There are currently 119 blog entries related to this category.
Tuesday, October 29th, 2013 at 11:08am. 339 Views, 0 Comments.
Proving once again that median prices are a lagging indicator, now nearly 2 years after a rally began in Manhattan Beach real estate, the data are starting to show a rapid rise in local home prices.
We began to see the uptick in median home prices at the midyear point. (See our post, "MB Median Prices Finally Rising.")
Now, as we look at data for the first 3 quarters of 2013, the price spike is clearly evident. (We made that part of the line "glow" just for emphasis.)
The YTD median price for SFRs citywide is $1,725,000, a remarkable 14% jump year-over-year.
This is on sales volume identical to the totals turned in for 2011 and 2012, with 264 sales citywise this year and last. (Yes, inventory has remained low, but sales are typically speedy and we now…
Thursday, September 5th, 2013 at 8:44am. 354 Views, 0 Comments.
As long as this year's rally continues, you're going to have to work to preserve some ability to be shocked.
We've already run a small (and unplanned) series of posts here at MBC about shocking sale prices. (Links below.)
Well, it's time for another.
The lucky subject this time is 1601 Pacific (4br/4ba, 2435 sq. ft.).
Did you know you can get $2M for a 1970s house on a busy street? Here, yes: $2,001,601, to be specific.
Or nearly $825/PSF in the Trees? Yes, this time.
We smell records being set for a home of this size and general location.
Now, of course, this home doesn't look like the 70s anymore. It boasts a good 2005 modernization that opened and upgraded the kitchen, and it has nice detail work all around.
And the relative busy-ness of Pacific…
Monday, September 2nd, 2013 at 10:38am. 442 Views, 0 Comments.
We weren't exactly skeptical, but we were surprised early this year when new construction at 705 26th (5br/4ba, 4875 sq. ft.) was listed, during the framing stage, at $3.599M.
In a post in February, we tried to look at some comparable heights hit in past years. Mainly we saw similar new construction hitting $3.2M-$3.375M at the peak of the mid-2000s bubble.
Most of those homes we not near the plus-plus size of 705 26th, where the basement added about 1300 sq. ft. above the other properties.
Now, not only has 705 26th sold for asking price, its near-twin, developed at the same time on a (former) double lot, has sold for more.
That'd be 709 26th (5br/4ba, 5120 sq. ft.), slightly larger, and slightly pricier at $3.700M.
Not only are these sales numbers…
Monday, August 12th, 2013 at 3:49pm. 1,266 Views, 0 Comments.
Zillow... people love to hate their estimates.
And want to believe them. Sometimes.
But all that really matters is: How accurate are the so-called "Zestimates" in practice?
Turns out, Zillow tells you. At least by region of the USA.
As you can see on this page, in their effort to be transparent, Zillow's engineers publish their own statistics on the accuracy of Zestimates.
In the LA Metro area, for Q1 2013, the Zestimate at the time of a public listing's launch was within 5% of the closed sale price... wait for it... 31% of the time.
Not bad for a robot, but you wouldn't want this one flying your plane.
If you were buying a $1.5M house and relying on the Zestimate only, you'd have almost a 1 in 3 chance that Zillow was putting you within $75K of the…
Tuesday, July 9th, 2013 at 5:25pm. 442 Views, 0 Comments.
Though the bell rang nearly 18 months ago and the Manhattan Beach real estate market began to heat up, median price data never quite told the story.
Now it's different.
Depending on your time scale, you can now see upward trends of 10%, or much more, in MB.
Out of 4 data slices we'll present below, 3 of 4 show current median prices to be the highest in 5 years, taking us all the way back to the doldrums of 2008-09 and rising to new modern peaks.
Let's start with the most amazing numbers. First is the median price for SFRs west of Sepulveda.
Wednesday, July 3rd, 2013 at 11:24am. 327 Views, 0 Comments.
It's time for one of our twice-monthly Manhattan Beach market updates.
Links to these Market Update posts (spreadsheets) are also in the top navigation bar on the site. These links on the nav bar be updated every 2 weeks as the new spreadsheets are created; you don't need to search out a blog post on the main page to find the links.
Here's the quick overview on active inventory as of mid-month:
- 68 active listings as of 6/30/13
- 55 SFRs
- 13 THs
This is up 9 from mid-June, and up 4 from the highest total so far this year, 64 at the end of May.
Active listings by region of Manhattan Beach:
- Tree Section: 14 actives (+4 from June 15)
- Sand Section: 21 actives (-2)
- Hill Section: 13 actives (+3)
- East MB: 20 actives (+5)
You can see the complete…
Monday, May 6th, 2013 at 3:30pm. 555 Views, 0 Comments.
Blame low inventory.
The one and only measure by which MB is not off to a gangbusters start this year is: The number of closed sales.
Not enough product, not enough sales. Evidence suggests MB is not lacking for demand at all.
To see some context, we looked back 10 years at the number of SFR sales in the first third of each year.
With 96 sales closing between Jan. 1-April 30 this year, we're slightly trailing the pace of 2012, and only barely above 2011. Really, the last 3 years look the same.
This year blows away the two popped-bubble years, 2008 and 2009, and is somewhat better than 2010.
But as bubbly as this year feels, it can't hold a candle to the 4 bubble years captured in our chart here. From 2004-2007, there were well over 100 sales each…
Wednesday, April 24th, 2013 at 10:22am. 401 Views, 0 Comments.
When we launched the new/improved MB Confidential about 2 months ago, we were hopeful that readers would take to the new tools we had made available. (See "MB Confidential's New Look & Tools.")
We're happy to see that you are using the site tools and info here.
As we anticipated, the most popular page, day in and day out, is the MB Dashboard. This has all the comings and goings – newest listings, newest pending deals, closed sales, etc.
In this very busy Spring market, the dashboard has proved to be a way to track the fast and furious action.
We met a new client recently who had been using both active listing searches and the MB Market Updates on pending/sold properties to gauge the market for his own property. (The most recent updates are this…
Thursday, March 28th, 2013 at 1:25pm. 903 Views, 0 Comments.
In MBC's early days, we often needed to bring in references to the Case-Shiller house price index to describe what was going on elsewhere. We would then check in to see if it rhymed with what was happening in Manhattan Beach real estate.
Now, it's been about 4 years since we made a substantial reference to Case-Shiller, but it looks like time again.
We mentioned the index it in a Sept. 2009 post with Ben Bernanke's declaration that the housing-led economic recession was "very likely over" (was it?), with Case-Shiller indicating at around that time that a "bottom" was forming in housing markets broadly. (See our posts, "Very Likely Over" and "MB vs. CA & U.S. Trends," July 2009.)
Looking back, Case-Shiller's data properly "rhymed with" the course of…
Tuesday, February 26th, 2013 at 7:10am. 971 Views, 0 Comments.
Hey, look. We’ve built something new!
And the change is good, with the new look, feel and function here at MB Confidential.
Building on our tradition of regularly producing insightful analysis of local real estate, we’ve now added the best hyper-local search and data you can find.
You can now search quickly, with one click, by region or subsection of Manhattan Beach.
Say you’re only looking in the Sand Section...
One click on our Sand Section search gives you the active listings in that area only. (Use the "MB Search" dropdown menu.)
You’re wondering how much Tree Section homes have been selling for recently?
One click delivers the past 6 months’ worth of sales in the Trees, listing the newest first. (Use the "MB Sales Data" dropdown menu.)