There are currently 27 blog entries related to this category.
Wednesday, November 13th, 2013 at 5:38pm. 274 Views, 0 Comments.
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…
Friday, November 8th, 2013 at 7:37am. 180 Views, 0 Comments.
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…
Wednesday, October 30th, 2013 at 7:59pm. 415 Views, 0 Comments.
We're starting to see quite a few homes bought and put up for resale within the year. It may not always be profiteering or a fix-and-flip situation, but quick resales are benefiting from the quick uptick in prices in MB.
Ordinarily, if you were to buy a property to remodel and resell, you'd need to get it close to, or under, market price, do the work and resell at such a price as to mark a solid profit. Indeed, some say the profit is all made in the acquisition price.
Then there's 309 18th St.
Not so long ago, this Spring, 309 18th drew multiple bidders, finding one who just cleared the field with a monster offer.
To wipe out the competition, the buyers paid $2.459M in March, against an asking price of $2.099M. That was an overbid of $360K (+17%).
Thursday, October 3rd, 2013 at 7:24am. 369 Views, 0 Comments.
Oh there are bidding wars, and overbids, and shocking sale prices.
And then there's the case of 1023 Dianthus.
This is a smallish 50s house on a lot that's very small for the Hill Section (3br/2ba, 1250 sq. ft., 4425 sq. ft. lot).
The location is sub-sub desirable. We won't call it an 'F' location, but you know, if there's going to be a grading scale, some properties have to be more at one end for some others to rate an 'A.'
Here Dianthus is a fairly busy street and the corner lot suffers for that. It's in sight of traffic from MBB, and during heavy traffic times, some will dive off MBB onto Dianthus rather than wait for the light at Sepulveda – boosting rush hour traffic on this block. It's also pretty darn far east.
The house itself – you'll see it…
Sunday, July 7th, 2013 at 8:04am. 519 Views, 0 Comments.
Way back when – well, early this Spring – right along Rosecrans, a new listing came out that pushed the ceiling.
610 Rosecrans (4br/4ba, 1800 sq. ft.) is a bold and very different kind of place for MB generally, and Rosecrans specifically.
We called it "an intense modern showpiece, a wide-open, airy space with high-end finishes and an L.A./Venice or Euro vibe."
And we poured it on thusly: "It is certainly the best house we've ever seen on Rosecrans, and threatens to redefine what's possible on that oft-forgotten stretch of street." (For more, see our full review.)
The start price: $1.399M.
Over $1.3M for Rosecrans?
Well, that had been accomplished exactly one time before.
That was at 640 Rosecrans, 25% bigger, though hardly as architecturally…
Monday, June 17th, 2013 at 3:30pm. 801 Views, 0 Comments.
There's something about being west of Highland.
Even if you're on Highland, apparently.
We say so because the newest closed sale to cause foreheads around MB to be slapped is going to be 232 30th Place (3br/3ba, 1375 sq. ft., on a half lot).
They didn't pitch this little former duplex as a dream house back in early May when they put it on the market. No, it was the "[b]est value in the sand section."
Maybe at $1.250M, the start price.
But then came the bum rush. Multiple offers again. "Must have" echoing among the masses gathered to spend, spend, spend.
Closed sale price: $1.361M, or +$111K (+9%) over asking.
Of course the buyer paid all cash. Doesn't everyone?
As we noted in our review around Mothers' Day:
[It] feels like a ... duplex with its
Wednesday, June 12th, 2013 at 9:11am. 449 Views, 0 Comments.
There was a time, and we swear it was in recent memory, when $1.3M could get you a decent house west of Sepulveda.
Now that's the price of a cottage in an off location, or a smallish fixer.
1404 Elm (3br/2ba, 1200 sq. ft.) is the one raising our eyebrows right now.
This is a small home that's not been so well-maintained, doesn't have much curb appeal (yet) and can only be called a fixer with potential.
But for that, they got $1.359M, with several offers pushing the price above the $1.279M start.
We had clients considering it, but never wrote an offer. We could see the appeal. And we knew of the dearth of alternatives near this price point. It was just hard to get over the hump and push into the 1.3s for such a small place.
Friday, June 7th, 2013 at 6:53am. 434 Views, 0 Comments.
Please permit us a boast post.
With Thursday's closed sale at 700 27th, Dave has now sold 3 listings in the first half of 2013 over their starting prices.
The story on this one, a stunning corner-lot modern (4br/4ba, 3420 sq. ft.), began back in March, when 27th came out at $2.250M.
There were multiple offers, and some very impressive numbers, on the first round. But the first buyer and backup buyers did not perform. The listing came back to market, at a higher price ($2.450M).
Thursday the final sale posted: $2.300M, or $50K above the original start price. (Or below the increased price, however you want to view it.) Going back now to that very first market analysis we did for 700 27th, and all the factors that went into setting $2.250M as the start,…
Wednesday, May 22nd, 2013 at 4:38pm. 649 Views, 0 Comments.
The recent sale of 1804 Agnes serves as a reminder that finding a lot for a custom build is getting costlier by the day.
You can definitely say this flat lot at Agnes on a sleepy street boasts a prime location.
However, the 4780 sq. ft. lot size is average, and the backyard exposure will be to the east – less sunny in the afternoon – so we're not looking at pluses on every front.
So the sale price, after multiple bids, at $1.700M, is a wake-up call.
Wasn't it just last year that 1805 John shocked onlookers (and the 19 losing bidders) with a sale at $1.352M?
But that lot was a tad bigger (5065 sq. ft.) and with western exposure on the back. About the only major liability of the lot was (is) the giant eucalyptus in the front yard, which apparently the…
Monday, May 20th, 2013 at 1:01pm. 521 Views, 0 Comments.
Ready for another shocking overbid? Or maybe we don't get "shocked" anymore?
725 12th (3br/2ba, 1325 sq. ft.) is a nearly perfect little beach cottage inside, in a location that affords a quick walk to downtown, church and elementary school.
We said in our review:
It's a great example of the most you can do to a little 1950s cottage. Wide open, high ceilings in the great room, a modern kitchen – with marble, not granite – and attractive baths.
Those "must have" qualities sparked a bidding war when the home came out in April at $1.399M. Multiple multiples again.
What would happen?
First, look back. The same property had traded in very nice condition in 2008 at $1.187M, after a start at $1.400 and 100+ DOM.
But that was 5 years and a different…