There are currently 137 blog entries related to this category.
Tuesday, December 3rd, 2013 at 8:32am. 298 Views, 0 Comments.
Along with the rule that fewer listings come out over the holidays comes a corollary: The properties that remain on the market probably mean to sell.
For this reason, the holiday season can be a heck of shopping season for real estate. Fewer buyers, more motivated sellers. What a rare alignment. Especially here in 2013.
You start to see this shift in the market with public price cuts. A new chop Tuesday morning at 3603 Manhattan Ave. (3br/4ba, 1900 sq. ft.) seems to examplify the change.
This is a mid-90s Spanish style TH fairly near Rosecrans offering what are described as "Fully Executive Ocean Views."
In our prior reviews here at MBC, we've said there were "shooting for something special here, pricewise, at $2.499M."
As a look at the comps…
Tuesday, October 22nd, 2013 at 2:46pm. 298 Views, 0 Comments.
We keep hearing talk to the effect that the market in Manhattan Beach is "slowing," but that seems to be either a hope or a fantasy, for the most part.
Look, it's late October – there should be fewer listings and fewer sales, based on seasonal factors alone. But a "slowing" would need to leave a better trail of evidence.
As you recall, our already-light inventory got chopped by 20% within the span of a couple weeks recently, and lots of new offerings continue to draw multiple offers.
So where's this "slowing?"
Look up high at the high end.
We sorted the 47 listings active as of Monday afternoon by their combined days on market (CDOM). That's the total number of days exposed to market, irrespective of any re-listing. (The CDOM "clock" is only reset to…
Tuesday, October 15th, 2013 at 7:10am. 234 Views, 0 Comments.
We're watching two higher-priced Tree Section properties that have now made cuts.
Both are aiming near $3M.
What's next for each?
The first is 2009 Palm (4br/5ba, 4050 sq. ft.), a big, custom house, built pre-ZORP in the early 90s, and updated here and there since.
The official listing description leads with the home's obvious assets: "Location & Size do Matter!"
Point being, Palm is a great block, and that's a huge house. Of the location, we said a month ago:
Location is ultimately what sells the house. This is mid-block on one of the Tree Section's prime, quiet streets. John and Palm. Palm and John. They're interchangeable, dream streets. This is a flat section chock full of great homes.
And, yes, that's a lot of square footage. ("Size does…
Tuesday, July 23rd, 2013 at 7:30am. 416 Views, 0 Comments.
Two recent sales in the Sand Section teen streets came from very different places, but wound up at the same number: $4.2M.
One was 128 20th (5br/5ba, 4600 sq. ft.), a big structure way down there by the water. It's got this gaping problem: An early-90s style that is so terribly custom that almost no one could readily see what to do with it.
The home is surprisingly dark inside, with lots of walls breaking up the flow, and there's that heavy, heavy use of brick in the construction. That's the starting point to describe what made it difficult.
As we noted in "Tough 20th St. Listings Sell," this one ran a long time in 2010-2011, racking up an incredible 560 DOM in a failed listing. The price back then at launch was $4.450M, and the last time we saw it make…
Thursday, July 18th, 2013 at 1:55pm. 469 Views, 0 Comments.
Back in February, we looked ahead to what kind of market seemed to be unfolding in front of us all here. Manhattan Beach real estate looked to be poised for a takeoff, even compared to 2012.
In our post, "Where We're Going This Year," we offered some seemingly obvious prognostications – like the notion that this year would see more bidding wars and higher prices.
Dave was quoted on the front page of the LA Times around then, saying of MB, "The days of little cottages for under $1 million are mostly behind us."
Five months hence, here we are looking for homes under $1M, and mostly not finding them.
Here's what's available now under $1M, nearly all with challenged locations keeping them a might under 1 with 6 zeroes:
966 Rosecrans (3br/1ba, 1050…
Monday, July 1st, 2013 at 5:29pm. 352 Views, 0 Comments.
232 16th (5br/5ba, 4975 sq. ft.) has been a frequent flier on the MLS over the years.
Finally, it has sold.
Some of the history:
- Summer 2007: Asked $4.549M, quit.
- Summer/Fall 2008: Asked $4.295M, quit.
- Fall 2012: Asked $3.395M.
- Spring 2013: Cut to $3.250M, then $3.145M.
- June 2013: SOLD for $2.987M.
Along the way, the property had a little identity crisis. Sometimes it was marketed as 232 16th, sometimes 234 16th. (The property was split into two living areas at some point.)
And more importantly, the best explanation for that cascading drop in the list price: This one lost most of its ocean views when new construction popped up immediately west.
Picture windows designed to capture ocean and pier views now capture... the neighbor's nearly…
Monday, June 10th, 2013 at 5:24pm. 407 Views, 0 Comments.
We see two more examples of how this year is being kind to listings with a difficult history.
128 20th (5br/5ba, 4600 sq. ft.) is the latest to make a deal – posting an escrow on Monday afternoon.
On the one hand, here, you've got a lower 100-block location on one of the treasured Teen Streets.
On the other, you've got this, achem, very custom structure. In the past we've called it "a giant home with good views but way, way too much of its own style."
The current listing calls it a "[c]ustom artfully designed contemporary" and "sophisticated."
You say tomato...
This one ran a long time in 2010-2011, racking up an incredible 560 DOM in a failed listing.
The price at launch was $4.450M, and the last time we saw it make a chop was in Sept. 2011, with a…
Tuesday, June 4th, 2013 at 12:49pm. 380 Views, 0 Comments.
This is not exactly a market where people are bargain-hunting. Not in the first half of 2013.
But there are chances to make deals below the listed retail price. Just start with a list price that's too high, and watch the drops come when buyers make their case to the sellers.
An impressive example of a quick discount taken was over at 514 N. Dianthus (6br/5ba, 3700 sq. ft.), a corner-lot house that felt, frankly, unusual for the Hill Section when we toured it.
It "felt like" a Tree Section house, probably owing to the 40-foot wide lot. This creates a fairly narrow house for the Hills, but beyond that the home was outfitted like a luxe Mediterranean, and quite smashing attractive. (With a larger-than-Tree-Section-size lot at 5500 sq. ft., the house could…
Thursday, May 9th, 2013 at 11:47am. 481 Views, 0 Comments.
To say that 217 9th St. has been offered for sale for a long time might miss the point.
It came to market in February 2012, hoping to strike while last Spring's market was just starting to heat up.
But at $3M, this little 3br/3ba, 1700-odd sq. ft. modern on a half lot did not look like a deal. It began at $1,701/PSF, much higher than you'd find on The Strand.
The listing limped through Summer last year and only made a big, bold cut when a new agent took over in October.
That cut dropped the asking to $2.500M. Still steep.
Another 6 months passed, but now the little modern city house has closed for $2.250M. Officially, 309 DOM tolled for the property from Feb. 2012 through April this year.
Sure, that sale was 24% off the start price, but what does…
Tuesday, April 23rd, 2013 at 10:11am. 590 Views, 0 Comments.
Having trouble selling? Hanging around too long, accumulating DOM?
Eventually you might have to cut your price.
When we reported here daily on the buyers' market of 2008-2011, price cuts were the norm.
Very nice, mainstream properties price in reach of most MB buyers (let's say under $2M) would linger and linger, trying to find their market, along the way generating a trail of pricing attempts that would help tell a story.
Today, "mainstream" properties under $2M enter an overheated market and tend not to last.
Higher-end properties, though, sometimes do hang around. Put in one question mark or more, and the property may be passed over a while.
Here are some of the big-dollar homes in MB that have recently made cuts:
448 1st (4br/4ba, 2825 sq. ft.)…