Updated: 12:12 p.m. June 2, 2022 PT: The ask on a beachfront compound located at a point where the South Bay cities of Torrance and Redondo Beach meet just went up by more than 50 percent–– but don’t mistake that as a sign of continued extreme heat at the high end of Southern California’s luxury market.
The new price reflects a two-for-one deal that’s been crafted for the property at 417 Paseo De La Playa––a 10-bed, 15-bath, 15,728-square-foot compound recently relisted for $24.9 million, or $1,589 per-square-foot. As recently as September, when the property was yanked off the market, the asking price was $16.4 million.
It’s come back as a unique proposition because it now offers two neighboring parcels, each with their own assessors’ numbers that serve as the address of individual houses. When the listing was offered for $16.4 million, just one of the parcels was up for sale. The last sale was in 2018, when both parcels fetched $22 million in 2018.
That puts the $24.9 million price tag in a different light–an increase of about 12 percent over the past four years, which included a red-hot run for luxury homes during the pandemic.
The current price might be a record for Redondo Beach in any case, said Tara Bucci of Coldwell Banker Realty, who is based in Manhattan Beach and is familiar with the listing.
“It’s unusual–it’s basically two homes,” Bucci said. “It’s over four times the size of the average luxury home in South Redondo,” Bucci said.
It’s also one of just 20 or so beachfront homes in the neighborhood, where luxury properties typically run 4,000-square-feet and list in a range from $3.5 million to $4.5 million.
The address at 417 Paseo De La Playa is within the City of Torrance. The compound is packed with resort amenities. There’s a cinema, a wine cellar, and a home gym. There’s also a pool, a spa and a private sand volleyball court. The seller is 417 Paseo De Playa, LLC, a Houston entity managed by lawyer G. Edward Deery. It was listed by The Altman Brothers. They did not reply to an email requesting comment.
While the area has long been a popular place to look for homes, prices rarely reach the heights of addresses in the neighboring city Manhattan Beach and district known as The Strand, where a 5,329-square-foot home was listed for $27 million and a 4,400-square-foot home is on the market for $21.9 million.
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Correction: This story has been updated to reflect the location of the property at 417 Paseo De La Playa within the City of Torrance.