price cuts

There are currently 138 blog entries related to this category.

Yes, it's possible to overprice in a sellers' market. And it's possible to recover from that as well.

We're looking first at 319 S. Poinsettia (6br/6ba, 4830 sq. ft.), right down at the boundary with Hermosa Beach, which has just made a necessary 10% adjustment to the ambitious $4M start price that we first noted in "How Perspective Changes," late last month.

At four weeks in, it would appear they've had no action on this nice Cape Cod, and they diagnosed the reason. So, off came $400K from the asking price.

It's now at $3.599M, and touted as the "best value" in the Hill Section in the revised listing description.

This home surprised us in 2011 by selling at a notable markup over its 2004 (new) sale price. (See "A Big Markup Over '04.") The 2011 sale

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 suggested,…

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 zero…

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 matter"…