1000 Esplanade, Unit B, Redondo Beach: an oceanfront corner residence sold privately at $5,500,000

Sold

The Esplanade is the one street in Redondo Beach where a condominium trades on the arithmetic of the Strand: the water, the sunset and the width of the view set the price, and the building is the means of holding them. 1000 Esplanade, Unit B, is a 2,310 square foot single-level residence on the northwest corner of a building completed in 2017, with three bedrooms, four bathrooms, top-tier appliances and finishes, and a view that runs from the Malibu coastline across the water to Catalina and back to the Peninsula. It sold privately at its $5,500,000 asking price and closed on May 14, 2024, at $2,381 per square foot, and the sale was entered into the MLS at closing so that the record would carry it. That number is the reason to write it up.

What was the residence?

A corner unit on one level, which on the Esplanade is the configuration buyers ask for first: no stairs inside the home, the living spaces and the primary suite on the same floor, and windows on two exposures rather than one. The building dates from 2017, so the construction, the systems and the finish standard are current rather than remodeled, and the association fee of $905 a month reflects a small newer building rather than a large older one. The record lists three bedrooms, one full bath, two three-quarter baths and a half bath, two garage spaces, central air, and views of the ocean, the city lights and the panorama from Malibu to Catalina.

What the record does not carry, because the sale was private, is a marketing history: no photographs beyond the two on file, no days on market, no showing count. The listing was entered for comparable purposes, which is what a broker does when a sale has closed off market and the neighborhood’s next appraisal should know about it.

What was the goal?

A private sale at a full price, without exposure. Owners at the top of the Esplanade often prefer not to open the door to the market at all; the stakes are the price, which without competition has to be justified against the record rather than discovered through offers, and the privacy, which is the reason for doing it this way. The strategy was to set the number where the recent oceanfront sales supported it, $5,500,000, to bring a qualified buyer who already wanted the street, and to close without exposure on terms that held.

The residence closed at the asking price on May 14, 2024. At $2,381 per square foot it is priced like the Strand rather than like the rest of Redondo Beach, and it reached that number without a day on the open market, which is the outcome a private sale is meant to produce.

What does the sale say about the Esplanade?

That the oceanfront in South Redondo prices by the square foot at a level closer to Hermosa and Manhattan than to the rest of its own city, and that a newer single-level corner residence with the full view is the most liquid form of it. For the neighborhood, see South Redondo Beach; for the difference between a condominium and the other ways of owning on the coast, Homes by Type; and for the city as a whole, Redondo Beach. Current figures for the city are on Market Insights.

Update: sold

If you own on the Esplanade and would rather sell without a sign, the price still has to stand on the record. Send Neil the address and we will tell you what the oceanfront sales support. The Sellers page describes how we handle a private sale.

Sources

• California Regional MLS listing record, SB24097563; closing figures as reported to the MLS
• South Redondo Beach; Homes by Type

Written April 2024; updated May 14, 2024. Property facts, list price and days on market are from the California Regional MLS listing record (SB24097563); the sale price and closing date are public record. Represented by Neil Chhabria, Chhabria Real Estate Company. This article is general real estate information about one sale, not tax, legal, lending or investment advice, and not a statement about the value of any other property.

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