The Blog
Open House Marathon
Friday, March 15th, 2013
You've been running for years, let's say.
A parent or friend dragged you into it. Cross country in high school. UO for college just to get yourself to Eugene. (Cue the chorus of angels.)
Or maybe you got the bug later in life. A 5K here, a 10K there, and then, gradually, the whole idea of running for distance just clicked.
Either way, you know the training, the preparation, the solo time, the team time, the hours and miles you have to log, just to get ready.
Finally, you're ready for the marathon.
This weekend, LA's got its marathon. (That's a fantastic course, we've run it, we love it, and we're both rooting for, and secretly jealous of, friends [and clients] who will run the LA Marathon this weekend.)
But MB's got its marathon, too, this weekend...
And it's all real estate, baby.
So, are you ready? Have you trained? Tapered?
This past week, 19 new listings debuted on the MLS. Many will be open publicly this coming weekend, challenging your weekend schedule.
Hey, you said you wanted more inventory.
How will you get to them all?
If this seems daunting, just know, for local agents, there are even more off-market or pre-market listings being floated in a serious way this week, which we're expected to see. (As a f'rinstance, Dave's new listing at 700 27th, which hits the MLS next week and has a public open next weekend, Sun. Mar. 24.) The Friday broker's open list totals 18 properties in MB alone; who's got time for Hermosa?
We're running ragged here, folks, just trying to keep up.
To produce this weekend's open-house review post for MB Confidential, it will feel like the pinnacle of years of training.
But that's OK. When race day comes, you never say, "I feel tired," "I don't have time," or, "I'm not sure I'm ready." You go.
So strap on those shoes. Wear light, loose-fitting clothing. Plan your strategy and your route. Don't forget to hydrate along the way.
Whichever marathon you're running.
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A 22% Markup Over the Bottom
Wednesday, March 13th, 2013
When last we called attention to 1126 Laurel, it was last November, to label the home "Such a Deal in '09."
Without irony, we noted that the new, 2012 listing for this fairly large TH (4br/3ba, 2300 sq. ft.) near downtown was a sign that "2009 was a great time to buy."
2009: a great time?
Of course, to be living and shopping for real estate in early 2009 seemed like more of a horror show at the time. The local market had been dipping for a couple of years and the economy didn't look so good. (Pause a moment to recall, and the understatement here is apparent.)
If you bought then, you had plenty of reason to fear that equity would start leaking out the windows as soon as you got the keys.
But now we see what can happen when you buy on the dip.
In 2009, 1126 Laurel was a new TH, one of 2 built together on an unusual, trapezoidal lot fairly near downtown and somewhat near MB Blvd.
Listed at almost $1.3M, it actually sold for $1.037M in July 2009.
In Nov. 2012, it came out 35% higher, at $1.399M.
That price wasn't to be, for the home has an irregular layout and some question marks around it.
But the sellers did great, selling for $1.265M in a deal that closed last week.
That's a jump of $228K in about 4 years, and +22% over acquisition. It's also just $25K short of the start price from way-back-when, when the TH was new in March 2009.
Whatever might have motivated the purchase or sale here at 1126 Laurel, it has provided an example of buying low and selling high. And the resilience of Manhattan Beach real estate after a true stallout just a few years ago.
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MB Confidential readers: Get an early look at 700 27th St., a warm modern in an ideal corner-lot location. This property does not hit the MLS till next week. Asking $2.250M.
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Bubble-Era Prices?
Tuesday, March 12th, 2013
Anecdotes don't make for good analysis, but...
Observation from a Northern California agent we spoke with Monday: "This isn't bubble pricing. It's worse than the bubble years. Our inventory is too low. Everything gets bid up crazily."
That's a different market the agent was speaking of, but it rhymes with what we see in MB these days.
So in this market, people can shoot for the moon, and sometimes hit it.
Look at one of the newest listings/pending deals in MB: 3312 Manhattan Ave., a detached townhome with 4br/3ba, 2000 sq. ft. (2000 build with views.)
This one tried to get $2.390M for a small stretch of Spring 2006, but didn't succeed.
Now, it's in escrow in an off-market deal that has posted at $2.399M (pending), suggesting that it may actually get that '06 wish price.
Nabbing a 2006 bubble-era asking price now, when they couldn't amid the (last) frenzy? OK.
It's certainly true that $2.4M for a TH of 2000 sq. ft. has been rare.
The signature deal of recent months that made us say "huh?" because it had a bubble-era comparison was 624 14th (5br/6ba, 5770 sq. ft. ). That's a huge, newer ocean-view Mediterranean in the Martyrs neighborhood that actually sold for lots more than its 2007 acquisition price.
New in 2007: $4.350M
And in Aug. 2012: $4.900M (+13%) – see "A 13% Markup in Martyrs."
But that was 2012.
And it's easy to write off certain huge, must-have properties as anomalies.
So look in a completely different direction. A comparatively little TH (3br/2ba, 1440 sq. ft.) in the South End of the Sand Section, 332 1st Place, has just sold for $1.400M.
On the one hand, that's just about the lowest price paid for any Sand Section property south of MB Blvd. in the last 3 years.
On the other, it's a significant markup to the last trade on 332 1st Place, during the previous bubble:
Nov. 2005: $1.225M
March 2013: $1.400M (+14%)
Go big again, and remember the Hill Section Craftsman at 624 6th (4br/4ba, 3450 sq. ft., 4200 sq. ft. lot). (See our review of the home in this February open-house post.)
Like the first property we referenced here, it's in escrow, not closed, so the asking price has to be considered aspirational until they close it out.
Nonetheless, they were looking for a markup over 2007:
May 2007: $3.400M
Now (asking): $3.699M (+9%)
We weren't sure they'd hit that number, but 624 6th made a deal within a few weeks, often a good sign for the sellers.
You can't avoid this conclusion: The dip of 2008-2011 is long over, prices are back – in general – near bubble-era levels, and some properties can even get their late-bubble prices today.
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UPDATE: More evidence of bubble-era price aspirations comes with 1725 Oak, a custom Spanish... on Oak. It sold for $2.050M in Dec. 2007, and is listed now for $1.999M.
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Sunday Opens (3/10)
Sunday, March 10th, 2013
Oddly, what's new this week isn't all that middle-of-the-road.
But that's good, if you've got some time this weekend to check out a couple of Sand Section stunners. We recommend it.
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.
Sand Section
224 6th (5br/5ba, 4100 sq. ft.) is finally finished and ready for the public. This listing has racked up more than 6 months' worth of DOM while tantalizing potential buyers during construction.
Now, the big reveal.
In short: Worth waiting for. And different.
The style of this home is part of an emerging trend – here they call it "Beach Plantation," in other cases we've heard "Island style," "British West Indies" and variations from there. There's no doubt, much of this style trend locally is driven by the landmark triple-lot home on The Strand (212 The Strand), completed in Summer 2009. (See "Big, Beautiful, Too Much?")
This home has a lot of what you'd expect in a new ocean-view walkstreet house, with some pluses. The architect and builder are solid local names, and the quality shines through.
As you enter, you can step down a bit right into the downstairs living room, which opens to a private patio. The lower level also has a guest bedroom, bath and laundry, plus 3-car garage. (The guest bedroom has glass doors, suggesting it to be more an extension of the entertaining spaces than an actual sleeping room, but it's available.)
Midlevel, there are 3 bedrooms, including a very spacious master suite with a walk-in closet so big, you'd never know you were at the beach. The bath features a steam shower and clawfoot tub, which gives the room a little throwback feel. The additional 2br are a bit larger than we're accustomed to in walkstreet houses, and both have their own baths.
This points up an interesting design choice: To run with only 3br on the sleeping floor. To put a 4th or 5th bedroom into service in this home, you would have to use the room off the downstairs entertaining room, or another legal bedroom on the top floor off the kitchen. To us, this means the home is functionally 3br with an option on more for occasional use. It's probably a smart choice for most families who would look at the home, but potentially a limiting factor for others.
Now, oooooooooooh, that top floor. There is simply no way photos will capture it. (You can expand the photo from our listing display page to full screen, but it's only a hint.) This is The Reason to go to the open.
The top floor is one wide-open, marvelous space, with high ceilings, bright colors, ocean views and breezes, and warmth all at the same time. It feels huge, and it feels like a home.
Though a whole room is cut out in back (that aforementioned 5th legal bedroom, staged as a small ocean-view living room), you don't miss the space in the great room here at all. We liked the unique sandy-colored tile in the kitchen, and how the kitchen has easy, flowing access in back to the balcony where you'd grill. (Oh, man, ocean-view grilling!) It almost goes without saying that the cabinetry and appliances are all top-flight.
The wood flooring in the living areas on all levels is a wide-plank French oak with an acid-wash stain that delivers a stunning color and feel unlike any we've seen in recent memory. It's a soft, greyish tan with subtle variations that give the wood an "aged" feeling without any faux distressing. The stain alone struck us as a daring choice, because if it didn't work as well as it does, well, who knows what you'd have. But this is a great alternative to the dark stains that have become prominent in recent years.
This home has that increasingly vital item in the Sand Section, a 3-stop elevator, plus something different: a laundry chute from the bedroom level down to the bottom-floor laundry room.
So what are you doing Sunday afternoon? Is it better than seeing this achievement of a home? Make plans.
224 6th starts at $5.500M and is open Sun. 2-4pm.
316 26th (5br/5ba, 4150 sq. ft.) is an achievement of a completely different sort. It's a bold, confident mix of modern and Craftsman influences that delivers several unique spaces and great ocean views up top.
There's no neighbor to the west here along Crest (except power poles), meaning the whole home gets full light and views from all around the top level.
Much of the wood in the home is Douglas fir, something of a Craftsman staple, but on the bottom level, the flooring is polished concrete, and some walls are concrete block. That's an example of the contrasts you'll see throughout. The entertaining room on that bottom floor boasts a display-oriented wine storage unit and a very large wooden bar opening out to the room, with the walkstreet patio enticing you out.
The top floor living area has soaring ceilings that show off the wood – with a metal girder prominently running across, again pushing the contrasting/complementing styles. This is a huge great room with good views from the floor-to-ceiling windows and sliders. The kitchen features a nicely crafted wooden island.
This 2006 build has traded twice previously: In Jan. 2007 at $3.650M and in Sept. 2010 at $3.200M.
This year, they're looking to improve on the 2007 number, with a start at $3.700M.
316 26th is open Sun. 1-4pm.
Tree Section
660 17th (4br/3ba, 3020 sq. ft.) holds a lot of promise, with a Martyrs-area location on one of the very best blocks.
On 17th, you have a cul-de-sac that ends just above the playing fields at the Martyrs school. It has always felt like an exclusive block – one where we've suggested (lightheartedly) in the past that the neighbors might have to vote to approve new residents.
This 5000 sq. ft. lot is among the smallest in the area, but it's high up the hill, and the listing photos show vast, wide-open views.
We (still) didn't get a chance to tour this one, but we do see that Janie Sue Nagy offered a review on her site, noting 3br downstairs and one up, along with some other details.
660 17th starts at $2.795M, which is all about location, and is open Sun. 2-4pm.
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East MB En Fuego?
Friday, March 8th, 2013
A huge chunk of Manhattan Beach is east of Sepulveda.
That means lesser beach proximity, but bigger lot sizes. (Bigger houses resulting.)
And, hey, not incidentally: Easier access to school each morning, long after the elementary years. (The MB Middle School and Mira Costa High School are east of the highway.)
East MB clearly has its pluses. That old surfer slur, "There's No Life East of Sepulveda," is being challenged.
Right now, East MB may be the hottest part of Manhattan Beach in real estate terms. It's almost on fire.
If you watch the MB Dashboard regularly, you're seeing what we're seeing: Every East MB listing seems to go quickly.
While East MB sales typically comprise about 30% of all real estate sales for a year in Manhattan Beach, right now the East MB share of pending sales (properties in escrow) is close to 40%. That means there's been more offered, and sold, east of the highway this year.
We've seen fairly quick deals on several move-in-ready (sometimes great) homes this year:
2104 Harkness (Dave's co-listing, posted at $1.549M) sold immediately, over asking (will close next week)
- A big, newer Cape Cod at 1221 6th (list: $2.099M)
- Quirky, hillside 1125 3rd ($1.750M)
- A Liberty Village cottage with an early 90s re-do: 1909 Faymont, listed at $1.299M
The yardless, but pretty, 1331 Voorhees ($2.075M)
- New construction at 1765 Voorhees (hey, Voorhees, again!), listed at $2.100M
- Slight shocker at 1603 5th ($2.579M), big $ for a big house
- A smaller, head-to-toe remodel at 1746 Nelson ($1.299M)
- Roth-built 2418 Peck, in a challenged location, sold quickly after returning to market ($1.095M)
How about fixers of various degrees?
1351 17th is near Meadows, really wants help all around inside, but looks to come close to its (adjusted) $1.499M asking price
- 1705 N. Rowell is next door, and made an even quicker (<1 wk.) deal, listed at $1.229M
- 714 Harkness (2br/1ba, 800 sq. ft.) went quickly at $775K
1304 Lynngrove barely counts as a "fixer" because there's so much to be done and it could get scraped, but multi-multi-multi bidders for this $799K listing testify to the appetite in this market for something – anything – with potential in East MB
- 1701 Nelson lasted a week in January at $985K, arguably lot value
And don't forget Manhattan Village, where 3 sub-$1M units have made their deals this year:
35 Catalina Court (at $995K) came out a week ago and has its deal in hand already
- 16 San Miguel Court (at $839K) had been trying since Thanksgiving last year, but made its deal in January
- 30 Cayman Court (at $779K) dates back to last October, and made its deal in mid-February
Yes, when an impression checks out with data, you can call it reality.
East MB, bravo, you're en fuego.
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A Quick Take on Quick Sales
Wednesday, March 6th, 2013
The Spring season is doing what it's supposed to for us here – we're getting more inventory, and more sales.
But things are still out of balance. The sales are too quick.
Just last Friday we reported in our MB Market Update that there were 45 listings in Manhattan Beach, 40 of those being SFRs and 5 townhomes.
Wednesday morning we're down to 38 total.
There are far more properties in escrow now in MB: 62 total.
Here's our take on some of the most recent sales.
(See our very busy "Newest Deals" page any time for a full list, and be sure to check the MB Dashboard regularly – that one-stop update page is fairly smoking.)
1304 Lynngrove (3br/1ba, 1085 sq. ft., lot: 5400 sq. ft.) looks to be the auction of the week.
It is, as we said last weekend, "quite simply, an original 1950s Liberty Village cottage... Call it a blank slate."
Remodel? Add on? Scrape and start over? Those are all options. Moving right in – not so much.
At $799K, the price was a huge come-hither call in this market.
It's a little more than the lot value or even the base price paid recently by remodeling teams working in the area. So you'd imagine this as an owner-user project house, meaning the buyer would commission the work and move in at the end.
It was a crowded race to the finish line, 'twould appear. We got a tip here at MBC that there were 16 offers, 8 of them for cash. (We'll work on verifying that; it's plausible information, so we're running with it here.)
1304 Lynngrove is in escrow now, its 8 DOM being just enough time to expose the property, manage multiple offers and declare a winner.
1909 Faymont (3br/2ba, 1820 sq. ft.) is another Liberty Village option, but this one is move-in ready. It came out last week at $1.299M and has a deal now.
We said this past weekened that the "boxy exterior doesn't advertise much to get excited about, but the interior living space flows pretty well and has a very open, bright feel."
This is not to say the home's conventional – the early-90s addition/remodel has a flavor that isn't for everyone. The cute backyard and covered patio helped a lot.
461 36th Place (2br/2ba, 1050 sq. ft.) goes into that (expanding) category for 2013 known as, "What couldn't sell before, can now."
This little ocean-view TH was on the market around this time last year, but didn't sell. This year, with a lower start price ($925K), it's got a deal in less than a week.
If all you really need is a place to sleep, then the big ocean views from this little place up toward Malibu are simply a very nice bonus. As we said, "For a little starter TH, it's got its pluses and minuses."
461 36th Place sold for $999K in June 2008 and came out at $925K this year month week.
There's something different about 1728 Walnut (5br/5ba, 3900 sq. ft.) in this mix.
Well, there's a lot different about it. It's one of those "pre-ZORP" houses with enormous square footage (for the Trees) and an almost unheard-of 3rd story in back. (Oh, ZORP, you buzz-kill!)
It's also different because this one hung around long enough to make price cuts. Go figure.
It launched at $2.249M, which we said in our review here in January, "reflects the extra square footage more than the curb appeal or condition."
It was last at $1.999M, having logged an unbelievable 6 weeks on market. Like, forever.
2311 Manhattan Ave. (3br/4ba, 1985 sq. ft.) is an ocean-view TH that actually has stretched out for quite a while on the market. It was deep into its 6th month before posting a deal Tuesday.
That story has been largely about price. It launched very ambitiously at $2.199M. More than $1,000/PSF for a TH on an alley with blockable views? That was a reach.
The cut to $1.999M (still $1K/PSF) came after the first month on market, but the chopping stopped then. In October.
That's when the waiting game began. Make this market come to me, you could almost hear the seller saying.
When the comparable TH at 1406 Manhattan Ave. (3br/3ba, 2280 sq. ft.) sold recently for $1.950M, it was some kind of validation.
Now they've got a deal. We'll see where it settles out.
473 29th (5br/5ba, 4150 sq. ft.) has tried and tried to sell in recent years, but just could not make it happen. We last saw it on the public market in 2010 at $2.499M.
But its across-the-street neighbor, 472 29th, is in escrow – listed at $2.899M – and this looked like a good time for 473.
It was a good time. Listed at $2.699M, this one went into escrow Saturday before the (canceled) open house.
One post isn't going to cover all the action, but here are just a few more:
- 2418 Peck (3br/2ba, 1985 sq. ft.) is one of the Roth-built homes with a familiar floorplan and some nice updates. The location along Marine and Peck was a challenge, though. Listed at $1.095M, it's got a deal now. (The DOM tally is at 60, but this dates back to late last year. The listing went on hold a while until mid-February, and may "feel like" a new listing for that reason.)
- 121 36th Place (4br/4ba, 2300 sq. ft.) is a cool, very custom, ocean-view home that's tried to sell off and on for at least 14 months. Now? Deal. List: $2.595M.
- 1603 5th (4br/5ba, 4700 sq. ft.) is a very large East MB house with a familiar floorplan and nice flooring, plus a pool with bridge. This one rested in the background for much of the past 4 months, but "relaunched" last week and made a quick deal. Are $2.5M+ prices coming back in East Manhattan? Here, the asking was $2.579M.
That's quite a rush.
Thank heavens there's more inventory coming.
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Close the Books on 3308 Pacific
Monday, March 4th, 2013
It's easy to talk about the overheated market conditions around Manhattan Beach these days.
To see only the fast deals and bidding wars, you'd think that buyers are neither choosy nor price-sensitive anymore.
And then you get a case like 3308 Pacific, which provides some kind of reminder that a more sober reality does still intrude – from time to time.
This is a home we have called "a quirky 80s contemporary in a subpar location."
That's 8 words that may tell you all you need to know as to whether the property might have been interesting to you, or not.
Memorably, the listing for this property in 1996 called it "Manhattan's most exciting modern home." The 2012 listing also went for the excitement factor, touting it as an "architectural stunner with clean, contemporary lines."
But here at MBC, we stood by our 8 words.
The listing spanned 7 months from July last year till February this year, a near-total rejection by the market at a time when 4br, 3000 sq. ft. homes in the Tree Section have been in high demand with little supply.
Surely price was a big factor.
This one launched in July 2012 aat $1.699M, and while that was a bit of a reach, there were all kinds of $1.6M-$1.9M sales happening in the Trees, and it did not seem wildly out of line.
It was an excited, rising market at the time. Subsequently, cuts were made to drop it to $1.599M and finally down to $1.549M. The property was also offered for rent for a while.
When a deal posted in "backup offer" status in February, we assumed it was for something in the $1.4M range.
But no. The closed price, official on Friday and posted Monday, was $1.295M.
That's less than last May's sale nearby at notably smaller 3404 Pacific (3br/2ba, 1750 sq. ft.). That move-in-ready, darling little place went quickly for $1.350M.
The $1.295M price on 3308 Pacific is a pretty amazing 16% off the last list price.
And it's much more in line with what we might expect for a property of this nature.
Location matters, and brought a discount.
Build style, layout and condition matter, and those brought a discount.
As a refresher regarding the layout, we had said of this one in a "Weekend Opens" review:
"It's bright and lives big... but the home needs some attention and updates. And there's only so much you can fix. The builders left no real yard, just a little strip in back. The alley kitchen in back is isolated, by design – not a 21st century feature."
"Wood or bamboo flooring would give the first-floor living spaces much more life than the the 80s tile everywhere. (Just look upstairs, where they do have bamboo, to see the difference.) The family room in back could be opened up by removing a wall that now creates a narrow 'office' space in back... The master bath really wants an update... Those are some of the things you'd do if you were determined to modernize this 'contemporary' home, and it could work out."
So now, with the purchase at about $1.3M, buyers have gotten a decent deal on the place as-is, with room to spend a little effort (and money), if they like, making changes.
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Weekend Opens (3/2-3/3)
Saturday, March 2nd, 2013
We're back to "normal" for Spring this week, with a good new crop of options. Check them out.
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.
Sand Section
473 29th (5br/5ba, 4150 sq. ft.) hits the market at a time when its across-the-street neighbor, 472 29th, is in escrow at a big number (list: $2.899M).
This one comes out at a comparatively modest $2.699M (with 500 fewer square feet inside than the neighbor), a home of roughly the same vintage as the neighbor, with better views, and a much warmer feeling overall.
One question: Can this one finally just sell, after all the effort in years past just hasn't worked?
473 29th sold new in 2003 for the fairly modest price of $1.570M, but ran 6 months in 2009 at $2.699M, 5 months in 2010 at prices dipping to $2.499M, but just couldn't close it out. This year, the prospects are bright.
If the exterior architecture here is a bit unusual, you can get past that quickly with a home that's warm and fairly conventional inside. There are lots and lots of individual spaces inside – the home's chief asset, or liability, depending on who's looking at it.
You'll enter up an exterior stairway on the midfloor bedroom level, with a 4br there including the master. One bedroom really should remain as it is set up now: an office at the front of the home with spectacular Tree Section views out a picture window. It's a mesmerizing, and uniquely MB, vista.
Top level living spaces also get those views from the front. The lower level offers 2 additional bedrooms plus a small media room with wet bar.
The way the spaces are carved up on the top level seems to make each area – formal living, formal dining, casual dining, and family room – pretty modest in size, which is not to say cramped, but you need to outfit it all properly not to end up with tight spaces. (Hey, the folks here now have a pool table, that universal sign of "we have too much space," so it's obviously got plenty of room to work with.)
We've always loved the wood flooring throughout this home – it's got a unique, cinnamony stain that makes us keep saying "warm" when speaking of the house. And the epoxy flooring in the garage helps keep it superclean, and even available as yet more hangout space if you need it. (The garage is officially a 3-car space, but you can easily park 2 cars outside and use the garage for other stuff.)
Thinking of that neighbor at 472 29th, the plateau is positively sizzling if it's going to get its number ($2.9M), and we hear you can bet on it. So, look out, plateau, as $3M-type numbers look to be on the horizon for the newest places.
473 29th starts at $2.699M, and might last until the open house – UPDATE: No, it didn't – open house canceled.
UPDATE: By 4:00pm Saturday, 473 29th was in escrow. It's in "backup offer" status.
461 36th Place (2br/2ba, 1050 sq. ft.) was on the market for a stretch around this time last year, but didn't sell. We said then:
"461 36th Place is a cute surprise, with the big ocean views the most unexpected feature of this little TH.
If you see 36th Place as the address, you may not be too excited, and the mid-1960s vintage of the building is readily apparent, but the HOA has kept things up nicely.
Inside, on the top level, the little kitchen is upgraded, the flooring fairly nice, and the bath is pretty sharp. Two smallish bedrooms share the middle floor and a small jack-and-jill bath that is more dated. The first "floor" is all garage.
Big ocean views to the west are surprising; you'll even catch Malibu up to the north. Unsurprising are the views of the refinery and enormous storage tanks right across Rosecrans. You just have to roll with that. For a little starter TH, it's got its pluses and minuses."
461 36th Place sold for $999K in June 2008, ran at $979K last year, and is back at $925K now. It is open Sat. & Sun. 2-4pm.
228 40th (3br/2ba, 1425 sq. ft.) was with us for 5 months last year at prices as low as $999K and didn't sell, but it re-launches bullishly now nearly 20% higher at $1.179M.
Last year, we said:
"The 1933 original isn't big, offers little parking and bears all the hallmarks of an older home that people have valiantly updated and added onto over the years, but it's still that Spanish original. It's cute, fairly fresh and offers a surprisingly large entertainment/hangout room in back and down a few stairs. Unfortunately, that's technically the 3rd bedroom, so, to enjoy this home as the current owners do means treating it as a 2br."
"To be west of Highland is, indeed, nice, but this one is just one door off Highland with a commercial building to its east."
We'd add to that some new impressions – the master, added on upstairs, is quite bright and actually gets an ocean peek. First-floor bedroom is definitely small. First-floor bath has a deeply sunken tub – quirky.
228 40th St. sold in Jan. 2005 for $939K, didn't sell last year at $999K, and starts now at $1.179M. It is open Sat. & Sun. 2-4pm.
East MB
1909 Faymont (3br/2ba, 1820 sq. ft.) began as one of the standard-issue 1950s Liberty Village cottages, but at some point – you'd guess the 1980s somewhere – it got a notable addition and lots of changes. (OK, the listing calls it a 1992 build, but that's not from scratch – it's got to be the date on the remodel and additions.)
The boxy exterior doesn't advertise much to get excited about, but the interior living space flows pretty well and has a very open, bright feel, with soaring ceilings and (circular) skylights. Talk about not judging a book by its cover.
The cute back yard and covered patio make the sale – it's a very pleasant little outdoor space on the sunny western side.
For the layout, you have two original bedrooms downstairs. One seemed larger than expected for an older cottage, and may have been expanded during the addition. The master is upstairs with a fairly modern-feeling bath (though there is some inconsistency to the style and feel of the updates in the master and all around). There's also a sunny loft/office/mini-living room upstairs just off the master.
And then it's the huge great room, with 2-story ceilings over the kitchen and most of the living areas that give it a we're-not-in-Liberty-Village-anymore kind of feeling.
Definitely worth a look, and one that will also get some heads to scratching.
This one contrasts interestingly with last week's identically priced East MB debut at 1746 Nelson, a head-to-toe, very stylish remodel with a bigger, full-size lot (7500 sq. ft.) but more of a location issue. That one debuted at the same price ($1.299M) and made an immediate deal with multiple offers.
1909 Faymont starts at $1.299M and is open Sat. 2-4pm, and Sun. 1-3pm.
1304 Lynngrove (3br/1ba, 1085 sq. ft.) is, quite simply, an original 1950s Liberty Village cottage. The lot size is 5400.
Quite possibly, the carpet in the (fairly dark) back bedroom is not original. Some of the paint and curtains might be.
Call it a blank slate.
Though this one seems to have been well-kept these past 63 years, it suffers in some indefinite way from the neighbor immediately to the north, which is visibly in disrepair, and has been for as long as we can recall. The rest of the block is pretty nice.
1304 Lynngrove starts at $799K and is open Sat. & Sun. 1-4pm.
1705 Rowell (3br/3ba, 2000 sq. ft ) is, like 473 29th, another neighbor of a home to recently make a deal on the public market. (That'd be 1351 17th, last at $1.499M.)
Like that one, this home is quite close to Meadows elementary, and runs along a fairly busy neighborhood street.
But this 1970s original is quite unlike the dated Caliterranean next door. It's actually built as a view home, with an upside-down layout meant to pick up the views toward the north – mountains, downtown, Hollywood sign... all are in sight.
Though many parts of the home keep the 1970s feel, just with fresh paint and carpet, the master bath seems very up-to-date and spacious. There's a cute little alcove off the master to use for an office.
There isn't much of a backyard. The would-be grassy strip out back is under the shade of a tree and may not grow much, so it's been replaced by rocks and gravel. There is a good-size side patio.
1705 Rowell starts at $1.229M and is open Sat. & Sun. 2-4pm.
Tree Section
660 17th (4br/3ba, 3020 sq. ft.) holds a lot of promise, with a Martyrs-area location on one of the very best blocks.
On 17th, you have a cul-de-sac that ends just above the playing fields at the Martyrs school. It has always felt like an exclusive block – one where we've suggested (lightheartedly) in the past that the neighbors might have to vote to approve new residents.
This 5000 sq. ft. lot is among the smallest in the area, but it's high up the hill, and the listing photos show vast, wide-open views.
We didn't get to tour this one, but we do see that Janie Sue Nagy offered a review on her site, noting 3br downstairs and one up, along with some other details.
660 17th starts at $2.795M, which is all about location, and is open Sun. 2-4pm.
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MB Market Update: 2/28/13
Friday, March 1st, 2013
With our new site setup here at MBC, we're able to deliver twice-monthly Manhattan Beach market updates in a new, friendly format.
First, let's get the quick overview on active inventory:
- 45 active listings as of 2/28/13
- 40 SFRs
- 5 THs
Active listings by region of Manhattan Beach:
- Tree Section: 6 actives
- Sand Section: 21 actives
- Hill Section: 3 actives
- East MB: 15 actives
You can see the complete report on active listings, with live links to every property, in this single post on our data blog: "MB Inventory as of 2/28/13."
We're also providing a report on pending and closed sales by region of MB.
In a fashion to the report on active listings, you'll find the report on sales organized by sub-region of Manhattan Beach.
Here's a link to the post on our data blog: "MB Pending/Sold as of 2/28/13."
For closed sales, we provide the past 6 months' worth of sales by region. This is the typical window of time used by appraisers.
Enjoy the new reports!
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Sand Half Lot Chops 23%
Thursday, February 28th, 2013
When is a "huge price reduction" not all that impressive?
When the start price was preposterous.
Still, they're right to claim that 421 32nd Place has, in fact, made a new "huge price reduction." (We've dropped out the all-caps you see in the listing, because we don't mean to scream at you.)
Yes, it's "huge" to drop from $1.3M to $1M ($995K) in just over a month.
It's a 23% cut.
These sellers must be crazy with how they're discounting the place, eh?
But no, really, they're just approaching market value. They must have noticed the lack of offers in an otherwise hot market.
How do you value a little old cottage like this on a half lot on an alley?
This one is officially 2br/1ba, 725 sq. ft., and, frankly, cramped and old. It lacks a garage.
Properties like this get added onto or scraped. Rare is the teeny beach bungalow that survives endlessly with no more than a coat of paint and new appliances from time to time. This one has dodged the bullet, er, the bulldozer, more than once.
Get this little plot for the right price, and you could build something pretty decent. Half-lot SFRs are not unheard of in the area. A fairly nice one is on the market now at 437 28th Place (3br/4ba, 1925 sq. ft., 2-car garage) at $1.550M. (The slightly smaller lot size at 32nd Place would translate to a slightly smaller new home.)
As to where 32nd really should trade, we have one recent (pending) sale that provides perhaps some guidance.
441 28th Place (2br/2ba, 1080 sq. ft.) has the same basic (half) lot size at 1350 sq. ft., being in the same general area of the Sand Section plateau, and also on an alley.
But it's also quite a bit more house: 2 stories, 2 full-size bedrooms, a fairly open living room and – imagine this – a garage, which 32nd Place lacks. Oh, sweet luxury!
It's also about 60 years newer, sporting a 1986 build date versus the 1928 completion on 421 32nd Place.
But 441 28th Place was last priced below even the newest chopped price at 421 32nd Place: it was at $975K when it posted a deal recently. (We've heard the seller there was very firm on price, so watch for a closed sale near there.)
This would suggest that 32nd Place has further to go, even if it's getting into the right territory.
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Thursday is the last day of February, and therefore your last chance to take the Blue Zones pledge (link offsite) and get yourself automatically entered to win this awesome $200+ gift basket from local wine-and-everything shop Barsha.
Remember the principle that Blue Zones is promoting is "Wine @ 5," the notion that you should relax, unplug and have a glass with a friend at the end of the day. Who can't get behind that?
(For more on the pledge and Barsha, see the intro to our Weekend Opens post from 2 weeks back.)
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