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Come for the Views, Stay for the Braii
Monday, May 13th, 2013 at 11:59am. 191 Views, 0 Comments.
They've just closed an above-asking deal at 2417 Crest (3br/4ba, 2300 sq. ft.), a rear-unit TH with great ocean views.
This is a bigger-than-standard TH at 2300 sq. ft., and they sought a bigger-than-standard $1,090/PSF when they first put a sticker on the home.
But those views, and the distinctive stlying, brought many suitors. And when that happens, prices jump.
In this case, from $2.499M to $2.575M, with an enhanced PPSF of $1,123/PSF.
This home, a 2002 build, got a thorough re-do with panache in 2009, and it's got several signature elements that stick with you.
Two unique features jump out: The long (14' long) built-in, modern dining table stretching from the kitchen – a bold statement that defines the home as an entertaining space.
One Year, Then Out – At a Profit?
Friday, April 26th, 2013 at 6:56pm. 192 Views, 0 Comments.
Plans change. You buy a house, something changes, you gotta get out again.
Sometimes quickly.
This is a scenario that could have cost sellers a lot of money over the past few years.
Indeed, we remember a Hill Section example of this that was brutal. In June 2010, someone said "must have" to a Craftsman at 861 10th St., paying $2.635M for the privilege.
Just 5 weeks after closing, it was right back up for sale – but the resale took forever (16 months) and lost a bundle when the price dropped well under $2.3M.
The final damage: -$366K (-14%). (For more, see "Hey, Didn't They Just Buy That? – Part 2," from Nov. 2011.) And that's just the market price; the sellers also had to pay roughly 5% costs of sale.
But more recently, we saw someone
…Can You Get Bubble Prices Today?
Thursday, April 4th, 2013 at 2:15pm. 591 Views, 0 Comments.
The last great housing bubble inflated in Manhattan Beach in the early part of the last decade.
Roughly speaking, things got interesting in 2002-03, eye-opening in 2004, head-smacking in 2005 and bonkers in 2006-07, before things got wobbly and we saw some deflation.
Now that the market is rebounding, and occasionally shocking observers, the question becomes: Can you now get a bubble-era price on resale in 2013?
There's more evidence emerging that the answer is "yes."
Here are some recent sales (including new escrows) on properties with a prior trade in an earlier 2000s bubble year.
721 36th (5br/5ba, 3450 sq. ft.) is a smartly built, spacious Cape Cod that was new just a few years back – perhaps defining the tail end of the last building
Bubble-Era Prices?
Tuesday, March 12th, 2013 at 7:46am. 524 Views, 0 Comments.
Anecdotes don't make for good analysis, but...
Observation from a Northern California agent we spoke with Monday: "This isn't bubble pricing. It's worse than the bubble years. Our inventory is too low. Everything gets bid up crazily."
That's a different market the agent was speaking of, but it rhymes with what we see in MB these days.
So in this market, people can shoot for the moon, and sometimes hit it.
Look at one of the newest listings/pending deals in MB: 3312 Manhattan Ave., a detached townhome with 4br/3ba, 2000 sq. ft. (2000 build with views.)
This one tried to get $2.390M for a small stretch of Spring 2006, but didn't succeed.
Now, it's in escrow in an off-market deal that has posted at $2.399M (pending), suggesting that it may
…Such a Deal in '09
Thursday, November 1st, 2012 at 8:27pm. 191 Views, 0 Comments.
That's 1126 Laurel, the near-twin of a TH that was on the market earlier this year in this unique duplex just off of MBB.You'll see 1126 Laurel up now at $1.399m, a price that would seem downright cheap in lots of places in the Sand Section for a 4br/3ba, 2300 sq. ft. newer TH. (This one's technically in the Tree Section, just north of MBB and near downtown.)
Heck, just go down the hill from this TH to the busy, busy corner of MBB and Ardmore, and you can find a smaller (1800 sq. ft.) 3br TH that just sold for much more: $1.485m (1118 N. Ardmore).
But price is relative in all kinds of ways – including relative to acquisition.
This TH at 1126 Laurel was picked up in the doldrums of July…
The 90s: What a Drag
Tuesday, May 13th, 2008 at 11:49pm. 115 Views, 0 Comments.
The last big housing slump was in the mid-1990s. Everyone took a hit, but how bad was it in MB?Data from Dataquick, compiled by MBC, paint the picture.
Our graph here (click to enlarge further) shows the change in median home prices in Manhattan Beach throughout the 1990s. The two separate series here come from the same data, although one series (the top two lines, in blue and red) is adjusted for inflation, showing values in 2007 dollars. The bottom series (green and orange) uses the values reported from each year without any adjustment.
Let's start with that bottom series, since adjusted figures can be confusing. Here, the green, bouncy line shows the median price of all homes (SFRs, THs and condos) sold in a given month. The orange line shows the 12-month…
