Post-Holiday Catch-Up

Posted by Dave Fratello on Tuesday, November 27th, 2012 at 2:27pm.

We just know you don't want to talk turkey or college football, so let's look at the post-Thanksgiving happenings in Manhattan Beach real estate.

614 MBB (3br/3ba, 1600 sq. ft.) has just sold for $1.050m, a trifle less than the $1.052m paid in June for 604 MBB (3br/3ba, 1725 sq. ft.).

You could see those figures pass by quickly without noticing, but we did notice. Here's why.

The newly sold unit, 614, is superior. It's the last unit in back, enjoying ocean views and no noise. The June sale was on the front unit, very, very much affected by noise from MBB and with no real view to speak of.

So where's the quiet/view premium for 614 MBB?

When the units sold new in 2002, there was a $70k difference for the back unit – a 10% increase over the street-noisy unit.

This year, they listed it at the oddly precise price of $1.137m, asking an 8% bump for the back unit.

But in the end, no bump. They sold for $2k less in back.

We can infer that part of the story here was the astoundingly quick, all-cash deal. 614 MBB listed in mid-October, cut once in early November and posted a deal Nov. 13. It closed not fully 2 weeks later – and that, folks, is hard to do. Two weeks!

For that quick close, it looks like cash got a bargain.

In this case, an ocean-view TH close to town for $1.050m. (But they still have to deal with that confiscatory $280/mo HOA.)

Over at 1212 23rd St. (3br/2ba, 1525 sq. ft.) in East MB, you always knew they'd find a buyer quickly with a come-on price of $889k. And they did.

It's an interesting, older house in a sweet location, with decent footprint, a little outdoor space and bonus room off the garage (with bath!).

The home really wants help – moving around some walls, updating a lot of things, replanting the yard, and so on. (No flippers, please!)

If they'd asked $1m+ it may have been harder to fathom how you could reasonably convert this one to a better home with a better layout, but near the $900k mark – if it ends there – you can see potential.

Back to market now is 625 13th (3br/3ba, 2025 sq. ft.), a little SFR which we've called "a very pleasant surprise in the Martyrs neighborhood," while also noting that "it clearly won't work for the typical family." That's partly due to the bed/bath arrangement – one "master" upstairs must allow its bath to be used by the principal living spaces upstairs. (For more see our Sept. 2011 review.)

The 1970s original was radically and sharply remade in 2002 with a clean, slick, modern style. Though the property has been a rental for some time, it's still very sharp. (Well, it was last year when offered for sale.)

So who wants to live a stone's throw from downtown, the beach, in a comfy, updated place?

That's the question they're posing now at this odd time of year at 625 13th. And will someone pay $1.599m for the privilege?

Last year, in between tenants, this one was offered at $1.499m – the Sept. 2008 acquisition price – and didn't sell. Somewhat recently we inquired on behalf of a client and were told it would not be offered for sale. Yet here it is, albeit with this odd timing. 
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