overbids

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You have to be careful not to be continuously shocked, or your systems may burn out. You may become numb to news that really is big.

We're conscious of all that, and kinda hate to ring the "shocker" bell too often in this rising market. But we have occasion again today with the sale at 768 26th in the Tree Section at $1.900M.

The most ridiculous way to analyze this one would be by price per square foot. Because on this 3br/2ba, 1443 sq. ft. cottage, the PPSF wound up at $1,317/PSF.

Check that. You'll typically see those kinds skewed figures only when looking at a land sale – a small house contributes almost nothing to the value that someone places on the plot, so the math gets screwy. Recent examples in the Trees are 750 30th ($1.515M, $1,308/PSF), 636

It did not take very long for this year's market to give us a new shocker.

1417 Pine (4br/3ba, 2350 sq. ft.) is a unique remodel of a 1940s original with a great sense of style. It's a darling place that triggers feelings – call it "an emotional house," as one of our colleagues sometimes does.

This home launched at $1.850M, but didn't make it to the first open house.

This one came out before the Super Bowl, at a time of epic low inventory, and then, added to the stew, there's cheap money and the sense of a rising market and the emotional "must have" quality of this house and... whew, it was off to the races.

The winner of the bidding war paid more than $300K over list: $2.162M.

It's all the more amazing when you consider the limitations of the home:

Dave's been working on an offer for what seems the umpteenth bidding war of 2013, and a novel concept crossed our desks here.

In the news now is a possible change to the bidding process for Japanese professional league baseball players who wish to come to the USA and play for the MLB.

Wait, what's the connection to Manhattan Beach real estate?

It's this: US baseball teams are upset about the "blind" bidding process used to get access to top Japanese players. Right now, the way US teams get the "right" to negotiate with Japanese players is by paying a hefty fee to the Japanese team that a given player is locked up with.

The US teams must submit blind, sealed bids – typically multiple millions of dollars – as to how much they're willing to pay the Japanese…

On occasion of Dave's new listing in late September, MBC ran a "Sub-$1M Update," basically noting how homes under $1M were scarce, and becoming even more so, in Manhattan Beach.

The listing, 3017 Elm (2br/2ba, 960 sq. ft.) came out at $925K.

But the sale will settle today quite a bit above that list price, and well above $1M, at $1.050M.

It's Dave's 5th listing this year to sell over the starting price – the 4th in MB. (That 5th sale, 1642 Steinhart in the Golden Hills area of North Redondo, was sold for clients who were moving into MB.)

And the $1.050M sale further pushes into the rearview mirror the very idea of MB homes selling for under $1M.

Remember Dave was quoted on the front page of the LA Times early this year, saying of MB, "The days of little