Redondo Beach, California income property is a desirable commodity and the supply is always limited. When a highly desirable property hits the market the one thing an investor can count on is there will be competition vying for ownership, and offers to purchase will be plentiful, and often over asking price. Last year saw an enormous surge in both properties available for sale and number of offers submitted. One agent’s response to my question as to whether he had other offers was, “More than twenty.” Our experience this year shows we can expect more of the same. This month we had one of ten offers on a Redondo Beach income property in a prime ocean close location.
Currently there are seven Redondo Beach income properties for sale ranging in size from two to 15 units. The price range is from $999,000 for a 2 unit property, up to $5,395,000 for a 15 unit complex close to the ocean. There are currently 12 Redondo Beach multifamily properties in escrow with accepted offers. Seven Redondo Beach income properties have sold year-to-date.
Redondo Beach is one of the three Beach Cities in the South Bay area of greater Los Angeles. Its prime coastal location makes it a popular rental area and consequently, a sought-after location for income property buyers. With its sandy beaches and coastal breezes Redondo Beach is a prime Southern California location, and savvy investors are always anxious to add a piece of Redondo Beach real estate to their investment portfolios.
Taking a quick look back at the history of Redondo Beach income property sales, per the Multiple Listing Service, since 1995 1207 income properties sales with a minimum of two units were recorded. The highest price paid was $8,100,000 in 2007 for a 32 unit complex located on the Esplanade with unobstructed ocean view.
For more information on Redondo Beach income property contact Norma or Josh at Charlemagne International Properties and we will add your name to our list of income property sellers and buyers in the South Bay, and provide you with a list of hand-selected properties matching your investment criteria.
– Norma Toering, Broker/Owner Charlemagne Int’l Properties
(301) 493-8333 – Email Norma
Redondo Beach Units for Sale:
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