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Wednesday, December 11th, 2013 at 8:59am. 99 Views, 0 Comments.
We almost wrapped up the year without another head-slapping shocker of a sale.
But here we go again.
We're going to head over to the northern part of the Tree Section, adjacent to the prestige block of 31st, with its soaring tree canopy.
At 750 30th, one block over, there's a 5400 sq. ft. lot with a not-horrible little house on it. It's 3br/1ba, 1100 sq. ft. cottage that's got plenty of charm.
But the cottage will have to get out of the way for new development. The veritable frenzy that surrounded this listing in November showed that what's really valuable is the land. (Disclosure: Dave had clients in the mix.)
The sale has now posted here, and the land value turned out to be $1.515M.
More than $1.500M for the dirt.
List price had been $1.150M, for…
Tuesday, December 10th, 2013 at 7:44am. 207 Views, 0 Comments.
Recently we had a prospective client come to us with a plan to get out of MB, looking to get more for the money elsewhere.
Now that we've wrapped up both transactions, we'll offer this observation: A million bucks buys a lot more outside MB than it does within our city limits.
Our client traded out of 3017 Elm (2br/2ba, 960 sq. ft.), a nicely remodeled, but smallish 2br home on an odd-shaped lot in the Tree Section.
We sold that in November for $1.050M.
Then it was time to move on.
The search was for a largely original home fairly near the beach with some kind of views. Ocean views would be a huge plus. The plan would be to remodel, much like our client had with 3017 Elm some years back.
Ocean views for a million dollars! You could not even say that…
Wednesday, November 27th, 2013 at 10:22am. 3,633 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. 160 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. 238 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…
Tuesday, November 12th, 2013 at 10:00am. 338 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. 180 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…
Friday, November 1st, 2013 at 8:58am. 212 Views, 0 Comments.
In a city that's lacking for housing inventory, the Manhattan Beach city council may take a step next week that could free up one house to hit the market.
We've got no beef with the current city manager, and no dog in the fight over whether he's terminated next week or not, as local media are reporting:
The City Council will meet in closed session Monday to discuss [the city manager's] employment contract. The council agenda, posted Thursday afternoon, references a “public employee dismissal/release” and “public employee appointment” of an acting/interim city manager.
But if he is let go, what, then, becomes of his home?
Maybe you recall that the city helped its then-new manager buy his house, 2913 Pacific (3br/2ba, 1900 sq. ft.), back in early…
Tuesday, October 15th, 2013 at 7:10am. 243 Views, 0 Comments.
We're watching two higher-priced Tree Section properties that have now made cuts.
Both are aiming near $3M.
What's next for each?
The first is 2009 Palm (4br/5ba, 4050 sq. ft.), a big, custom house, built pre-ZORP in the early 90s, and updated here and there since.
The official listing description leads with the home's obvious assets: "Location & Size do Matter!"
Point being, Palm is a great block, and that's a huge house. Of the location, we said a month ago:
Location is ultimately what sells the house. This is mid-block on one of the Tree Section's prime, quiet streets. John and Palm. Palm and John. They're interchangeable, dream streets. This is a flat section chock full of great homes.
And, yes, that's a lot of square footage. ("Size does…
Friday, October 11th, 2013 at 10:54am. 214 Views, 0 Comments.
You could almost call 524 15th the last bidding war of the last cycle.
It sold way-back-then, 6 years ago, and it has just sold again. Now the site is getting a major reboot. (A rebuild.)
The 2007 public-market price and the 2013 off-market price turned out to be essentially equal. But whereas builders didn't want it way-back-when, they sure did this time.
Let's first look back at the prior sale.
Back in 2007, while MBC was watching day by day and reporting on what looked like a softening market (yes it was), we were savvy to something happening then that did not look like a sign of decline. They were about to have multiple offers for 524 15th.
In our post then, we noted that the start price of $2.200M on the 2200 sq. ft. 1960s home, which we called…