The surge in Manhattan Beach home prices a few years ago delivered some spillover buyers to the Palos Verdes Peninsula as they searched for more affordable luxury homes in the South Bay of Los Angeles. It may seem odd to see affordable and luxury in the same sentence, but high-end home buyers are always in search of top value for dollars spent. As time passed, luxury home prices in Palos Verdes crept upward, and there was some leveling off in the luxury home markets of the beach cities.
Charlemagne Int’l Properties defines luxury homes as those properties selling at or above $3,000,000. Here’s the 2017 breakdown for the beach cities of Manhattan, Hermosa, and Redondo:
Manhattan Beach recorded 136 luxury home sales with many prime properties selling for more than $2,000 per sq. ft. The top price paid for a Manhattan Beach luxury home was $21,000,000 for a property located on The Strand.
Hermosa Beach recorded 31 luxury home sales with a few of the properties topping $3,000 per sq. ft. The top price paid for a Hermosa Beach luxury homes was $14,150,000 for a residence located on The Strand.
Redondo Beach recorded four luxury residential sales with the top price per sq. ft. of $1,822. The top price paid for a Redondo Beach luxury home was $5,920,000 for a residence located on Paseo de la Playa.
The Palos Verdes Peninsula recorded 51 luxury home sales for 2017 with 30 in Palos Verdes Estates, 11 in Rancho Palos Verdes, and 10 in Rolling Hills. Two properties sold for more than $2,000 per sq. ft., but the majority of the luxury sales were for less than $1,000 per sq. ft. The most expensive sale in PV was $13,840,000 for a bluff front property on Paseo Del Mar in Palos Verdes Estates.
Location, proximity to the ocean, view, and condition all play an essential role in determining the value of coastal homes in the Beach Cities and Palos Verdes.