March 2012 
There are 19 blog entries for March 2012.
South Bay Housing Inventory Down 1/3rd
Thursday, March 29th, 2012 at 10:03pm. 203 Views, 0 Comments.
It's not just Manhattan Beach where the real estate market seems tight.
Across the South Bay, inventory is down one-third (33%) from the same point last year. (Click any chart in this post to enlarge.)
MB is faring slightly worse with a 39% drop in SFR inventory year-over- year, one factor in the quick sales and even multiple-bid situations we see around town with good new listings.
As you'll see in MB Confidential's new charts here, MB inventory isn't lagging as much on a percentage basis as Redondo or Hermosa.
However, in absolute numbers, MB inventory is down the most from 2011 among the beach cities. There are 43 fewer SFR offerings now than there were at the same moment last year.
Buyers looking at MB SFRs have 67 options today. Last year: 110.
Now, if…
Across the South Bay, inventory is down one-third (33%) from the same point last year. (Click any chart in this post to enlarge.)MB is faring slightly worse with a 39% drop in SFR inventory year-over- year, one factor in the quick sales and even multiple-bid situations we see around town with good new listings.
As you'll see in MB Confidential's new charts here, MB inventory isn't lagging as much on a percentage basis as Redondo or Hermosa.However, in absolute numbers, MB inventory is down the most from 2011 among the beach cities. There are 43 fewer SFR offerings now than there were at the same moment last year.
Buyers looking at MB SFRs have 67 options today. Last year: 110.
Now, if…
Not Flying Off the Shelves – Yet
Wednesday, March 28th, 2012 at 4:15am. 175 Views, 0 Comments.
It's easy to get caught up in the news of this year's rush by buyers to snap up new listings. Yet some offerings aren't seeing that kind of quick action.
Among those to linger – just a bit – there's quite a range. Let's look at them by submarket; focusing on truly new 2012 listings. (We'll cover west of Sepulveda here first, but East MB will get its due.)
Tree Section: Rosecrans-Adjacent Division
3609 Oak (3br/2ba, 1100 sq. ft.) is small, but largely updated with a good yard. After a launch at $975k in mid-February, it cut substantially on Tuesday to $899k.
3601 Elm (5br/3ba, 2400 sq. ft.) is one of the better homes on offer in the Trees now, a very sharp remodel. Yes those are 5br, and the gardens are a big plus, if you dig that sort of thing.…
Among those to linger – just a bit – there's quite a range. Let's look at them by submarket; focusing on truly new 2012 listings. (We'll cover west of Sepulveda here first, but East MB will get its due.)
Tree Section: Rosecrans-Adjacent Division
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| 3609 Oak |
3601 Elm (5br/3ba, 2400 sq. ft.) is one of the better homes on offer in the Trees now, a very sharp remodel. Yes those are 5br, and the gardens are a big plus, if you dig that sort of thing.…
3rd Overbid of '12 a Small Markup
Monday, March 26th, 2012 at 11:02pm. 180 Views, 0 Comments.
The occasional overbid situations in recent months have raised eyebrows. Not all have led to big jumps from the asking price, though.
759 27th (4br/3ba, 3300 sq. ft.) is the latest to close, the third overbid sale of 2012, and here the existence of multiple offers led to just a $10k increase from the asking price.
A sale at $1.589m still looks downright non-crazy in a year that's got buyers feeling nervous and sellers ever so tentatively asking: Is this our game again?
You may recall when 759 27th debuted in January, nearly occupying the field alone for Tree Section buyers wanting 4+br, 3000 sq. ft. and a good location. We said in our review at the time that this one "checks a lot of boxes, with a very modern kitchen and master bath, a pretty nice…
759 27th (4br/3ba, 3300 sq. ft.) is the latest to close, the third overbid sale of 2012, and here the existence of multiple offers led to just a $10k increase from the asking price.A sale at $1.589m still looks downright non-crazy in a year that's got buyers feeling nervous and sellers ever so tentatively asking: Is this our game again?
You may recall when 759 27th debuted in January, nearly occupying the field alone for Tree Section buyers wanting 4+br, 3000 sq. ft. and a good location. We said in our review at the time that this one "checks a lot of boxes, with a very modern kitchen and master bath, a pretty nice…
Sunday Opens (3/25)
Sunday, March 25th, 2012 at 1:09am. 306 Views, 0 Comments.
Again this week we've got a good set of new offerings, not a blizzard, but not a trickle either. Most will open up even if the day gets a little wet.
In a time of limited inventory, we see some niches being filled for the first time in a while – the big non-ocean-view Hill Section manse, a South End cottage, the one and only Sand Section plateau offering (ok, this is just its first open, it's not a new listing) and even some great options for Tree Section buyers who can run with lesser locations.
To plan out your weekend tours, try this Redfin map list of open houses – you can sort by price or sub-region of MB by clicking the title on a column. Or click here for the more traditional Beach Reporter list of opens.
As always, click on any highlighted address…
In a time of limited inventory, we see some niches being filled for the first time in a while – the big non-ocean-view Hill Section manse, a South End cottage, the one and only Sand Section plateau offering (ok, this is just its first open, it's not a new listing) and even some great options for Tree Section buyers who can run with lesser locations.
To plan out your weekend tours, try this Redfin map list of open houses – you can sort by price or sub-region of MB by clicking the title on a column. Or click here for the more traditional Beach Reporter list of opens.
As always, click on any highlighted address…
Whatcha Got?
Thursday, March 22nd, 2012 at 7:12pm. 234 Views, 0 Comments.
If you're reading regularly, you know that real estate inventory in MB has been tight for months. Too many buyers, too few options.
The blog author, Dave Fratello, also represents several buyers who are among those looking. These are very well-qualified buyers and great families who just aren't finding what they need.
So we're just going to straight-up ask: Have you got something our buyers might want?
MBC's readership includes hundreds of local homeowners, residents and agents, not to mention plenty of people monitoring our market for the possibility of buying in some day.
So who can help us connect the great families we know with the homes they're looking for?
Here is an overview of our clients' Wanted Properties:
• MB Trees: 4-5br, ~3000 sq. ft., good…
The blog author, Dave Fratello, also represents several buyers who are among those looking. These are very well-qualified buyers and great families who just aren't finding what they need.
So we're just going to straight-up ask: Have you got something our buyers might want?
MBC's readership includes hundreds of local homeowners, residents and agents, not to mention plenty of people monitoring our market for the possibility of buying in some day.
So who can help us connect the great families we know with the homes they're looking for?
Here is an overview of our clients' Wanted Properties:• MB Trees: 4-5br, ~3000 sq. ft., good…
Signs of the Times
Wednesday, March 21st, 2012 at 2:18pm. 245 Views, 0 Comments.
Surveying the scene this Spring, in what has emerged as a seller's market, we keep wondering: Were there signs this was coming? Did we fail to connect some dots early on?
Don'tcha kid yourself. No one saw this coming.
Fall 2011 didn't have much of this flavor. Winter saw barren branches – no surprise, there's often a dip in inventory. There were a couple of little frenzies (like with 800 19th), but you could see why those seemed like isolated cases.
But once 2012 got under way, maybe we did start to see some signs. Indeed, MBC has reported on several eye-opening sales, but not always with an emerging pattern in mind.
Now, look at 3 properties in marginal/negative locations in the Hill Section. All wound up receiving multiple offers and going over asking:
303…
Don'tcha kid yourself. No one saw this coming.
Fall 2011 didn't have much of this flavor. Winter saw barren branches – no surprise, there's often a dip in inventory. There were a couple of little frenzies (like with 800 19th), but you could see why those seemed like isolated cases.
But once 2012 got under way, maybe we did start to see some signs. Indeed, MBC has reported on several eye-opening sales, but not always with an emerging pattern in mind.
Now, look at 3 properties in marginal/negative locations in the Hill Section. All wound up receiving multiple offers and going over asking:
303…Duplex in View Dispute Now For Sale
Monday, March 19th, 2012 at 10:40pm. 194 Views, 0 Comments.
Neighbor disputes can be among the most contentious. It's never all business. It's often business-plus-personality, business-plus-home, my rights versus yours, friend against friend, neighbor against neighbor. A pocket of the community can become divided.
When people are at loggerheads on a neighbor dispute and just can't work things out, the authorities get involved. And that's what happened at 7th/Highland over the past few years.
The owner of an old duplex on Highland complained that ocean views down the 7th St. walkstreet across the street were impeded by trees in the informal front "yards" of some neighbors – technically city property.
Citing city rules regarding the height of foliage along Sand Section…
When people are at loggerheads on a neighbor dispute and just can't work things out, the authorities get involved. And that's what happened at 7th/Highland over the past few years.
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| Tree cut by city after complaint by neighbor |
Citing city rules regarding the height of foliage along Sand Section…
Weekend Opens (3/17-3/18)
Saturday, March 17th, 2012 at 5:37pm. 235 Views, 0 Comments.
Rain can diminish open-house visits, so this weekend may be challenging. But if you're interested in a new listing, don't assume they're closed. On Friday, a few new listings we visited had agents vowing to open up "rain or shine." Inventory continues to expand. Tree Section buyers will find 3 attractive new options, the must-see of which might be 2001 Pacific, a freshly remodeled little cottage, though it's a close call. No doubt the most curious option for the weekend is the first on our list, 1027 Boundary Place in the Hills – see that for something truly unique.
To plan out your weekend tours, try this Redfin map list of open houses – you can sort by price or sub-region of MB by clicking the title on a column. Or click here for the more traditional…
Poll: 1805 John Price Predictions
Friday, March 16th, 2012 at 2:10pm. 159 Views, 0 Comments.
What would you pay for a rare lot in the Martyrs area of the Tree Section?
Well, maybe that's the wrong question, because someone just paid more than you would consider.
Over at 1805 John St., they just held something of an auction.
We're inviting you to vote in our new pricing poll, to guess what the closing price at 1805 John might be. Take your best guess; we'll run the poll till next Tuesday, 8pm.
Turns out, there weren't only 18 bidders. Last count was 20. One offer has now been accepted.
Twenty bidders reflects a lot of things. Scarcity. Rareness. A market that's heating up. The fairly prime location. (It's clearly an A if we can allow that there are also A+ and A++ locations, objectively.)
Mix into that the wild range of interests among those 20 buyers.
…
Well, maybe that's the wrong question, because someone just paid more than you would consider.
Over at 1805 John St., they just held something of an auction.We're inviting you to vote in our new pricing poll, to guess what the closing price at 1805 John might be. Take your best guess; we'll run the poll till next Tuesday, 8pm.
Turns out, there weren't only 18 bidders. Last count was 20. One offer has now been accepted.
Twenty bidders reflects a lot of things. Scarcity. Rareness. A market that's heating up. The fairly prime location. (It's clearly an A if we can allow that there are also A+ and A++ locations, objectively.)
Mix into that the wild range of interests among those 20 buyers.
…
MB Confidential Is 5
Thursday, March 15th, 2012 at 4:55am. 256 Views, 0 Comments.
As the local housing bubble was threatening to pop 5 years ago today, a voice out in the online wilderness said:"HOME PRICES ARE DROPPING IN MANHATTAN BEACH."
That voice was this voice, in the first post on Manhattan Beach Confidential, March 15, 2007.
A lot of things followed. There were more posts. There was some news, even some controversy. Suddenly there were more readers. And more. And a raucous comments section.
The local housing market took the predicted dive, with transactions dropping sharply and prices dropping 18-25% through 2009-2010, depending on how you analyze things.
The gears shifted here at MBC in Year 4. The author, Dave Fratello, dropped his anonymity (ok, my anonymity!), started a newspaper column, got a real estate sales license and…
