The Biggest El Segundo Home Sale of 2017 – 403 Whiting Street

El Segundo real estate saw home values rise dramatically in 2017. Home values went up over 6% and values should continue to rise in 2018 although likely at a slower pace.

The biggest MLS residential sale of 2017 was a duplex at 403 Whiting Street which was listed at $2,289,000 and sold at $2,155,000. The home sold in February after just 12 days on the market. It was located in the center of El Segundo on a very large 7,000+ foot lot and was built within the last few years.  The property also included a  2 bdr./1 bath cottage built around 1919 with a separate address and its distinct separation from the property.

BED / BATH:  3/3
SQFT:  3,000 (estimated)
PRICE PER SQFT:  $718.33
LOT SIZE: 7,470 sq ft
YEAR BUILT(src):  2015(OTH)
Days on Mrkt: 12

 

 

Is El Segundo Ready for $2.0M+ homes?

By Keith Kyle840_Center_Street

El Segundo is a fantastic little town that has a small town feel that most areas can’t duplicate.  While there are an abundance of townhomes and condos, the bulk of the homes are some version of the original beach bungalow.  Many have been nicely updated and expanded while some are in fairly original condition.

Unlike neighboring Manhattan Beach, El Segundo hasn’t seen quite the same building boom creating oversized luxury homes and there are several reasons.  The primary reason is that values, while having gone up considerably in the past 2 years, haven’t rocketed upwards to the same extent and builders eager to build high end luxury properties may not see the margins and are searching elsewhere.

View the current homes for sale in El Segundo priced over $2,000,000

So will El Segundo see an increase in luxury $2,000,000 homes?  It still appears unlikely other than the rare case of a truly special home on an oversized lot in an A+ location.  There will be a limited amount of homeowners that simply love El Segundo that build their dream house and at some point those homes will be sold, but it’s very unlikely we’ll see too many luxury spec homes built as the cost of lots/tear down homes, plus the cost of building makes for a challenging investment.