There are currently 23 blog entries related to this category.
Wednesday, November 13th, 2013 at 5:38pm. 262 Views, 0 Comments.
Dave's been working on an offer for what seems the umpteenth bidding war of 2013, and a novel concept crossed our desks here.
In the news now is a possible change to the bidding process for Japanese professional league baseball players who wish to come to the USA and play for the MLB.
Wait, what's the connection to Manhattan Beach real estate?
It's this: US baseball teams are upset about the "blind" bidding process used to get access to top Japanese players. Right now, the way US teams get the "right" to negotiate with Japanese players is by paying a hefty fee to the Japanese team that a given player is locked up with.
The US teams must submit blind, sealed bids – typically multiple millions of dollars – as to how much they're willing to pay the…
Monday, August 5th, 2013 at 1:42pm. 339 Views, 0 Comments.
This can't be a real shock, because we already knew 2200 John (4br/4ba, 3800 sq. ft.) was going far over asking price.
Its start price of $2.499M was, at best, a mirage, and at worst, a waste of lots of people's time.
They drew their multiple offers, and up went the number.
Now the sale has closed at $2.875M.
That's definitely in the range we had projected at the outset, in advising clients who took a fancy to the home – including a party who did jump in.
That $2.875M was almost the very highest we could imagine for the home. But not quite "crazy."
As we noted in a prior post, the recent comps include two Cape Cods within a couple of blocks, which are a little bit more in demand style-wise than this custom Craftsman-style home with a 1994 build…
Tuesday, July 23rd, 2013 at 7:30am. 416 Views, 0 Comments.
Two recent sales in the Sand Section teen streets came from very different places, but wound up at the same number: $4.2M.
One was 128 20th (5br/5ba, 4600 sq. ft.), a big structure way down there by the water. It's got this gaping problem: An early-90s style that is so terribly custom that almost no one could readily see what to do with it.
The home is surprisingly dark inside, with lots of walls breaking up the flow, and there's that heavy, heavy use of brick in the construction. That's the starting point to describe what made it difficult.
As we noted in "Tough 20th St. Listings Sell," this one ran a long time in 2010-2011, racking up an incredible 560 DOM in a failed listing. The price back then at launch was $4.450M, and the last time we saw it make…
Sunday, July 7th, 2013 at 8:04am. 506 Views, 0 Comments.
Way back when – well, early this Spring – right along Rosecrans, a new listing came out that pushed the ceiling.
610 Rosecrans (4br/4ba, 1800 sq. ft.) is a bold and very different kind of place for MB generally, and Rosecrans specifically.
We called it "an intense modern showpiece, a wide-open, airy space with high-end finishes and an L.A./Venice or Euro vibe."
And we poured it on thusly: "It is certainly the best house we've ever seen on Rosecrans, and threatens to redefine what's possible on that oft-forgotten stretch of street." (For more, see our full review.)
The start price: $1.399M.
Over $1.3M for Rosecrans?
Well, that had been accomplished exactly one time before.
That was at 640 Rosecrans, 25% bigger, though hardly as architecturally…
Monday, June 24th, 2013 at 12:16pm. 484 Views, 0 Comments.
For several weeks we've heard a hopeful buzz going out among agents and other market observers.
The rub is something like this: After a crazy Spring, we've peaked, inventory is going to grow now and the shocking upward pace of price increases will flatten out. When buyers have more choices, you will see fewer bidding wars. You can already see this calming in the $2.5M+ segment of the market.
We listen patiently. We believe that many who promote this line of thinking are wise, and that the statements are based on how cycles have run historically.
On behalf of our buyer clients, we're hopeful. We'd love to see that world come together, where things are a little less crazy.
But to work in Manhattan Beach real estate now is to see something entirely…
Thursday, June 20th, 2013 at 7:27am. 434 Views, 0 Comments.
It seems they just can't price homes on John St. in the Tree Section right. Listings keep getting bid up.
To be clear, when 2200 John (4br/4ba, 3800 sq. ft.) was first listed at $2.499M, we knew at once that it was below market value – and that was for weeks before we got to tour.
Over the past 10 days or so, buyers and agents have been allowed to walk through, and offers were reviewed early this week. (The property is now pending.)
After we saw 2200 John, we knew for sure that it was headed up into the stratosphere – a place beyond the reach, even, of buyers well-qualified at $2.5M.
Now at this early stage of the new escrow, the listing agent has taken the unusual step of changing the list price to the (presumed) winning bid price: $2.849M while…
Monday, June 17th, 2013 at 3:30pm. 792 Views, 0 Comments.
There's something about being west of Highland.
Even if you're on Highland, apparently.
We say so because the newest closed sale to cause foreheads around MB to be slapped is going to be 232 30th Place (3br/3ba, 1375 sq. ft., on a half lot).
They didn't pitch this little former duplex as a dream house back in early May when they put it on the market. No, it was the "[b]est value in the sand section."
Maybe at $1.250M, the start price.
But then came the bum rush. Multiple offers again. "Must have" echoing among the masses gathered to spend, spend, spend.
Closed sale price: $1.361M, or +$111K (+9%) over asking.
Of course the buyer paid all cash. Doesn't everyone?
As we noted in our review around Mothers' Day:
[It] feels like a ... duplex with its
Monday, May 20th, 2013 at 1:01pm. 514 Views, 0 Comments.
Ready for another shocking overbid? Or maybe we don't get "shocked" anymore?
725 12th (3br/2ba, 1325 sq. ft.) is a nearly perfect little beach cottage inside, in a location that affords a quick walk to downtown, church and elementary school.
We said in our review:
It's a great example of the most you can do to a little 1950s cottage. Wide open, high ceilings in the great room, a modern kitchen – with marble, not granite – and attractive baths.
Those "must have" qualities sparked a bidding war when the home came out in April at $1.399M. Multiple multiples again.
What would happen?
First, look back. The same property had traded in very nice condition in 2008 at $1.187M, after a start at $1.400 and 100+ DOM.
But that was 5 years and a different…
Thursday, May 16th, 2013 at 11:35am. 927 Views, 0 Comments.
It was almost 2 months ago that one of the more amazing Spring bidding wars broke out.
That was at 1312 Walnut (3br/3ba, 2100 sq. ft.) a remodeled (and added-onto) 1950s cottage in a nice location on a corner near the elementary school.
This one launched at $1.599M, which seemed clearly to be pushing the limit for the property.
After multiple-multiple bidders came in, it went 10% higher.
The newly closed sale price: $1.760M.
We had said shortly after the deal posted: "[T]he sale price here will simply shock you when it closes. Imagine what's the most you'd think it could go for. Then add. Then a little more. Wow."
We can still say that pretty comfortably about $1.760M, but word is they had an even higher bid in place at one time. (All over…
Monday, May 13th, 2013 at 11:59am. 495 Views, 0 Comments.
They've just closed an above-asking deal at 2417 Crest (3br/4ba, 2300 sq. ft.), a rear-unit TH with great ocean views.
This is a bigger-than-standard TH at 2300 sq. ft., and they sought a bigger-than-standard $1,090/PSF when they first put a sticker on the home.
But those views, and the distinctive stlying, brought many suitors. And when that happens, prices jump.
In this case, from $2.499M to $2.575M, with an enhanced PPSF of $1,123/PSF.
This home, a 2002 build, got a thorough re-do with panache in 2009, and it's got several signature elements that stick with you.
Two unique features jump out: The long (14' long) built-in, modern dining table stretching from the kitchen – a bold statement that defines the home as an entertaining space.