There are currently 382 blog entries related to this category.
Wednesday, November 20th, 2013 at 6:06pm. 659 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
Friday, November 15th, 2013 at 7:02am. 238 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…
Thursday, November 7th, 2013 at 7:55am. 307 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…
Tuesday, November 5th, 2013 at 12:33pm. 309 Views, 0 Comments.
It's been about 7 weeks since we took a look at a few (then) new listings offering back-to-back half lots and the promise of, perhaps, combining those for full-lot redevelopment.
We said the existing homes "aren't ghastly, but they're dated," with the 24th St. house at just 1100 sq. ft., and the alley home on 23rd place weighing in at a whopping 500 square feet inside. (Our apologies for the botched "weighing in" metaphor. Where's the coffee?)
Each listing pointed to the other, beckoning buyers to grab the whole lot. But at list price, that would be $1.928M before the planning stage. And the frontage of the lot on busy 24th St.,…
Wednesday, October 30th, 2013 at 7:59pm. 406 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%).
Tuesday, October 8th, 2013 at 5:21pm. 444 Views, 0 Comments.
It's no big surprise to see investors flocking to Manhattan Beach real estate. But still, the numbers involved in some rentals might surprise you.
We first looked at this sort of issue back in February. In "Buy It, Rent It," we gave a few examples of "investors parking cash, taking out low-rate loans and putting pricey properties out for lease."
Each property we mentioned in that story was sold around $1.9M-$2.0M. Rents being sought ranged from $6,500/mo. to $9,000/mo.
Several recent sales have come right back out as rentals, though not all are examples of investors looking long term. We'll examine a selection below. (In each case, the property address links to the sold property, and we provide a link to the rental, also.)
448 1st St. (4br/4ba, 2825…
Friday, September 27th, 2013 at 9:34am. 536 Views, 0 Comments.
Back in July MBC observed that very little was available for buyers looking for a Manhattan Beach home priced under $1M. (See "Nothing Under $1M?")
Today, at least, we can say we're doing something about that. Dave's got a new listing, 3017 Elm (2br/2ba, 960 sq. ft.) that's coming out at $925K.
Among Tree Section options, there's just one other offering under $1M: 3616 Pine (3br/1ba, 1075 sq. ft.), in its third month on market and now at $949K.
The next-cheapest listing in the Trees is more than 50% higher: 3520 Walnut at $1.499M. That's a pretty big gulf.
Before we go outside the Trees, let's just discuss 3017 Elm for a moment.
Dave was quoted on the front page of the LA Times early this year, saying of MB, "The days of little cottages for under $1…
Wednesday, September 18th, 2013 at 11:28am. 328 Views, 0 Comments.
In what has been a busy year by any measure in Manhattan Beach real estate, it has been surprisingly calm on the waterfront.
In 2012, there were 10 sales on The Strand reported on the MLS, including SFRs, TH units and lot sales.
This year, only 4 to date.
And one of this year's sales is just newly in escrow: 2316 The Strand, last at $9.700M.
Here's hoping you had a chance to drop in on 2316 at some point, though we don't recall seeing any public open houses (or MBC would've sent you!).
It's the definition of a custom, modern home – exactly what someone wanted, but with questionable appeal beyond the party that ordered it built. (Hence the 147 DOM before making a deal.)
It's newer construction (2001), but built up to only 2 stories, not the max 3…
Monday, September 16th, 2013 at 12:45pm. 318 Views, 0 Comments.
We have to go back to May 2010 for the story of a failed listing where everything kinda worked out.
They were selling 219 N. Dianthus (4br/4ba, 3300 sq. ft.) at that time, hoping to get $2.089M, just a little over the late-2006 acquisition price of $2.000M.
The big, big, big views were the chief asset. The extra square footage for this tall and skinny home was another plus.
But the listing did not pan out, and it quit, quietly, in late 2010.
Come Summer 2011, luck was in the air. An off-market offer came through, and 219 Dianthus sold for $1.750M.
That was $200K lower than the last asking price from 2010, and $250K lower than acquisition, but in 2010-2011, you took what you could get and moved on. The market then felt mostly flat, and memories of the…
Wednesday, September 11th, 2013 at 9:26am. 352 Views, 0 Comments.
It's funny sometimes to see what kind of real estate is offered in Fall.
Right now in two different parts of the Sand Section, there are separate, adjoining half lots being marketed, at least in part, as full-lot sales. Buy both, combine them and just like that, you've got a full lot for new development.
The most prime of these is at 128 8th. St.
Oh yes, a 100 block near downtown.
Legally, this is 128 8th Street and 129 7th Place, two separate lots with separate parcel numbers, offered for sale together.
As you see from our little collage, the front/main home may not be much, but the views are nice in both directions. The site just needs a better platform from which to drink those in.
The $4.150M start price is certainly rich if you're viewing this…