Why Are Home Prices Dropping in Hermosa Beach?

Hermosa Beach, Manhattan Beach, Redondo Beach & El Segundo 

Condo Townhomes Average Price Per Sale & Sold 

(Click Image to Enlarge)

Hermosa Beach, Manhattan Beach, Redondo Beach & El Segundo 

Single Family Home Average Price Per Sale & Sold 

(Click Image to Enlarge)

E&B has been making their rounds presenting to local real estate groups over the past week about the economic benefits of oil drilling in our Beach town. They will spew a truck load of BS and have already costs Hermosa Beach property owners about approximately $343M in aggregate real estate wealth in the first 15 months of being in town.  Here is the math = (7000 parcels x $980,000 avg. per parcel) -5% decrease to be conservative. The last 12 months have seen a sharp spike in home prices everywhere in the South Bay but Hermosa Beach.

Unfortunately, the Stop of Hermosa Beach group has not been invited to present the other side of the oil story. If you ask anyone from E&B if slant hydraulic oil drilling can be done safely near the thousands of abandoned wells in the South Bay, E&B will lie and refer to studies or experts. However, ask any other experienced oil executive and they will tell you that E&B is nuts to hydraulic drill with capped wells under homes nearby.

Slant hydraulic drilling cannot be done safely with abandoned wells under homes and schools. Ask E&B if they plan to cover abandoned wells in the EIR? It won't because Marine Research has no experience with with their failed EIR's for Whittier Hills and Baldwin Hills. If they cover how to mitigate an abandoned well becoming pressurized in the EIR it will kill the whole project and E&B knows this. This is also a fact!