East MB

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If you think back to early 2012, it wasn't so long ago, really.

But that was probably the beginning of the current rally in Manhattan Beach real estate, with prices now riding a "rocket to the moon," as we said in a recent post. (See "MB Median Prices Tilt Way Up.") Today, the world looks quite a bit different.

One of the first homes to sell in our real estate "Spring" that year (our Spring market begins around Feb. 1) was 1305 8th (6br/4ba, 4100 sq. ft.).

It listed for $1.725M, and we recall thinking something like "nice place, cosmetic fixer, but is that kind of rich?" It sold almost immediately for only a little less: $1.710M.

That sale seems now to have been one of the first signs of the market to come: Solidifying, more confident, with prices…

The lowest-priced house in MB has just sold, and it might lead to a pause-and-reflect type of moment.

The home in question is 1658 11th, a little 2br on a half lot on a corner that we can fairly call busy.

So what was that rock-bottom price for the little darling? $872,340. That's the lowest number for a single-family this year.

In 2013, there were 6 sales lower than that, headlined by one that almost looks like a misprint: a half-lot fixer nearby at 919 Herrin at $605K. A 6 in front!

But what can you get for that kind of money outside of MB?

Golly, just head across Artesia from Mira Costa in the Golden Hills neighborhood of Redondo, and you can have your pick of full-size homes (tall-and-skinny, sure, but full-size). As just one example, Dave sold

What looked like a trend in formation six weeks ago now seems confirmed: Manhattan Village will likely see more sales this year than in any year in the past decade.

The 2005 sales total of 37 could even be approached or exceeded. Give it time.

Right now we see a total of 13 closed sales, 5 pending and 11 active listings. Shortly, Dave will post a new Village listing, also. This will put the total of inventory, pendings and sales at 30 for the year. (Update: That listing is 26 Dover Place and is up now.)

If all of those sell within 2014, the total will exceed 2012's by a bit.

We first spotted this trend back in late May and discussed it in "Banner Year for the Village?"

As we noted then, the highest totals of sales in recent years were:

  • 2000: 49

No one buys a house to live in it for a year. Or for 11 months.

And if circumstances require a quick resale shortly after you've unpacked, expect to lose some money. Transaction costs can be killer.

Unless you're lucky, and it's 2014.

That's the happy ending at 1560 10th St. (4br/3ba, 2400 sq. ft.), a dollhouse of a remodel on a half lot in East MB.

This one emerged first last year, back in June 2013, asking $1.389M.

That was just a little high, and it closed in early August for $1.349M.

By April this year, it was back (call it 8 months later), asking $1.479M. 

They made a quick deal, but it flopped and the property dropped off the MLS a while before popping back up. A new deal posted in late May.

Just before July 4, they closed for that asking…