When anyone considers investments, one cliche holds remarkably true. When it comes to the supply of real estate, ‘ They aren't making any more.' This goes quadruple for beach real estate and demand is always going up.
Southern California is one of the most expensive housing markets in the United States and beach properties are at a premium from Santa Barbra to San Diego. So why can you get seaside homes within ten blocks or less of the ocean for around a half million dollars (give or take) in San Pedro & Long Beach? What's wrong with this picture? Maybe nothing.
San Pedro is located on the southern flank of the Palos Verdes Peninsula, home to some of the pricier neighborhoods in Los Angeles. Traditionally a working class area next to L.A. Harbor, San Pedro is one of the oldest neighborhoods in town with many charming homes dating to the early 1900's. There 's not much beach area in San Pedro because of the harbor, but there are some spectacular view homes and plenty of fresh air. There are also some wonderful, secluded beaches below the bluffs just five minutes away on the Pacific Ocean side of the peninsula.
Which brings me to one of the most interesting areas in San Pedro.
Out on the bluffs, just past Point Fermin over-looking the Pacific Ocean & Catalina is a small neighborhood of nice, post-war tract homes (some newer & larger) which can be had for substantially less than a million dollars. Substantially. I can't empasise the incredible value of this area enough. There are also some serious estate properties on the cliffs by the ocean which I think are exceptional given the unequalled views and lush serenity of this area.
Though San Pedro has been steadily ‘gentrifying' for the last ten years, it's real estate market has been devalued 20% to 30% over the last year making it an even better value for investors.
Long Beach is just south of L.A. Harbor. With property values here dropping 20% to 40% over the last year, Long Beach like San Pedro is a fantastic value with a very different story.
Also a ‘harbor town,' Long Beach never had the laid back, high rent image of some of the surrounding communities. And it shouldn't. Long Beach has been a fully developed city in it's own right, complete with high-rise buildings since the 1920's. Long Beach has been struggling to re-establish itself as a major urban hub since bringing in the Grand Prix race in the 1970's, and it's succeeding. Sparkling office & condominium towers line the bluff along Ocean Blvd., they've brought in the World Trade & Convention Center, renovated the old downtown district on Long Beach Blvd. (with MetroLink access,) and completely redeveloped the marina with theaters, malls, restaurants & a new small boat harbor. There's also a wide, white sand beach which stretches for several miles just south of the city center.
So why can you still get beautiful homes here on the beach for around a million dollars, and within blocks of ocean for sometimes less than half that? Because San Pedro and Long Beach are the two of best values in Southern California real estate today. There are also fantastic deals on multi-unit properties available in both towns and Long Beach has a large inventory of unsold, high-rise view condos on the bluffs overlooking the ocean in the center of the redevelopment area. Drop me a line anytime if you'd like more details or want to go and check out these great opportunities for yourself.
See Complete, Categorized, Up-to-Date MLS Listing for all Properties Available in Long Beach, San Pedro, and the Rest of Los Angeles' Beach Cities at AJonesREALTOR's Website:
Andrew Jones is a Los Angeles native and resident of Venice Beach who is a real estate agent in both California & Nevada.