San Pedro is a city that has been officially consolidated with Los Angeles, California since 1909. Although it is technically a part of LA, it has always remained completely distinct from ‘the big city’, keeping it’s own unique vibe and hard-working attitude.
The most noteworthy element of the city is it being the home to the busiest seaport in the Western Hemisphere, the Port of Los Angeles, which leads the world in international trade ports and holds the title of number one container port in the United States since 2000.
With a diverse population of 86,000, high yearly temperatures averaging around 70 degrees and lots of maritime attractions and pleasantly designed neighborhoods with walkable shops and restaurants, this city is of high interest to real estate investors.
There are 17 public schools, 5 private schools and 2 charter schools in San Pedro, some of which have scored very high on the Academic Performance Index.
Located directly on the very edge of the Pacific Ocean, the peninsula is our topic of conversation today as we look a bit further into it’s rapidly growing housing market.
In 2020, the median list price of a single family home in San Pedro was $609,842. As of November, 2021, that number has risen 77%, up to $1,171,380.
Condos and Townhomes have risen as well, up 104% since 2020, from $474,499 to $971,595.
As for ocean homes, prospective San Pedro buyers might be beginning to see the high potential value of this busy, historic port town. Buyers from Orange County, Manhattan Beach and Hermosa Beach, where you can spend upwards of 4 million dollars for a home with an ocean view, are starting to flock to the city of San Pedro for a better deal (with the same views of the same ocean).
Since Covid-19, the Federal Reserve has been doing everything they can to keep mortgage rates low and affordable. Meanwhile, housing prices have been historically rising across the nation.
As we move away from the effects of the pandemic, experts are predicting an evening-out of sorts, and this makes San Pedro a very interesting target for California residents to consider. In the next three to five years, perhaps the investments will begin paying off, ‘Los Angeles’ style.
Here is a Neighborhood Spotlight article from the LA Times about San Pedro.
Overall, what we are looking at here is a very good opportunity for anyone that is interested in making some serious money in the short-to-medium term. As we clear from the fog of Covid, and as more and more people begin to realize the benefits of a city like San Pedro, it could clear the way for some high returns.