There are currently 228 blog entries related to this category.
Wednesday, November 27th, 2013 at 10:22am. 3,625 Views, 0 Comments.
There aren't many Tree Section homes to have hit $3M or more, historically. Limited lot sizes and zoning restrictions on interior square footage are the main factors.
But that number was exceeded in 2007 on a rare 4200+ sq. ft. house at 927 27th (5br/6ba, 4250 sq. ft.), and they've just come pretty close to that in reselling here in 2013.
Back in Aug. 2007: $3.150M.
OK, they didn't beat 2007, but it's still a big number.
They got that bonus square footage (and higher price each time) thanks to a basement that really feels like a bona fide third story. The lot was a steep upslope from 27th St. before the builder dug into the hillside to craft this home. Since they were going to dig and shore for the garage, why not build the big…
Tuesday, November 26th, 2013 at 10:35am. 155 Views, 0 Comments.
As the last local real estate bubble deflated, 2007 was both a peak year and a pop year.
There was still momentum from the prior years of runup, and some home sales hit heights you might never have expected to see again, at least for quite a while.
And then there were homes that just could not sell. Buyers were getting picky. The market was in transition.
500 14th (3br/3ba, 2500 sq. ft.) was one home that fell on the wrong side back then.
For a bit of 2007, the owners tried to sell for $1.850M. The market would have none of that. The listing quit.
It was back in 2008 at the same price, dwindling down as low as $1.699M. "No," said the market.
Far, far later, in late 2009 – after the world had seemingly collapsed – the sellers let it get away for…
Friday, November 22nd, 2013 at 7:19am. 234 Views, 0 Comments.
Over the past few years, 3108 Walnut (4br/4ba, 3685 sq. ft.) has been a weird mainstay of the Tree Section market. But right now the sellers are celebrating some good news.
The home was frequently overpriced, often listed as a short sale (and facing foreclosure), difficult to see, sporadically marketed.
The one time we saw it, there was a strange kind of open house – the family members flitted about doing their thing, ignoring visitors, and the house seemed cluttered and dark. Was it open, or were we trespassing?
With the chain of oddities, it's no surprise, then, that they couldn't make a deal, right?
This home was listed more or less constantly from June 2011 onward, with a couple of breaks – the longest for a failed escrow that began in June last…
Wednesday, November 20th, 2013 at 6:06pm. 672 Views, 0 Comments.
The Sand Section just got a little less cool and old-timey.
3116 Alma is no more.
This unique property, with its unbelievably huge views from the top-floor master, sold twice in the past year-plus.
No one was going to keep it the same. You could understand that.
It was a 1927 original, undoubtedly added onto here and there, but with an inspired, throwback Spanish feel to it that kept a flavor of "old Manhattan Beach" in the neighborhood.
Way back in MBC's olden days, 2007, we produced a fairly balanced love note to the house ("Old's Cool"). An excerpt:
[This is] a genuine Spanish-style home that instantly conjures old-time California.
Think of the original homes in places like Pasadena, Miracle Mile, old Long Beach. Strutting through Alma, you're
Monday, November 18th, 2013 at 10:28am. 175 Views, 0 Comments.
From here, with strings of warm days and great sunsets, we can almost see Turkey Day. As the Holiday Season unfolds, you always expect lower inventory and less-active buyers in the real estate market.
We've got the lower inventory. A virtual crash saw the total number of listings in Manhattan Beach drop from 48 on Halloween to just 37 now.
Less-active buyers? Ha ha.
In just these past 2 weeks, we saw 19 properties go newly into escrow. (For kicks, we'll list them all below.)
The mix of new deals spans homes priced high and low, east and west, long DOM periods and new listings. There were bidding wars for a Hill Section short sale (1011 Pacific) and a (likely) lot sale in the Tree Section (750 35th). All in the first half of November.
Here's the quick…
Friday, November 15th, 2013 at 7:02am. 243 Views, 0 Comments.
It had launched at $11.0M, run nearly 6 months and just wasn't having people grooving on its ultramodern, 2br vibe. MBC described it as "the definition of a custom, modern home – exactly what someone wanted, but with questionable appeal beyond the party that ordered it built."
But surely, some sports star or celeb could love this beachfront vanity palace.
Alas, it appears no.
The sale price has posted at $8.700M, a discount to the last list of a cool $1.0M.
But do they mean to use the house?
According to rumors and this blog post, no. The buyers are said to plan a complete reboot. Down to the ground with the 2br, 2-story modern. Make way for…
Tuesday, November 12th, 2013 at 10:00am. 334 Views, 0 Comments.
Was it just Friday when we were talking about the limited number of sub-$1M listings?
There are fewer now, with new deals posted.
Even a $1.4M property that seemed to us to be "unlikely" to find a suitor at that price found a buyer quickly.
Downsloping lots were all the rage these past few days:
1554 2nd (3br/2ba, 1300 sq. ft.) offers 3br and a 5000 sq. ft. lot on one of the busier streets in East MB.
If you saw this one as an immediate "must have" type sale, good for you. You've got your finger on the pulse. This one racked up all of 4 DOM.
One attraction was surely that this one came out under $1M.
As of last week we noted that it was one of just 3 listings of SFRs in MB under $1M, all of them priced at $950K. (OK, $949K in this case.)
Friday, November 8th, 2013 at 7:37am. 178 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…
Thursday, November 7th, 2013 at 7:55am. 313 Views, 0 Comments.
This year is full of stories of short-term holds resold for a profit. It's a classic rising-market (bubble?) phenomenon.
One of the boldest is the newest listing to hit the market, 88 Manhattan Ave.
This is a 3br/4ba, 2150 sq. ft. detached TH with a mid-90s build date and much more recent updates that gave it a modern feel.
This one traded back in May 2012 for $1.925M, and is back now offered to the public at $2.650M. That's a markup of $725K and 38% over the acquisition price about 18 months ago.
Interestingly, the same property was offered three times during the slow years of 2009-2011 at prices ranging from $1.899M down to $1.799M. It never could sell. The 2012 sale was arranged off-market.
What matters, of course, is not the history, but the…
Wednesday, October 30th, 2013 at 7:59pm. 410 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%).