East MB

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A weird thing to see in a rising market is the phenomenon of short-term holds that are profitable upon resale.

We already noted last month that the midsized house on a half lot at 1560 10th got 10% more than the 2013 price in a resale that closed just 11 months after acquisition. (See this post.)

But that resale, at $1.479M, was practically a lower-tier sale.

Now comes the corner-lot Tuscan at 1603 5th (5br/5ba, 4700 sq. ft.) at pretty much the highest tier for a conventional home in East MB, with a new sale at $2.850M.

Scratching at 3 already?

Why, just last year, in April 2013, the same home sold for $2.575M.

So they didn't really need to worry about whatever led to such a quick exit. (We're not prying.) Ordinarily, you'd think any profit upon…

It's not possible to call this a trend, but we have noticed that several escrows have flopped recently in MB.

Let's put this first: Every real estate deal, no matter how clean it seems, includes the seeds of its own destruction. Sometimes, it's a wonder that a sale closes.

The most recent escrows in MB to fail and see a property come back to market were:

537 5th (4br/3ba, 2750 sq. ft.), a South End walkstreet home, and what could be better? That's what everyone wants. There's a bidding war going on just up the same street for mere dirt (off-market).

Sure, this house at 537 is an unusual 3-level remodel with, officially, a strikingly small lot (2019 sq. ft. instead of the standard 2700), but everyone who sees it can appreciate the pros and cons of the…

It's another rite of passage for Manhattan Beach.

As our little town gains recognition for destination restaurants and luxury real estate, now folks are looking to MB for architectural inspiration.

Each year, Sunset magazine helps to develop an "idea house." This year, it's a big East MB project at 111 S. Meadows.

Starting this weekend, and running through Sept. 7, you can visit any Friday, Saturday or Sunday. Tickets are $18 each, and can be purchased online here or at the door during the open hours between 10AM-5PM.

They're calling this one the "ultimate modern beach home," playing up beach themes without "the typical Cape Cod motif of seashells or anchors," according to one designer. (Would it be rude to note that this "beach home" is east of…

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…