East MB

Please permit us a boast post.

With Thursday's closed sale at 700 27th, Dave has now sold 3 listings in the first half of 2013 over their starting prices.

The story on this one, a stunning corner-lot modern (4br/4ba, 3420 sq. ft.), began back in March, when 27th came out at $2.250M.

There were multiple offers, and some very impressive numbers, on the first round. But the first buyer and backup buyers did not perform. The listing came back to market, at a higher price ($2.450M).

Thursday the final sale posted: $2.300M, or $50K above the original start price. (Or below the increased price, however you want to view it.) Going back now to that very first market analysis we did for 700 27th, and all the factors that went into setting $2.250M as the

Since our redesign here at MBC, we've been publishing spreadsheets of our market updates. But this time, we wanted to try one of our update posts like from the olden days, with a discussion of market action during this period, broken down by section of MB. It takes a little longer to produce these "Comings & Goings" reports, but here's hoping you enjoy.

First, here's the quick overview on active inventory:

• 38 active listings as of 4/30/13 (+3 from mid-month)
• 34 SFRs (+5 from mid-month)
• 4 THs (-2)

Active listings by region of Manhattan Beach:

• Tree Section: 8 actives
• Sand Section: 16 actives
• Hill Section: 0 actives (nothing, truly nothing)
• East MB: 14 actives

You can see the complete report on active listings, with

We've recently seen 2 homes that are severely dated, nearly un-fixable, with the upside mostly on development, not a remodel.

Not that we dare to rule out remodels every time – smart and creative people do wonders.

But 418 Chabela in East MB (pictured) and 1026 Pacific in the Hill Section share something in common: They're old, cluttered wrecks that invite require buyers to see past everything around them and imagine something different.

Chabela is the most curious case, perhaps. First, we have to say where it is. This is in the "Poets Section" of East MB, just east of Sepulveda and pretty far south for MB. (Hermosa is on the other side of Sepulveda.)

Nearly this whole area was originally developed in the 1950s/60s as flat, one-story

Plans change. You buy a house, something changes, you gotta get out again.

Sometimes quickly.

This is a scenario that could have cost sellers a lot of money over the past few years.

Indeed, we remember a Hill Section example of this that was brutal. In June 2010, someone said "must have" to a Craftsman at 861 10th St., paying $2.635M for the privilege.

Just 5 weeks after closing, it was right back up for sale – but the resale took forever (16 months) and lost a bundle when the price dropped well under $2.3M.

The final damage: -$366K (-14%). (For more, see "Hey, Didn't They Just Buy That? – Part 2," from Nov. 2011.) And that's just the market price; the sellers also had to pay roughly 5% costs of sale.

But more recently, we saw someone

So many new listings, but still many new sales.

Inventory dropped from late March through mid-month.

Here's the quick overview on active inventory:

• 35 active listings as of 4/15/13
• 29 SFRs
• 6 THs

This is a drop in inventory by 7 homes from the end of March. New listings are simply being absorbed.

(Update: Inventory is at 41 total as of Friday morning.)

Active listings by region of Manhattan Beach:

• Tree Section: 8 actives
• Sand Section: 13 actives
• Hill Section: 1 actives
• East MB: 10 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 4/15/13."

It's worth noting that Sand Section listings dropped the most,

The story is one we keep writing over and over: Houses that couldn't sell before, have sold recently.

Does it always happen, though?

How about one of the most difficult listings from 2012? How will it fare now that it's back?

And how about its new price increase? Will that stand up?

We're talking here about 1701 Gates Ave. in East MB.

The listing fairly dares this market to prove that everything really is different in 2013. Approaching one year since it debuted, the listing has now increased in price by 13%.

In May 2012, 1701 Gates (4br/3ba, 3390 sq. ft.) launched at $1.598M.

No action through Summer. It went on "hold" in August.

In October, 1701 Gates returned $100K lighter at $1.498M.

The listing ran another 5 months like

The Manhattan Beach real estate market remains active. Spring has sprung in a big way.

Turns out that April Fool's day "moratorium" proposal was a nonstarter. (You did know it was April Fool's, right? Like our past posts about Obama regulating house prices and Robert Shiller leaving "fusty" and "damn cold" Yale for USC and a nice MB walkstreet, among others.)

Back to business, though. It's time our twice-monthly Manhattan Beach market updates.

Here's the quick overview on active inventory:

• 42 active listings as of 3/15/13
• 38 SFRs
• 4 THs

This is a drop in inventory by 4 homes total, very surprising to see given that we saw 29 new listings post just between March 16-31. New listings are simply being absorbed, and quickly.

Active

It's a theme we keep checking in on, because the results are so interesting: What couldn't sell before, does sell now.

And in two very recent cases, listings that ran quite a while in 2012 sold quickly in 2013 with $200K overbids.

In fact, the stories of these two recent sales have almost everything in common.

1125 3rd (4br/4ba, 3900 sq. ft.) is a newer (2005), custom-built home built on a steep hillside. In our review in February, we summarized: "Suffice to say it's an unusual home, but that they've done a lot to try to echo a conventional home despite the quirks – like countless stairs inside and out that move you into the home, around the home, and among the various tiers of outdoor spaces."

This home was offered on and off over nearly 7 months

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

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