South Bay real estate markets have heated up. Some would say there's a risk of overheating.
But for the time being, buyers have to see this market as it is. Ongoing appreciation is real.
You can measure it several ways, but one is to look at how the same house fares from one year to the next.
1509 Magnolia (3br/2ba, 1350 sqft.) is a Manhattan Beach remodel that was finished up by flippers about 2 years ago. To see the property today is to see it the same as when it was finished up in 2013.
Sale price in Oct. 2013: $1.355M.
And then, here we are just 18 months later, and the same property is newly in escrow, with a list price of $1.549M.
Since the deal was made quickly, we're going to assume that list price was hit or exceeded by the…