There is a neighborhood in Marina del Rey that is VERY interesting from a housing perspective.
This neighborhood is bordered on three sides by water: (1) the east-west marina channel heading into the ocean; (2) the north-south beach/shoreline; and (3) a north-south strip of creek-like wetland or intercoastal, leading to the marina channel. (Washington Blvd. might be considered the fourth side of the neighborhood.) Because of this unique geography, the thru-traffic is minimal, and the neighborhood is unusually quiet — especially for a beach-adjacent area that is densely populated with multi-unit housing.
Because this area is off the beaten path, the beach looked relatively secluded with few visitors, probably a combination of locals and outsiders “in the know.” Visitor parking looked almost impossible, so I didn’t get to stop and walk around — I just slowly drove around.
There were a few real estate signs, mostly for sales instead of leases. One realtor, Jennifer Portnoy, seems to have captured at least half of the market and her signs are everywhere. I just checked her website and sale prices are well north of $1M for townhouses and homes.
Her website does show a couple leases — including a very attractive looking 2bd-2.5ba-1loft townhouse, 1752 sq. ft.
It’s $3500/mo. That compares to my current housing cost of $3300, which could fall to $2400 with refinancing. If I refinance, and if I could lease out my place for $3500/mo. and clear a profit of around $1000/mo., that would drop the effective cost of the MDR place to $2500/mo.
Now, I’m just thinking out loud. Definitely NOT saying that I would move to such a place under such circumstances — but food for thought.