hill section

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It took a few months, but they've now sold 828 Highview, a favorable, large corner lot with potential views from the second floor of a new home. (Lot size: 8900 sq. ft. and change.)

The price for the lot: $5.400M.

And from there, you have to start spending to create a home to take full advantage.

The sale price here is quite a drop (-15%) from the start price of $6.350M, which everyone was told was "firm." Until it wasn't, apparently.

One of the comps for this lot would be 724 10th, a slightly bigger lot (10,500 sq. ft.) just a couple blocks north. That one had been a frequent traveler on the MLS in 2011-2013, with asking prices from $5.690M down to $4.895M. It finally sold off-market in March this year for $5.630M. (Looks like that 2011 start price

It's just what's in the air now, it seems.

With the closing Tuesday of the sale at 801 11th (4br/3ba, 3035 sq. ft.) at $1.930M, we see another sale at a big markup to a 2010 acquisition price.

2010 wasn't so long ago, folks.

But back then, late in the year (call it 3 1/2 years ago), someone grabbed the custom Mediterranean at 801 11th for $1.380M.

The resale now comes at a markup of $550K over that last market sale, a solid 40% above the same home's value in a different market.

Is the Manhattan Beach real estate market really up 40% in just 3-4 years? Well, the market for this home is.

And in last week's "To Have a Time Machine" post, we pointed to one resale that nabbed 28% more than a 2010 price, another seeking 36% more and a third that sold last

Yes, it's possible to overprice in a sellers' market. And it's possible to recover from that as well.

We're looking first at 319 S. Poinsettia (6br/6ba, 4830 sq. ft.), right down at the boundary with Hermosa Beach, which has just made a necessary 10% adjustment to the ambitious $4M start price that we first noted in "How Perspective Changes," late last month.

At four weeks in, it would appear they've had no action on this nice Cape Cod, and they diagnosed the reason. So, off came $400K from the asking price.

It's now at $3.599M, and touted as the "best value" in the Hill Section in the revised listing description.

This home surprised us in 2011 by selling at a notable markup over its 2004 (new) sale price. (See "A Big Markup Over '04.") The 2011 sale

With Easter right around the corner, it's time for one of our twice-monthly updates on the Manhattan Beach real estate market.

We do two updates a month, at mid-month and end of month. Data for these reports closed 4/15/14.

Here's the quick overview on active inventory (click here for the list as of 4/15):

  • 49 active listings as of 4/15/14 (-1 from 3/31/14, +16 from 3/1/14)
  • 44 SFRs (+1)
  • 5 THs (-2)

See the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 12 actives (-2 from 3/31/14)
  • Sand Section: 11 actives (+4)
  • Hill Section: 5 actives (-3)
  • East MB: 21 actives (flat)

We're also providing a report on pending and closed sales by region of MB.

Sales are organized by…