About 3 years ago, the buyers' market in Manhattan Beach was winding down. A firmer, more optimistic market was taking shape. It would gradually become the current rally, or whatever you want to call today's rapidly rising market.
In June 2011, we were accustomed to seeing homes trade around their 2004 values. And yet, 319 S. Poinsettia in the Hill Section sold then for a notable markup over its 2004 sale price. That got MBC's attention at the time. (See "A Big Markup Over '04.")
The 2004 sale of the home, when new, was at $2.137M. The resale in a (supposed) buyers' market was for $2.495M, the list price, which had seemed ambitious at the time.
A 17% bump over an '04 price back then was an outlier.
Now the home is back up at $3.999M (can we call it