There are currently 14 blog entries related to this category.
Wednesday, August 28th, 2013 at 8:58am. 422 Views, 0 Comments.
It's a theme you've heard here before: What couldn't sell before, now does.
A couple of recent examples are real eye-openers.
432 23rd Place (3br/4ba, 2250 sq. ft.) is a late-90s townhome on an alley.
This one has had a very difficult time on the market, trying, but failing, to sell in each of the past 4 years, 2009-2012.
But you know how it worked out this time.
The last list price in 2012 was $1.149M. It canceled nearly a year ago in early September at that number.
This year, the home presented differently. In past years, it had been occupied, felt very dated and had a closed-in, walled-off kitchen. That sort of isolation of the kitchen was "out" when the TH was built – a mistake. But this year, they opened up the kitchen to the living area and…
Tuesday, August 20th, 2013 at 5:13pm. 368 Views, 0 Comments.
The Manhattan Beach real estate market is beginning to get its share of spec construction projects here and there. Two ocean-view beach homes that are emblematic of this new wave have now sold above $5 million.
This new run of construction is nothing like the wave of bank-funded speculative projects built in the early late-90s or early 2000s. Generally you see just one at a time, or a couple/few at a time, by each investor (or group), boasting quality names for the architecture and building. Investors are working on a small scale but building for top-dollar return.
And, like the twin projects we'll discuss here, the style of the new builds speaks to what today's high-end buyers want.
Here's a hint: It ain't Caliterranean.
224 6th (5br/5ba, 4100 sq.…
Wednesday, June 26th, 2013 at 8:45am. 354 Views, 0 Comments.
We last checked in on the progress of the crop of new construction we've called the Speedy Speckies back in April.
Back then, it was starting to look like the investors behind the speckies were going to have the last laugh.
One of the original crop, 1605 Pine, was due to close near $2M after having failed to sell on the first offering and turning into a rental. (See "Speedy Speckie May Hit $2M;" that post also has a thorough rundown of the crop of Speedy Speckies and their fates to date.)
We said of the builders then: "They're defying the naysayers, and starting to rake."
Since then, they've had even more success.
Monday, July 23rd, 2012 at 6:58pm. 639 Views, 0 Comments.
128 18th (5br/5ba, 4000 sq. ft.) is a new "tropical contemporary" in one of the best locations in town, period, given that 18th is probably the best of the teen streets west of Highland.
The sale wasn't quick – 5 months on market – and it didn't crack $6m, as had been the original ambition with a $6.1m start price.
The final price: $5.650m.
Most of the recent sales in the 100- and low-200-blocks are right in the same $5.6m-ish range:
- 128 6th at $5.595m (Jan. 2011);
- 209 16th, pre-completion new construction, now in escrow with a list price of $5.6m; and
- 200 19th at $5.6m (March 2008).
Tuesday, February 21st, 2012 at 3:49pm. 592 Views, 0 Comments.
Sale price: $1.775m.
Of note: The listing agent also represented the buyer.
That sub-1.8 price is quite a step down from the very first posted asking price, $2.199m, from last May. (See "$2.2m for First Speedy Speckie.") They did adjust that request quickly down to $1.999m before the end of May, but you could see the heights they were reaching for.
The sale here is the conclusion of the second deal that had been posted for 2516 Pine. Upon the first note that this one was in escrow, MBC asked readers to weigh in on what they thought this first spec home of the group might sell for.
Your Ex(spec)- tations on 2516 Pine," a near-majority…
Saturday, January 14th, 2012 at 1:21am. 409 Views, 0 Comments.
We know exactly how they feel. Friday morn was "snow day" at our preschool here, and for the 30 minutes the kids were running around in the white stuff, we had (brief) flashbacks to those long-gone days of shoveling sidewalks, scraping windshields and roaming the neighborhood on foot to help free stranded motorists.
Then the kids went back to their class, and the mercury…
Wednesday, December 28th, 2011 at 3:38pm. 775 Views, 0 Comments.
Let's take a little tour over the next couple days. And here's a hint: We're saving the biggest news for Part II.
If you think Tree Section sales over $4 million are at all routine, check yourself. There have been a few, at the lower end of the 4s – mainly new construction in 2008, to be specific.
But this year...
533 15th (6br/6ba, 5300 sq. ft.) sold for $4.7m.
Is this home worthy of being the priciest-ever sale in the MB Trees? Well, one man's opinion is: Yes. (And this guy is reputed to be a bear.)
We've offered lots of superlatives on this home, calling it "simply one of the greatest homes in MB,"…
Friday, December 9th, 2011 at 5:24am. 665 Views, 0 Comments.
It just took upwards of 2 years.
And discounts of... are you ready?
... discounts of $5-$6 million from the original ambitions. That's a whole second house! And maybe a third and a fourth.
This week's closed sale price: $4.9m.
At one point in 2008-09, the builder's website had teased the coming attraction and suggested an $11m asking price, while the first post-completion listing on the MLS sought $10m. Last list price was $5.999m.
Everyone who's seen the place came away impressed, but shaking their heads at the asking price.
It turned out that debuting right as MB's market bottomed didn't help much, and remaining totally out of whack for months upon months was not…
Thursday, December 1st, 2011 at 9:05pm. 577 Views, 0 Comments.
1901 Poinsettia (5br/5ba, 3200 sq. ft.) has closed for $1.810m.
Call that a 10% drop from acquisition, back in March 2008.
All in all, that's an impressive job of holding value here for a property that had lost the caché of "new" when coming up for resale this year. And we certainly know of other peak-year purchases that have lost more like 15-20% on resale.
The buyers back in 2008 had shaved a cool half mil off the overly ambitious start price. Perhaps they felt that, even with the nasty winds blowing at the time, the housing market starting to shake and rattle even here in MB, they had "baked in" the potential for future market declines. Nabbing a new home for an even $2.0m gave them one of the…
Thursday, November 10th, 2011 at 2:30pm. 507 Views, 0 Comments.
|The scraper at 668 31st.|
In fact, they did, but it was a year and a couple extra weeks ago that 668 31st last traded. Seemed recent, but nothing like the 5 weeks and 5 months between 2 other purchases and returns to market that we've written up here.
This corner-lot property – on one of MB's great streets – was always going to be a land deal, with the crusty 1940s bungalow mostly beyond repair and the lot unkempt and overgrown. The property was offered "as-is," no repairs... a scraper.
This story actually started 2 years and a couple extra weeks ago, when 668 31st first hit the market at…