Monday, November 4th, 2013
As the calendar flipped to November last week, we continued to have real estate inventory near the lowest levels of the year.
On the positive side, we've begun to have some of those crisp, clear, warm days that Fall is known for sprinkling in among foggy days and occasional rain. Saturday morning we caught this shot on the beach in MB's South End. (A fuller-size version can be viewed on MBC's Facebook page.)
We recorded a little bump up to 48 total listings on 10/31, up from 45 at mid-month, so some good news, seemingly.
And yet this morning, after several new deals and a cancellation (at 848 11th), we're down to 43 listings, a number last seen at the end of January, right before the Super Bowl (and the traditional kickoff of our Spring season).
Here's the quick overview on active inventory:
- 48 active listings as of 10/31/13
- 41 SFRs
- 7 THs
Active listings by region of Manhattan Beach:
- Tree Section: 9 actives (-1 from mid-month)
- Sand Section: 16 actives (+1)
- Hill Section: 5 actives (-1)
- East MB: 18 actives (+4)
You can see the complete report on active listings, with live links to every property, in this single spreadsheet on our data blog: "MB Inventory as of 10/31/13."
We also provide a report on pending and closed sales by region of MB. Sales are organized by sub-region of Manhattan Beach. Here's a link to that spreadsheet on our data blog: "MB Pending/Sold as of 10/31/13."
For closed sales, we provide the past 6 months' worth of sales by region. This is the typical window of time used by appraisers.
Remember, these links are always live under the top "navbar" of the home page, right under "MB Market Updates."
Saturday, November 2nd, 2013
You can hardly call it an inventory rebound, but we're "up" to 48 active listings, and that includes a few new options that came out this week. As it happens, only 2 that were rolled out this week are also open to the public this weekend, hence this spare review post.
Speaking of inventory, the new MB Market Update spreadsheets are out. Use the links below to see:
Those are also found any time using the "MB Market Update" link in the navbar at the top of the page.
To plan your weekend open-house tours, try this Redfin map list of open houses – sort by price or sub-region of MB by clicking the title on a column.
Or click here for the new-format Beach Reporter list of opens.
There's a nice stretch of North Dianthus that gets some of the best, high-up views in the Hill Section. And 211 N. Dianthus (3br/4ba, 2225 sq. ft.) is part of that favored block. They're pushing for nearly $2.5M (more than $1,100/PSF) on account of this home's custom style and views.
With its sharp angles, featured steel and abundant glass, this home said "high-end modern" to us, but it's described officially as "warm contemporary."
It's a completely custom home regardless, and probably not one suited to a larger family. The terrific master suite on the middle level gets good ocean views from big windows, and shares that middle floor with only one other bedroom (a smallish suite).
Down some stairs is a hangout/living room that opens to the little grassy backyard – more yard than we expected to see on a narrow lot on Dianthus, but objectively a pretty small yard. That downstairs room seems to have closets in addition to its own bath, and could probably qualify as a 4th bedroom, but the listing claims just 3br for the home in total.
Up on the top level, there's yet another bedroom along with the common spaces, deck and the biggest views. That bedroom, up front, as we saw it had no window coverings and serves now as an office, but it certainly meets the definition of a bedroom.
The custom kitchen on that top floor boasts two high-end Euro designer names, with polished steel counters complemented by a unique blue-inflected granite island.
In all, this is a very inspired home with inspiring views, but the market for such a particular home can be challenging.
One of the comps is a neighbor, 219 N. Dianthus (4br/4ba, 3300 sq. ft.), which sold in September for $2.370M.
You'll note that the size there was more than 1,000 sq. ft. larger inside than the 2225 sq. feet here, and it sold for $100K less than the asking price at 211 Dianthus. The views are certainly comparable between the properties. (See "Great Views, Big Score(s).")
211 Dianthus starts at $2.479M and is open Sunday 1-4pm.
1201 Wendy Way (3br/2ba, 1500 sq. ft.) is a 1950s cottage at the edge of Liberty Village that has been reconfigured and updated inside, in some surprising ways.
Start with the loveseat-size entry foyer/living room. Yes, it's small, but bright. Another curiosity: The third "bedroom" which was carved out of a larger, former living room up front – this one has no closet or operable window (just a solid picture-window plate of glass). Finally, after passing through a big living room, we stumbled into a large, carpeted, second family room, only to realize that's the garage.
So, yes, the home has seen some serious floorplan tweaks. But it's got newer flooring, fresh paint, some style. There's a big family room with cathedral ceilings that is not the garage. And there's a pretty sizable backyard.
It's a lot of house, actually, even if there are some things to scratch your head about.
Location will be a worry here, as it was – even more so – for potential buyers of across-the-street neighbor 1200 Wendy (3br/2ba, 1400 sq. ft.), which shot for $1.050M and sold for $964K in September. Both homes are along fairly busy 12th, right across from the Trader Joe's parking lot and in sight of Aviation. (1200 Wendy backs up to Aviation.)
With a smaller home as a comp across the street at $964K, it's worth noting that the $950K start price here seems not to be overshooting, though it depends on how you count the bedrooms.
1201 Wendy starts at $950K and is open Sat. & Sun. 1-4pm.
Friday, November 1st, 2013
In a city that's lacking for housing inventory, the Manhattan Beach city council may take a step next week that could free up one house to hit the market.
We've got no beef with the current city manager, and no dog in the fight over whether he's terminated next week or not, as local media are reporting:
The City Council will meet in closed session Monday to discuss [the city manager's] employment contract. The council agenda, posted Thursday afternoon, references a “public employee dismissal/release” and “public employee appointment” of an acting/interim city manager.
But if he is let go, what, then, becomes of his home?
In a fit of generosity, the city paid half the $1.080M cost of the house, supplied a $65K renovation budget and provided a loan. The combined effect was to drive down the manager's monthly costs to $1,800/mo. for a newly redone home west of Sepulveda – and walking distance to work. The manager had put up $108K for his share of the down payment.
Here's the kicker to the deal: The city owns a 50% stake in the property. And if it sells, the city and its (possibly outgoing) manager are slated to split the profits.
To ballpark it, a renovated 3br and 1900 sq. ft. house, even on Pacific, could be worth $1.400M-$1.550M today on the public market.
So, if the city proceeds with the contemplated termination and the property hits the market, each party could profit nicely from a sale. After commissions, taxes and escrow costs, each side could clear $120K-$200K.
Admittedly, we're speculating here. A few things have to happen for this to all come to pass. It's the unusual nature of the original deal – a first for the city of MB – that raises the question.
At least we can all see that profits like that could soften the blow, if there is to be a breakup.
Wednesday, October 30th, 2013
We're starting to see quite a few homes bought and put up for resale within the year. It may not always be profiteering or a fix-and-flip situation, but quick resales are benefiting from the quick uptick in prices in MB.
Ordinarily, if you were to buy a property to remodel and resell, you'd need to get it close to, or under, market price, do the work and resell at such a price as to mark a solid profit. Indeed, some say the profit is all made in the acquisition price.
Then there's 309 18th St.
Not so long ago, this Spring, 309 18th drew multiple bidders, finding one who just cleared the field with a monster offer.
To wipe out the competition, the buyers paid $2.459M in March, against an asking price of $2.099M. That was an overbid of $360K (+17%).
And this was on a home that was not in such very different condition from when it traded twice in recent years: in 2004, for $1.775M, and again in 2009 for the same price, $1.775M. So this year's price was up 38% from those sales.
And now, after a goodly touch of refreshing, 309 18th (5br/3ba, 2715 sq. ft.) is back even higher: Asking $2.895M.
A sale at full price would be a bump of $436K (+18%) over the March 2013 price.
The net profit would be around $300K... for an 8-month hold.
So the big questions are, what has really changed?
In the market, we know.
In the home, we gotta go see.
In our review in late February, we virtually sang about the off-the-beaten-path location and splendid ocean views.
We also noted that it was "a 1960s original built as a duplex, and added onto in front in the 1970s," where we found:
All of the bathrooms seem to have the original cabinetry, though with newer sinks and countertops. Only the kitchen seems to have had a more thorough remodel at some point, but it's not 21st-century, now, either...
On balance, this is a livable home in a terrific location, yet still one that awaits a full-scale modernization some day.
As we peruse the online photos for the new listing for 309 18th, we're not seeing much different other than a coat of paint. (Then again, did you see "What A Coat of Paint Can Do" for a Manahttan Village listing?)
So we'll reserve judgment for now, but the first evidence suggests this is a flip attempt based not on that "full-scale modernization" we thought this home needed, but mostly market timing.
And market timing that began, improbably, with a blow-them-away bidding war just a blink in time ago, back during baseball Spring Training. Now that the World Series is over, is this one worth another 18%?
Tuesday, October 29th, 2013
Proving once again that median prices are a lagging indicator, now nearly 2 years after a rally began in Manhattan Beach real estate, the data are starting to show a rapid rise in local home prices.
We began to see the uptick in median home prices at the midyear point. (See our post, "MB Median Prices Finally Rising.")
Now, as we look at data for the first 3 quarters of 2013, the price spike is clearly evident. (We made that part of the line "glow" just for emphasis.)
The YTD median price for SFRs citywide is $1,725,000, a remarkable 14% jump year-over-year.
This is on sales volume identical to the totals turned in for 2011 and 2012, with 264 sales citywise this year and last. (Yes, inventory has remained low, but sales are typically speedy and we now see, as we have before, that sales volume is steady.)
We're showing you 5 years' worth of data, but these are mainly the "bottom" years followed by the start of the recovery.
You're wondering, of course, how a median price of $1.725M compares to peak years of the previous bubble.
For 2007, the median price for the same time period (Jan. 1-Sept. 30) was $1.765M. For 2006, it was $1.795M. Those were the peak years, with 2005 lagging quite a bit behind at about $1.6M.
So 2013 has very nearly hit the median price peak seen at they height of the last cycle. And many indicators suggest that this rally is not yet over.
Looking west of Sepulveda only, as is our wont, we see the same kinds of trends.
Sales volume is about the same as the prior 2 years for this period (Q1-Q3), and the median price has rocketed.
Last year around this time, you saw a median price of $1.639M for SFRs west of the highway.
Now: $1.875M, also a jump of 14% year over year, exactly in line with the rise in prices citywide.
This high west-of-Sepulveda median price completely matches the comparable 2006 figure (also $1.875M) and falls somewhat short of the peak for the first 3 quarters, the $1.930M hit in 2007.
So, you see, there's still something left to aspire to.
All things being somewhat equal going forward, the logical projection is that this time next year, we'll be talking about new peaks.
Sunday, October 27th, 2013
If your tastes don't include long morning walks with thousands of people, rolling pumpkins or early trick-or-treating (all of which we discussed in yesterday's post), then you'll want to turn your attention to the few new local real estate listings that came out this week.
To plan your weekend open-house tours, try this Redfin map list of open houses – sort by price or sub-region of MB by clicking the title on a column.
Or click here for the new-format Beach Reporter list of opens.
3213 Valley (3br/3ba, 1975 sq. ft.) is a remodeled tall and skinny overlooking the greenbelt.
As is often the case with these layouts, the bedrooms are split – one on the main (middle) level along with kitchen and other common spaces, then the master and one other up top.
The bedroom on the main level also provides the main access back to the (snazzy) back patio with built-in bbq. Fortunately, the secondary bedroom up top is sizable and could comfortably host two kids. (As it seems to now.)
KItchen and baths all sport fairly recent remodels with good style.
Location and lot size bring the price down, comparatively, for this much updated square footage, with a start price at $1.499M. You may find that the home is shielded from views of traffic along Valley and benefits from the treetop views (and even the Martyrs steeple), and that the sound of traffic drifting by is less unpleasant than being near a stop sign with engines revving. If so, location's less of a negative than you may expect.
(In that vein, it's a bit of a surprise to see the master up front overlooking Valley, rather than in the quieter back area, but we'd bet that was done because the views are really that enjoyable.)
Smaller, neighboring 3211 Valley (3br/2ba, 1450 sq. ft.) did not sell earlier this year, after trying for 3 months at $1.399M down to $1.349M.
3213 Valley starts at $1.499M and is open Sun. 2-4pm.
1501 Magnoia (3br/2ba, 1540 sq. ft.) began life as a late-1940s cottage, but with a smart recent addition and modernization, it's got all that many buyers would want in a 21st-century beach (town) cottage.
The common spaces are all quite open, bedrooms are of good size, the master is quiet, private and the newest part of the house, tucked in back and opening to the rear patio.
The modern kitchen and extremely well-done decor make it a grabber. It's hard not to fall in love with the coastal palette of sandy tans, bright whites and teal accents.
Locationwise, this one is situated on a bluff abutting Target and the car dealer's service areas – there seemed to be some noise from those commercial properties when we visited, if not a lot, but fortunately you don't see those given the home's position up above.
It used to seem fanciful to see homes of this general size hit the $1.3s. We didn't think smaller 1400 Magnolia (3br/2ba, 1320 sq. ft.) would succeed at $1.299M, and it didn't, coming in range, though, at $1.227M in July. Then came very nearby 1509 Magnolia (also smaller at 3br/2ba, 1320 sq. ft.) with a high-caliber flipper remodel and very good-sized yard, which hit $1.335M just 3 weeks ago.
1501 Magnolia starts at $1.295M, but when something is this lovable, all bets are off. It's open Sun. 1-4pm.
1641 21st (3br/1ba, 1000 sq. ft.) makes it 3 out of 3 for the week – each of the homes we're writing up was first built within a decade of each other – this one dating back to 1952.
Unlike our other featured properties above, this one looks pretty much as it began, with no big additions or massive re-dos. It's a familiar cottage layout with the one shared bath, but the kitchen and bath have fairly recent updates and the whole place is clean and pleasant.
There's more yard than you might expect, an L-shaped wraparound grassy area that, oddly, is not really accessible from or featured from the main living areas. (Not that it's so hard to go out back along the side of the house.)
The street's a reasonable walk to school and parks, and not busy in general. This is what you get in MB these days for (a little) under $1M.
1641 21st starts at $950K and is open Sun. 2-4pm.
Saturday, October 26th, 2013
There will be some real estate to see in MB on Sunday, but there's so much else to do, it's worth another post first.
Downtown Manhattan Beach will busy, so plan for traffic delays.
First up, because it's news, is the return of downtown trick-or-treating. That's Sunday 11am-3pm.
This hallowed, small-town tradition fell by the wayside in recent years. It's back now, with an earlier start and some mystery – where are the 5 colossal cauldrons of candy? (They promise some clues at the DTMB Facebook page.)
Any local merchant with the flyer in the window is offering treats for those in costume. (No, it doesn't count to say, "I'm dressed as a laid-back beach town dude.")
Earlier Sunday, it's the Skechers Friendship Walk, starting at 9:00am at the Manhattan Beach Pier. There's a "Fun Zone" at the pier that will be open through the day.
This pier-to-pier walk takes you, and several thousand others, along The Strand down to Hermosa. It's all for a good cause: Registration fees and sponsors' funds go to The Friendship Circle, a program benefiting children and young adults with special needs, and offering volunteer opportunities for local teens.
You can register Saturday at the downtown MB Skechers store, or check the event site for more South Bay locations.
Last, but not least, the rolling pumpkins are back, 11am-5pm downtown.
Variously called the "Halloween Pumpkin Race," the "World Famous Pumpkin Race" and, simply, the "Manhattan Beach Pumpkin Race," this completely unique local event has become a mainstay since it first moved downtown in 2007.
The notion of poking axles through pumpkins, decorating them and then racing them downhill seems so obvious, you might think it was invented, say, in New Hampshire in the 1800s.
But no – the first pumpkin racers were MB folks. In 1990, as the story goes, they were looking for something to do east of Sepulveda and hit on this brilliant notion. Rules emerged, traditions (like the Cheater Pumpkin) were founded, and the world's first pumpkin races were born.
The race – which boasts "hundreds" of imitators worldwide – now clogs downtown Manhattan Beach for hours one Sunday each year, encouraging fierce competition among children who pretend they designed the pumpkins that their overachieving dads engineered for them. (Disclosure: Dave's got a homemade pumpkin axle jig.)
The Pumpkin Race is a point of pride and/or peculiarity for Manhattan Beach, which is also (true fact) where the Pinewood Derby was invented. (We just love rolling things in this town.)
Walk, trick, treat, roll or race. That's a busy day.
There are also a few new open houses to see – more on those Sunday.
Friday, October 25th, 2013
For a good chunk of 2013, the Manhattan Village townhome at 10 Sausalito Circle had a hard time selling.
And now? It's gone.
For most of its run on the market, 4+ months, this 3br/3ba, 1900 sq. ft. Plan 6 condo looked pretty much the part of an original 1980s creation. There had been some improvements (no more fluorescent kitchen lights, new granite counters, newer flooring), but the unit seemed to want more. And it seemed a bit dark.
Was there interest earlier this year? Yes. But they couldn't settle on a price that worked for buyer and seller.
The listing launched at $1.200M, then dropped gradually to $1.099M, where it was when it cancelled 3 weeks ago.
After that, the kitchen cabinets got a coat of white point – no more dark oak, now a more modern look. They may have refreshed other elements a bit, but there were no fundamental changes. The new agent brought in staging, and voila!
This one is in escrow now, with the list price still at $1.099M, even before the first brokers' open house.
We're pretty sure the Village has regulations against burying St. Joseph statues. So it looks like, for luck, you need a can of paint, and maybe a little more.
Thursday, October 24th, 2013
Back in August we set out to test Zillow by seeing how their Zestimates of newly listed properties panned out in the real world. (See "Testing Zillow's Estimates.")
More results are in now.
Let's start with the home run Zillow hit.
That was at 1300 12th St., #D, a 2br, 1100 sq. ft. TH.
As the TH was newly listed, the sellers requested $699K, but Zillow said, "no, we're thinking $683,492."
In the scheme of things, that $15K difference doesn't look like much, but it was 2% to the downside.
Guess what? Zillow was dead-on. Final sale price: $683,000. (OK, actually, high by $492.00.)
You might say, hey, townhomes are easy to comp out. It's basically a raw PPSF calculation. But there were no recent trades in this particular building. You have to go back to 2011 for one and 2009 for another. So Zillow's computers picked the value here perfectly without too much direct guidance.
And townhomes can fool Zillow, too.
For reasons known only to the spinning gears inside Zillow's estimator machine, they pegged 1202 Tennyson #1 as having a value of $1.2M+ back in August, when it hit the market at $870K.
Tennyson did get bid up a bit to $880K, but that's still $350K shy of Zillow's estimate at the time.
We had said up front in that original post that "Zillow is clearly going to blow it completely" on this one, speculating that perhaps the lot size for the whole complex (13,120 sq. ft.) had fooled the algorithms. And yet, with 1300 12th St., the computers weren't fooled by the large lot size (11K+), so who knows?
Though this TH just sold, Zillow is still shooting high on its value. The current Zestimate: $1.042M.
We also knew Zillow would blow it on the new construction at 594 33rd. That one came out at $2.899M, but Zillow was thinking $2.3-ish. It has sold for $2.848M.
Zillow didn't know that was new construction, and didn't know that 1509 Magnolia was recently remodeled. Zillow guessed $1.079M, but it sold near the asking price at $1.335M.
We hate to punish the poor, confused computers here – we knew in advance that all 3 of those Zestimates would fail.
Then there were 3 listings among our selection of 12 from August that dropped out. Zillow's opinions on those won't matter. They were:
- 25 Sausalito Circle in the Village – quit the market.
- 1806 Marine – leased out instead of selling.
- 3201 Palm – quit the market.
We may be nearing a judgment point on 1336 2nd Street (start: $1,100,000, Zestimate: $1,045,625)
On this one, both Zillow and the sellers shot high. The price on 2nd came down to $999K before they posted a deal this week. Zillow was closer on that one.
When that one listed in August, the sellers were asking $1.980M.
Zillow said: $1.811M.
The market said: $1.770M.
Zillow was within 2%. Not bad, considering that the property was unique in so many ways.
Another pending escrow at 112 18th St. will not likely validate Zillow.
While we could easily understand the rationale, based on comps, for Zillow's $4.270M estimate on that one, the sellers were looking for $5.195M and made a deal fairly quickly (for a $5M listing) without taking any public cuts.
So here's the roundup as we see it today. Out of 12 listings we were tracking, half can't be judged yet:
- 3 listings quit the market
- 2 listings are in escrow
- 1 listing is still for sale
Among those that have sold:
- 3 estimates were way off sold prices, but we expected those to flop
- 2 estimates were very accurate compared to sold prices
- 1 estimate was high by 7%, not very accurate, not too far off
We'll look to wrap up this series when the two pending sales close and something happens with 1757 Voorhees.
Here, again, is the list we began with, including the Zestimates in the grid:
|1202 Tennyson Street #1||3/3||1755||13120||$870,000||$1,231,970||08/12/13|
|1509 Magnolia Avenue||3/2||1342||4867||$1,349,000||$1,079,017||08/08/13|
|1300 12th Street #d||2/3||1130||11928||$699,000||$683,492||08/06/13|
|594 33rd Street||6/6||3500||5023||$2,899,000||$2,313,612||08/05/13|
|1027 Boundary Place||4/4||3263||4212||$1,980,000||$1,811,135||08/01/13|
|3201 Palm Avenue||3/3||2469||4637||$1,775,000||$1,765,274||08/01/13|
|509 North Dianthus Street||4/3||2157||3251||$1,625,000||$1,746,052||08/01/13|
|1757 Voorhees Avenue||4/3||2460||7498||$1,425,000||$1,479,691||07/30/13|
|112 18th Street||6/7||4237||2693||$5,195,000||$4,270,400||07/29/13|
|25 Sausalito Circle||3/3||2050||3915||$1,685,000||$1,272,286||07/27/13|
|1336 2nd Street||3/2||1223||5001||$1,100,000||$1,045,625||07/25/13|
|1806 Marine Avenue||3/2||1147||5076||$899,000||$945,996||07/22/13|
Tuesday, October 22nd, 2013
We keep hearing talk to the effect that the market in Manhattan Beach is "slowing," but that seems to be either a hope or a fantasy, for the most part.
Look, it's late October – there should be fewer listings and fewer sales, based on seasonal factors alone. But a "slowing" would need to leave a better trail of evidence.
As you recall, our already-light inventory got chopped by 20% within the span of a couple weeks recently, and lots of new offerings continue to draw multiple offers.
So where's this "slowing?"
Look up high at the high end.
We sorted the 47 listings active as of Monday afternoon by their combined days on market (CDOM). That's the total number of days exposed to market, irrespective of any re-listing. (The CDOM "clock" is only reset to zero by 90 days of off-market time.)
Instantly, we saw that 15 of the 17 longest-running listings were priced at $2.399M or above – many way above.
10 of those 15 are priced at $3.5M or higher. And 5 are at $5M or higher.
Are these listings "overpriced," or just so very pricey as to be out of reach of most buyers?
Yes, to at least one in each case.
The priciest CDOM champs at this time:
250 S. Dianthus (5br/7ba, 8500 sq. ft., on a 14,000+ lot) is a classic estate that, for a time, was called "Summerhill." It has been offered for sale more or less continuously since June 2012.
It's at 508 CDOM now.
They had a buyer for a while in Spring 2013, when the price was down to $7.950M, down $4M from its start, but that did not work out.
The sellers may be sellers, but they don't seem to be improving their prospects by raising the price. It's currently at $9.900M with a new agent these past 2 months.
1240 5th (6br/7ba, 10,000 sq. ft.) falls far behind Summerhill in terms of market time, and about $3M behind on (current) price, asking $6.999M. (Down $1M from start.)
This one has 354 CDOM.
Like Summerhill, it's more of a true estate than a lot of homes you'd see on the market in MB. In this case, it's on one of the best streets in East MB, the private drive of the 5th St. cul-de-sac. (Advertising for the listing sometimes refers to this as the "Fifth Street Forest.")
There's no doubting the appeal of this one – luxe, huge and ornate, private and plenty of space to spread out or entertain.
If they can sell this one near the $7M mark it's at now, it would be only the third sale in East MB history (on the MLS) to exceeed $5M.
And one of those two past sales over $5M was a sale of this property, at $5.860M, in May 2006.
316 23rd (3br/3ba, 1940 sq. ft.) is a modern SFR on a half lot that is up to 351 CDOM now.
They made a deal this Summer after raising the price by $100K (nice feat!), but it didn't stick.
It's back down now to $2.895M, where it was before the lucky price boost, but that $1,500/PSF remains awfully ambitious.
That's just about where the slightly smaller, downtown-adjacent 217 9th was shooting last year before a long comedown to a sale in May this year at $2.250M. Just worth noting.
Just behind that one, timewise, and far above it, pricewise, is 112 23rd Place (3br/4ba, 1950 sq. ft.).
This attached townhome has run for 314 CDOM at $3.500M, with no price cuts along the way, just a bogus re-list in May.
It seems clear that we are not living in the day when a 1950 sq. ft. townhome is worth $3.500M. Though that time may come, the kids will be looking at retirement homes grad schools by then.
You wonder sometimes: Could the MLS provide a "Make Me Move" teaser-type listing to separate out the really fanciful listings like this one? For now it's frankly clogging up the inventory.
They're trying to sweeten the deal a little, though – buyers' agents are offered a 3% commission on this sale, as opposed to the 2.5% that's standard in Manhattan Beach. Maybe instead of offering a $17K bounty, they could invest a little bit in quality listing photos?
200 S. Dianthus (4br/5ba, 3925 sq. ft.) will complete our roundup here.
It's now at 236 CDOM, split between two listings and two agents. (It's not really "bogus" when a new agent takes over and re-lists the property, but consumers should still know the true market exposure.)
We've called this one a "decent," 10-year-old home in the very southernmost part of the Hill Section. It's built with an upside-down layout to maximize views. Some of the square footage (and presumably what's considered the 4th bedroom) is actually a separate unit over the garage, accessed up an outdoor spiral staircase.
This one was offered quietly off-market last year, hit the public market at $3.695M this year and has gradually trimmed down to $2.999M. It's still looking to make some kind of connection.
So there you have it. The Manhattan Beach real estate market is slowing – if you are talking about properties priced at or above $3M.
Indeed, these lingering listings comprise one-third of the reported inventory. Since these have more narrow-targeted appeal to specific buyers at the high end, they actually make inventory levels citywide seem all the more depressingly tight.