Homes in the South Bay worth $1 million or more, in particular the Beach Cities, are selling like “hot cakes” says the LA Weekly. Homes in the millions are now selling faster than any other time in the past seven years. In fact, the top six neighborhoods in the Los Angeles area with the highest number of homes valued at over $1 million include two South Bay cities: Rolling Hills, coming in at number five, and Manhattan Beach at number one.
Here are the home values for the two neighborhoods over the past three years to give you some perspective on the pricing:
And here is the current level of real estate activity in those two cities (called the Market Action Index):
Despite the rising home values, the number of homes in the multi-million dollar price range in both cities has risen over the past several years and is expected only to rise, as are the home values. Property in Manhattan Beach and Rolling Hills might just be the best real estate investment in Los Angeles right now, and if you’re lucky enough to be a property owner already, have no fear that your new, higher property values will be deterrents for buyers.
