321 Lomita Street, El Segundo - Listed for $2,600,000
This weeks featured home is a beautiful 5 bedroom home on Lomita Street with architecture the listing agent is calling “coastal farm house”. Built just a few years ago this home offers the spacious layout today’s luxury buyers are looking for while still offering some small town charm that fits well in El Segundo.
The home last sold for $2,300,000 on 04/02/18
PRICE: $2,600,000
BEDS: 5
BATH: 4 1/2
SQFT: 3,029*
PRICE PER SQFT: $858.37
LOT SIZE: 5,723 SQ FEET
GARAGE: 2 CAR SIDE BY SIDE
YEAR: 2018
Information on 321 Lomita Street El Segundo W Mariposa, El Segundo
One of those homes is located at 650 Maple. This is a 2020 build with 5 bedrooms, 6 baths and approximately 4,500 square feet of living space*. It sits on a very large 8000+ foot lot and offers modern architecture. One unique element of this home is that it actually has a bit of an ocean view which is a rarity for El Segundo.
2019’s high sale of the year goes to 719 Maryland which was a new construction 5 bedroom, 3300* single family home in the heart of the community. Sitting on a nice sized lot of almost 6500 feet the home had a spacious backyard and the location was ideal with a real community/neighbhrood feel.
We’re happy to announce our latest home sale and so happy that our clients put their trust in us. There are not all that many $2M+ home sales in El Segundo but this was one that was well worth it. The owners did a fantastic job of keeping it in near perfect condition and selling it was a dream. Their designer eye made the home look like it was professionally staged. Congratulations!
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.
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.
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.
