We're a bit overdue to publish our market update from the end of February, but don't worry, we're here to make it interesting.
We'll take a quick look at the 15 homes that were publicly listed and sold last month, grouped by whether they got more (3), or less (12), than asking price.
Above Asking
The clear winner among over-asking sales was 2523 N. Valley (4br/5ba, 2801 sqft.), a unique, custom build with a Spanish pedigree that came out at $2.999M and quickly sold for $3.429M (+$430K / +14%). A special property sometimes sees this happen.
416 23rd (4br/4ba, 2853 sqft.) was a bit of a surprise among overbids.
The oversized townhome was listed previously, in three separate listings between July and December 2023, ending at $3.345M.
When it came back this year, with a new agent and freshly repainted kitchen cabinets, it was asking $3.499M, but it got $3.600M (+$101K).
Assuming that painting the cabinets white cost less than the $255K difference between last year's asking price and this year's sale, that was a heck of a deal for the sellers to make that improvement.
Sometimes renovations like that pay off better than expected, but in this case, wow!
616 Marine Ave. (lot sale) was asking $2.199M and got $2.220M (+$21K).
Wait, that's our last over-asking? Shucks.
Under Asking Price
477 30th (4br/2ba, 1791 sqft.) offers a decently sized, older home at the end of a cul-de-sac, but with a huge bonus: A whole extra plot of city-owned land that is permitted to be used as a private yard.
Asking $4.095M, it closed for $3.866M (-$229K).
1425 15th (3br/3ba, 2122 sqft.) is a new construction condo that sought $2.200M, but got $1.950M (-$250K).
129 8th (5br/4ba, 3351 sqft.) is a walkstreet modern remodel, asking $7.350M, got $6.500M (-$850K / -12%).
1215 Fisher (5br/6ba, 5400 sqft.) is a 2019 build that now sells for the third time in 5 years. Asking $7.999M , it got $7.550M (-$449K).
917 Pacific (5br/4ba, 4200 sqft.) is a 1980s remodel in the Hill Section. Once asking as much as $5.250M in a past listing, it began at $4.200M this time and closed for $4.050M.
19 Malaga Place (2br/2ba, 1449 sqft.) is an upgraded 2br Plan 5 townhome, asking $1.725M and got $1.650M (-$75K).
13 Malaga Place (3br/3ba, 2045 sqft.) is an upgraded, sought-after Plan 8 (primary bedroom downstairs) that sought $1.950M but got $1.905M (-$45K).
845 11th St. (6br/5ba, 4315 sqft., 9938 sqft. lot) is effectively a double lot in the Hill Section.
The custom 1980s contemporary home on site today doesn't have a lot of what today's buyers want, and we hear that it will come down after the new owners get some use out of the current structure and work up their plans to build new.
The property first debuted quite high at $7.000M in March 2022, slipping only gradually over 400 DOM to $5.750M, before quitting.
A new agent took over in May 2023, pricing it at $5.700M, and it eventually closed this year at $5.500M (-$200K).
If you happen to see another example of a double-lot home on 11th St. or a similar non-view location on the city side, it's valuable to know that the land value is $5.500M, or a standard lot's value for the area may be around $2.750M.
760 Rosecrans (2br/2ba, 1050 sqft.) is an upgraded little cottage. Asking $1.799M, it got close at $1.775M.
1521 Curtis (5br/5ba, 3902 sqft.) is a Mira Costa area 1970s house with some recent upgrades in, erm, the owner's own style. Asking $3.250M it got $3.150M (-$100K).
710 MB Blvd. (3br/3ba, 1676 sqft.) is a townhome near downtown with views and off of MB Blvd. proper. Asking $2.299M, they got $2.250M (-$49K).
1117 Pacific Ave. #7 (2br/2ba, 881 sqft.) is a condo also near town, asking $1.099M it got $1.025M (-$74K).
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Here's the rest of our local real estate market update report for the period ending 2/29/24:
> 64 active listings as of 2/29/24 (-1 from 2/15/24)
> 47 SFRs (+1)
> 17 THs (-2)
See the Inventory list as of 2/29/24 here, or see the MB Dashboard for up-to-the-minute data.
Active listings by region of Manhattan Beach in this report:
> Tree Section: 10 actives (-1)
> Sand Section: 32 actives (-1)
> Hill Section: 6 actives (Flat)
> East MB: 16 actives (+1)
We're also providing a report on closed sales by region of MB.
Sales data, including PPSF for all properties, are organized by sub-region of Manhattan Beach.
Here's a link to the spreadsheet: "MB Pending/Sold as of 2/29/24".
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
