South Bay Real Estate is Moving

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City officials have noticed an uptick in new condominium projects in Hermosa Beach this year, continuing a trend that began in Manhattan Beach. Community Development Director Ken Robertson said his office has received six applications this year for condo projects, which range between two and four units. In 2009 and 2011, the city received just two applications for multi-unit condo projects. After having no condo projects in 2009, the city of Manhattan Beach approved a total of five in 2010 and 2011. Although no applications have been filed so far this year, Manhattan Beach building officials, expects that to change in the second half of the year. The number of new single family homes being built continues to increase over the past three years, and permits for home remodeling and additions are increasing by 30 percent year-to-year since 2010. In Hermosa, the number of new single family homes approved went from 8 in 2010 to 19 in 2011, with five so far this year. When you see this volume of application in a short period like this it really shows that things in the residential construction or development market are changing, Generally this is an indicator that more speculative type of development is going on rather than custom home remodels or custom home building.