The biggest drawbacks to this area are the price and the limited space as land is at a premium and just about every inch of lot is taken up by homes. Gone are most of the beach bungalows that actually fit on the lot and most have been replaced by larger and larger homes as wide, deep and tall as they can possibly be. Some of the unique areas are the “walkstreets” in which the homes front a pedestrian only “street” which allows for less noise, no cars, and a much safer atmosphere and the lack of cars make views that much more impressive. El Porto, the most northern area of the sand section, is the most affordable as many of the typical 30×90 foot lots were split and the smaller lots equal smaller homes equal smaller price tags. Without question the most sought after property in the sand section are the very rare and always impressive homes located beach front on “The Strand” These homes offer the high end luxury buyer endless and unblockable ocean views.
The very epitome of luxury coastal living in Southern California is The Strand in Manhattan Beach and Hermosa Beach. These homes have seen values increase dramatically over the last 18 months with homes priced and selling for over $10,000,000 being fairly common. With the number of homes on The Strand actually decreasing in the past 10 years with lots being combined and multi unit buildings being replaced with larger single family homes, the values look to continue to rise in the future. Currently there are 5 beachfront homes for sale on The Strand with the homes at 1140 and 2216 The Strand for sale in Manhattan Beach, and 136, 3001 and 2666 The Strand in Hermosa Beach.
May 2013 was a big month for both the number of home sales and prices in the cities of Manhattan Beach, Hermosa, Redondo Beach and El Segundo. Both the number of sales and home prices were on the rise. The chart below paints a pretty clear picture that the number of homes for sale, as well as pending sales and closed home sales is on the rise. According to local real estate expert Keith Kyle, “as we see the inventory of new listings rise we should start to see the return of a balanced market. We had a very unusual turnaround in which we went directly from a buyers market to a sellers market and never really reached an equilibrium.”
View the homes sales by clicking any of the May 2013 home sale links below.
While the real estate market around the country was taking a hit, home values along the coast of the South Bay remained as stable as ever. The “sand” section of Manhattan Beach remained particularly strong as oceanview and oceanfront homes that are walkable to the beach are always in demand. Home prices in the sand section (see map) are reaching unbelievable highs with full lot walkstreets in the 3-6 million dollar range, depending on age, condition and view.
Typical 1/2 Lot El Porto Home Some Stunning Ocean Views
While these homes are out of reach for most South Bay buyers, there is an area of Manhattan Beach that offers far more reasonable home prices. The area is known as “north” Manhattan, although it’s more familiar to most as El Porto. El Porto is the northernmost neighborhood of Manhattan Beach. Ideally located for commuters traveling to Santa Monica or downtown Los Angeles, El Porto offers close proximity to LAX, Marina Del Rey, the Westside and more. As El Porto lies on a fairly steep grade, homes in the area often offer stunning ocean and panoramic views from Palos Verdes to Malibu. One unique feature of El Porto is that it offes many half lots generally measuring 45×30 which allows for some more affordable housing within a block or two from the ocean. Many of these homes are “legal non-conforming” duplexes with a 2 bedroom unit upstairs and a 1 bedroom or studio rental downstairs. Homes in the area start in the mid $800,000 and depending on size, age, and views can go up to the $2,000,000+ range. The area is ideal for people not needing a huge home, that love the beach and ocean, and want to shave off 15 minutes of their commute. For surfing enthusiasts, it happens to front the best surfing beach in the South Bay. If you are looking for an oceanview home in Manhattan Beach you may want to consider the El Porto.