The record price for a home in Hermosa Beach was broken twice in the last month.
The new record, set last week, involved the $19.5 million off-market trade of 2666 The Strand in the beachfront town. It’s a short walk from 2826 The Strand, a home acknowledged to break Hermosa Beach records when it sold for about $18.5 million in May.
The seller for 2666 The Strand is Johnny Lopez, a partner in Platinum Equity, the Beverly Hills private equity firm which manages $36 billion in assets.
The buyer was not identified; however, the buyer’s agent, Coby McDonald of the Naomi Klein Team at Compass, said it was a business person who lives in the area. The listing agent was Robb Stroyke of Stroyke Properties Group at Bayside Real Estate Partners.
Hermosa Beach’s neighborhood record shows that the town is beginning to rival the prices in its neighbor to the north, Manhattan Beach, said Evan Haug, a Manhattan Beach resident and founder of Always Buyers real estate buying platform.
Manhattan Beach has long been considered the classier address. “It has a little prestige to it,” Haug said, comparing the beach cities. “It’s like saying that ‘I’m from Beverly Hills’ rather than Westwood.”
According to Redfin, the median price of a home in Hermosa Beach was $3 million in May, up 22.5 percent from May 2022. The median price of a home in Manhattan Beach was $2.8 million in May, up 10.4 percent from the previous year. McDonald, the buyer’s agent, said that prices for South Bay beach cities have long been expensive compared to the rest of the South Bay.
“Prices have rationalized; it’s not the frenzy seen last year,” he said, referring to the buying craze for luxury homes in early 2022.
Manhattan Beach still claims a commanding lead for the beach cities’ top asking prices. The ask for 308 The Strand was $36 million, until it was removed in January. Another contender for pricey Manhattan Beach homes is 3216 The Strand, which was listed for about $29 million in April.
2666 The Strand is a 7,000-square-foot residence that offers about 71 feet of beach frontage. Other amenities include a private elevator, a rooftop deck with an outdoor kitchen, as well as a theater which seats more than 15 people.
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