Editor's Note: Cindy Shearin of The Shearin Group talks about the Manhattan Beach and Hermosa Beach, California, real estate markets performance in 2020 in this Q&A with Haute Residence.
Photo Credit: Linda Cotter
Haute Residence: How did the real estate market look at the beginning of 2020?
Cindy Shearin: The real estate market in the South Bay typically fluctuates very little. Pre-pandemic, we had low inventory, market prices were steady, and the US economy looked very promising. There was a temporary pause in the market for about 60 days starting in late February. This pause was simply due to the unknown with COVID-19. Though very brief, movement in the marketplace picked back up quickly in mid-April.
Photo Credit: Linda Cotter
HR: What, if any, changes did the pandemic have on prices? On inventory?
CS: The pandemic has had little-to-no effect on the South Bay market, especially in Manhattan Beach. We continue to have low inventory, plus there are fewer spec or custom homes being constructed due to the short supply of lots in which to build on. In fact, the Shearin Group has one of the few spec homes under construction right now in Manhattan Beach, but we’ll share more on that with Haute Residence when we get closer to completion.
Interestingly, our numbers are up on properties sold, and even price points are up despite COVID-19. The South Bay is one of the premier areas to live in LA, and we see many Angelinos buying second homes as beach houses during this time. Buyers are looking for a place to retreat to for a lengthy amount of time but still work remotely from their own home. An excellent solution for this is reflected in an oceanfront property we represent in Hermosa Beach property called the Beach House, LA’s only condotel along the coast in So Cal. The Beach House has been very hot lately as a second home location being a great income property when not in use. Other benefits of owning at the Beach House are being right on The Strand, steps to the sand, daily housekeeping service when wanted, turn-key, and walkable to everything this great beach town has to offer.
Photo Credit: Linda Cotter
HR: Professionally, what have you learned in 2020 about yourself?
CS: It has undoubtedly been a unique year of self-discovery for us all. We quickly learned how to maintain our top efficiency by working remotely. We also had to adapt to safety changes in real estate by developing new methods for working with clients in person and online and just being flexible to each individual's comfort level.
I feel fortunate with how easily we all adjusted and maintained healthy attitudes as well as healthy bodies. We have great hope for the new year, and we'd like to wish everyone a healthy, happy 2021.
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