Now that the summer has ended (and what little summer we did have!) and the kids are back in school, I plan on periodically describing a local neighborhood and focusing on the pros and cons of living there.
The focus this time is on El Porto, the neighborhood at the north end of Manhattan Beach. Once an unincorporated part of LA County, El Porto is one of LA County’s top surfing meccas. El Porto consists of roughly 20 street’s just a stones throw from the water. Lots tend to be smaller and mortgages/rents are a little more affordable than the rest of Manhattan Beach; but you still get beach-close living with ocean views. On the downside, El Porto is adjacent to the Chevron refinery and one of the few beach front parking lots in Manhattan Beach – that helps explain the crowded surf and sand. However, if you’re commuting north, you’ll get a head start on the morning commute with easy freeway access and you’ll be home that much faster. As for the real estate, El Porto offers many opportunities to buy a beach house, often with income options with the many duplexes in the area. The area still holds many fixers with sweat equity opportunities, and newer properties for those who want to move right in. Finally, with El Porto living you’ll enjoy walking to the beach, restaurants and quick bike path access, along with tapping the benefits of the Manhattan Beach school district for the kids.
As for listings as of mid-October, 124 Moonstone Street, a 1,279 sq. foot 2/1 and 1/1 duplex beach bungalow is listed at $899k. It was listed by Fred Zuelich with Shorewood Realtors in early August and has seen one price drop from $925k to $899k. It gets you a vintage 2 bed, 1 bath classic beach bungalow with rental income in the $1,200/month range. That’ll help pay the mortgage while you walk to the beach and pull into El Porto’s barrels.
I think it’s a great time do some bargain hunting and take advantage of the slow down in the real estate market and the record-low mortgage rates.