Redondo Beach, in the South Bay area of Los Angeles, is like Hollywood's version of the Riviera. All properties are expensive, even without the ocean views, but as high-priced beach resorts go, it is a bargain, and experiencing a rapidly rising sellers' market.
In addition to beautiful beaches, a cool climate, clean air, great restaurants and night life, local Realtors say Redondo Beach has its own police department, fire department, and a top-performing school district.
"Redondo Beach is a great place to live," says Realtor Jack McSweeney. "A walk along the esplanade or down to the pier will win you over."
Explains McSweeney, "Redondo Beach, as is the rest of the South Bay area of Los Angeles, is experiencing a sellers' market. Properties that are priced 'right' sell very quickly. Although somewhat more affordable than Manhattan or Hermosa Beach, Redondo Beach has a median price around $650,000 for the average single family home, and you can find property considerably more expensive as ocean views come into play. Many homes in the city are going through remodels now, thanks to extremely low interest rates."
"Redondo Beach has experienced impressive appreciation since the bottom of the market in 1997," explains Realtor Steve Setka. "Values are projected to increase further in the future but at a slower pace.
"Single family homes in South Redondo range in price from $400,000 for a small 2-bedroom vintage California Craftsman style to over $1 million for a large prestigious home near the ocean with a view," he continues. "Condominium prices range from $250,000 to over $600,000 for a home near the beach. Townhome prices range from $300,000 in a large project located away from the ocean to $900,000 for a free-standing home in a small 2-3 unit grouping of homes near the ocean.
"North Redondo is considerably more affordable; Single family homes range from $300,000 to $700,000, condominiums from $250,000 to $450,000, and townhomes from $350,000 to $600,000," says Setka.
"Both South and North Redondo Beach areas have seen home prices up," says Realtor Michele Hudson, "some sections up significantly over a year ago, with sections near the coast and in the prestigious "Hollywood Riviera" with prices in the million-dollar range.
Says Realtor Dan Byers, "The Redondo Beach real estate market continues to favor sellers more than buyers. Good homes that are well priced are going quickly and often over asking price. Multiple offers are once again becoming the norm. If you are selling, a well priced home should fetch several offers and if you are buying, get ready to fight for your new dream home!"
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Published: June 12, 2002
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