short sales

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Who doesn't love a bargain?

In real estate, getting a real steal of a deal can mean shopping on the stormy seas of short sales and foreclosures. There haven't been many of those in Manhattan Beach recently, but owners who grabbed some in recent years are making out great here in 2013-14 upon resale.

The newest listing looking to profit nicely from buying a foreclosure during the recent down market is 801 11th in the Hill Section (4br/3ba, 3020 sq. ft.), asking $1.970M.

This is a custom build from 2004 that has had a troubled history on the public market. What's that? What ever could be wrong with a sharp, modern, open, newer home near downtown in the prestigious Hill Section? Well, this very strategically shot exterior photo doesn't quite convey that

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 year.

Want to make $1M on a quick deal?

Who wouldn't?

Unless there's some catch.

Worry not. Your eternal soul is safe. All you need to do is buy a Manhattan Beach short sale and hang on for a short time, while the market rockets skyward.

And that's roughly the plan at 316 45th.

This ocean-view TH in furthest-north El Porto was picked up a relative moment ago, in Nov. 2012, for $1.537M.

Notice the 1.5 in front.

Now?

How about $2.635M?

That's the current request. 2.6+. A bump of $1.1M.

This is a 3br/4ba TH with 2100+ sq. ft. inside, and lots of parking. (Necessary with this being El Porto.)

The views are freaking for real. As we said in a review in Sept. 2012:

There are few higher points in MB with more unobstructed panoramas than this TH on the furthest edge of

Is it a coincidence, or a trend?

Among the most recent deals (new escrows) in MB are several properties with issues of some sort – and an appeal that you can identify, somewhere in the rough.

It goes to show you don't need to have a pristine property, ideally located, and normal circumstances just to make a sale.

416 21st Place (3br/4ba, 1950 sq. ft.) is a rear-unit TH built in the early 90s with some real views.

You wouldn't expect a rush to the door for a rear unit, nor for one with the unusual style and materials here – black marble, anyone? Glossy black kitchen?

But views and price seem to have helped a lot.

Up on the top level, there's a substantial patio/balcony with real views to the north and west, and there are more to the south and west from the…