control rules in San Pedro/Wilmington/Harbor City are a factor in keeping those areas competitive and as a result, the lower prices attract many first-time investors.

Income property of all types remains in high demand along the coast of the South Bay. Investors are going after the 4+ unit buildings, while owner-occupants and tear-down builders are focused on duplex and triplex listings.

For more information on income property in the South Bay of Los Angeles. - Norma Toering 310-493-8333 Broker Owner at Charlemagne Intl Properties

Where Should I Invest $1,000,000?

That's the question I'm going to work on this weekend.  I hope to be able to provide several viable options for several clients who are ready to expand their real estate portfolios.

The answer is easy if the prospective buyer is a first time home buyer, as owning your own home provides several benefits in addition to providing shelter.  Once the primary residence is in place, and perhaps even the move-up residence, it becomes a matter of personal choice as to what real estate vehicle best fits your real estate portfolio model.  Vacation homes o and income properties are always options.

Although throughout history a great many people made their fortune in real estate, it is not without its risks.  Ask anyone who was trapped "underwater" during the Great Recession, and you will hear one horror housing story after another.  With mortgages larger than the value of their property, many walked away, did a short sale or were foreclosed upon.  Many learned the hard and costly lesson that real estate prices do not always go up.  It was a difficult time in the world of real estate as well as the overall economy.

Real estate is a market, and like the stock market, today's prices do not reflect tomorrow's value.  The secret sauce is location, and there is nothing new about that.  However, it is wise to investigate why one location is superior to another even though they may be within the same general geographic neighborhood.  The sub-categories of location are view ( buy one if you have the option).   Another location factor is proximity to amenities such as shopping and dining, schools, freeways, public transportation (close enough to keep commutes easy, but far enough away to avoid noise and pollution), and perhaps the most difficult to project--future growth and value potential.

Every savvy investor would like to get in on the ground floor of the next trendy neighborhood, the deal of the decade and so on.  The key to identifying real estate opportunities is first to know what's happening in the communities of interest and watch local trends.  One of the driving forces of today's rental market is more young people are delaying the purchase of their first home.  This translates to a higher demand for rental units in urban and beach locations as this is where young professionals want to live.

On the other hand, suburban areas with top-rated schools will attract renters who do not purchase due to affordability or other personal factors but still want their children to enjoy the benefits of the best education they can provide.  I've leased many Palos Verdes homes for this exact reason.

Income producing property in a highly sought-after neighborhood may not be offered at a bargain price, especially if in a coastal location, but chances are there will be a growing demand for such properties.  This translates to increase in value (equity building) and a low vacancy rate--both positive factors from an investor's point of view.

If you're in the market to purchase income property or a second home, I would be honored to discuss your investment goals and help you meet them.

Norma Toering - Broker/Owner of Charlemagne Int'l Properties 310.493.8333 or NormaToering@gmail.com

South Bay of Los Angeles Coastal Residential Income Market Report

Here's a September 2016 update on sales and listings of residential income properties for several South Bay of Los Angeles coastal cities:

Redondo Beach:  11 Residential Income properties are currently listed for sale.  Year-to-date 22 Redondo Beach income properties have sold per MLS records.

Hermosa Beach:  22 Hermosa Beach income properties closed escrow YTD per MLS records.  There are seven Hermosa Beach residential income properties currently listed for sale.

Manhattan Beach:  13 Manhattan Beach income properties closed escrow in 2016 as of September 13.  There are 12 Manhattan Beach residential income properties listed for sale.

Torrance:  15 Residential Income properties are currently listed for sale.  Year-to-date 32 Torrance income properties have sold per MLS records.

San Pedro:  47 Residential Income properties closed escrow in 2016 YTD.  49 San Pedro residential income properties are currently available for sale.

Palos Verdes Peninsula:  No multi-unit residential income properties are currently for sale. Per MLS records, no Palos Verdes residential income properties have closed escrow in 2016.

Coastal income properties can be quite pricey, but the option to purchase a single condo is often a good way to participate in the residential income market. For more information about coastal South Bay of Los Angeles income property in areas of interest to you, contact Norma@CharlemagneProperties.com or 310.493.8333.

Hermosa Beach Income Property - Update Nov 2014

Hermosa Beach income units are still in high demand with all available and sold units going over one million dollars.

• Available Units: 4 Apartments are listed for sale in Hermosa priced from $1.349M to $4.399M
• Units in Escrow: 6 Units are in escrow ranging from $1.4M to $3.599M

October sales includes 1 units at $1,550,000. Unit breakdown:

• Duplex sales – 1

On pricing, this month’s units sold an average of 1% within the asking prices. The average time on market was 1.5 months.

Would you like more information about income units in Hermosa? Find out the current market value of apartments you own? Toering & Team has helped many investors with both buying and selling investment properties around the entire South Bay of Los Angeles. Let us know how we can help!

 - Josh Toering (310) 525-9440 or email ToeringandTeam@gmail.com

 Hermosa Beach Units for Sale: