Long Time, No Deal... Oh, a Deal!

Posted by Dave Fratello on Thursday, August 23rd, 2012 at 2:19pm.

It's August, and while you don't expect much new inventory, we are seeing a little trickle.

Demand still outpaces supply, though. Some of the new stuff gets grabbed right away, but what's really interesting is how the old, old, creaky listings with the high DOM counts are selling now, too.

If you follow our new-ish MB Property Ticker, you've seen some recent deals post at 3207 Crest (a TH with 200 DOM) and 1027 Boundary Place (a quirky Hill Section SFR over 5 months on market).

There are also recent deals at listings with the longest market exposure in all of Manhattan Beach:

Patch of scrubland at 117 Meadows
117 Meadows is a 100 x 200 lot (that's 20k sq. ft. of dirt) that sports an astonishing 1483 combined days on market (CDOM).

What does that mean? It means the listing began in July 2008.

The kids were much smaller then. W was president. There was still such a thing as "Lehman Brothers."

The lot sale launched at $3.250m, dropped over (glacial) time to $2.5m, and made a deal last week. Just in case, though, they are looking for "backup" offers.

225 Marine Ave.
225 Marine Ave. (3br/3ba, 1850 sq. ft.), 229 Marine Ave., 224 Marine Place and 228 Marine Place.

As the addresses suggest, these are a series of 4 jointly developed THs (2006 build date). There's even a bonus commercial (restaurant) development right there at Highland. (Newly in its 3rd or 4th iteration.) The units are all the same size.

None had previously sold (they appear to have been rentals), but they'd been on the market together since Sept. 2011.

Most had 330 or so DOM before what looks like a "package deal." All went into escrow Aug. 18; half were priced at $1.350m, half at $1.499m.

Well, they didn't hit a full year on market (YOM?).

808 The Strand (up on top)
808 The Strand (3br/3ba, 2875 sq. ft.), a 3rd-floor "penthouse" condo, emerged in October 2011 at $4.9m to general – if polite – derision. They were chasing a major chunk of change for a dated unit.

The price came down, gradually, to $3.695m. That'd be a self-adjustment of 25% before a buyer knocked a few weeks ago. This one exceeded 300 DOM.

The listing still claims, implausibly, that the condo is, "Now offered below land value!"

Below land value? Maybe so, but what about the other owners in the same building?


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