Real Estate
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The residential real estate market in
Redondo Beach like all other South Bay cities has experienced
rapid escalation in values over the last several years.
Values of home first began to increase in the West-side/
Santa Monica area. The
increases have trended southward to the City of Redondo Beach.
Redondo Beach is a net housing provider to employment heavy
cities to its north and east.
With 29,543 housing units and a labor force of 43,890,
the city both meets its housing needs and provides housing for
nearby housing deficient cities.
The City leads all of the 15 South Bay Cities in residential
development activity. Over
the last eight years Redondo Beach has issued 1,682 residential
building permits. The
annul average number of permits has been 210.
In contrast the City of Torrance with over twice the
population issued only 1,436 permits with an annul average of
179.5 over the same period.
The median price home as of January 2004
now stands at $615,000. Despite
rising incomes (2004) average household income is $84,291), this
trend raises serious affordability issues.
One result of the southern march of price escalation has
been corresponding eastward increase in housing values as those
unable to afford homes in the desirable beach cities look inland
for more affordable housing opportunities.
The net result of this trend has been an overall
enhancement in the quality of the area’s neighborhoods.
Assuming interest rate stability, this trend should continue.
However, on a cautionary note there is some vulnerability
of the market to price adjustment.
Overall, the city provides a stability and
attractive residential community with a highly educated
workforce to support business investment and employment.
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