tree section

Ready for another shocking overbid? Or maybe we don't get "shocked" anymore?

725 12th (3br/2ba, 1325 sq. ft.) is a nearly perfect little beach cottage inside, in a location that affords a quick walk to downtown, church and elementary school.

We said in our review:

It's a great example of the most you can do to a little 1950s cottage. Wide open, high ceilings in the great room, a modern kitchen – with marble, not granite – and attractive baths.

Those "must have" qualities sparked a bidding war when the home came out in April at $1.399M. Multiple multiples again.

What would happen?

First, look back. The same property had traded in very nice condition in 2008 at $1.187M, after a start at $1.400 and 100+ DOM.

But that was 5 years

It was almost 2 months ago that one of the more amazing Spring bidding wars broke out.

That was at 1312 Walnut (3br/3ba, 2100 sq. ft.) a remodeled (and added-onto) 1950s cottage in a nice location on a corner near the elementary school.

This one launched at $1.599M, which seemed clearly to be pushing the limit for the property.

But no.

After multiple-multiple bidders came in, it went 10% higher.

The newly closed sale price: $1.760M.

We had said shortly after the deal posted: "[T]he sale price here will simply shock you when it closes. Imagine what's the most you'd think it could go for. Then add. Then a little more. Wow."

We can still say that pretty comfortably about $1.760M, but word is they had an even higher bid in place at one

Since our redesign here at MBC, we've been publishing spreadsheets of our market updates. But this time, we wanted to try one of our update posts like from the olden days, with a discussion of market action during this period, broken down by section of MB. It takes a little longer to produce these "Comings & Goings" reports, but here's hoping you enjoy.

First, here's the quick overview on active inventory:

• 38 active listings as of 4/30/13 (+3 from mid-month)
• 34 SFRs (+5 from mid-month)
• 4 THs (-2)

Active listings by region of Manhattan Beach:

• Tree Section: 8 actives
• Sand Section: 16 actives
• Hill Section: 0 actives (nothing, truly nothing)
• East MB: 14 actives

You can see the complete report on active listings, with

So many new listings, but still many new sales.

Inventory dropped from late March through mid-month.

Here's the quick overview on active inventory:

• 35 active listings as of 4/15/13
• 29 SFRs
• 6 THs

This is a drop in inventory by 7 homes from the end of March. New listings are simply being absorbed.

(Update: Inventory is at 41 total as of Friday morning.)

Active listings by region of Manhattan Beach:

• Tree Section: 8 actives
• Sand Section: 13 actives
• Hill Section: 1 actives
• East MB: 10 actives

You can see the complete report on active listings, with live links to every property, in this single post on our data blog: "MB Inventory as of 4/15/13."

It's worth noting that Sand Section listings dropped the most,

You see examples all around this year of homes with a recent history of not selling, which are able to sell here in 2013.

Add 2603 Pacific to the list.

This little remodeled cottage (3br/2ba, 1450 sq. ft.) on a busy street faltered in a 5-month run on the market in 2011.

It's got its charms, to be sure. Behind that ho-hum, 50s/60s cottage exterior there is a surprising and bold remodel, featuring fully updated kitchen and baths and open ceilings.

They launched at $1.199M two solid years ago, in March 2011. The listing hung around, cut twice to as low as $1.099M, and quit in August.

It didn't help that a comparable house – less attractive or remodeled – right across the street was being offered at the time for at least $200K less. That

There is a lot of construction going on around MB. It's hard to miss.

Most of it is custom work for owner-users. There are some spec builds here and there, typically higher-end, but they're spread out. There's not one big source of financing out there driving a full wave of new construction, as we have seen in past years.

But there is one unabashed set of speculative builds out there, a group of homes that – back in 2011 – actually brought back the idea of spec construction to MB, after about 4 years without new projects breaking ground.

One of those has now posted a deal at a list price that is the highest for the whole crop of spec homes by the same builder. That's 1605 Pine, a 5br/5ba, 3000 sq. ft. home on a smallish, 4250 sq. ft. lot.

The Manhattan Beach real estate market remains active. Spring has sprung in a big way.

Turns out that April Fool's day "moratorium" proposal was a nonstarter. (You did know it was April Fool's, right? Like our past posts about Obama regulating house prices and Robert Shiller leaving "fusty" and "damn cold" Yale for USC and a nice MB walkstreet, among others.)

Back to business, though. It's time our twice-monthly Manhattan Beach market updates.

Here's the quick overview on active inventory:

• 42 active listings as of 3/15/13
• 38 SFRs
• 4 THs

This is a drop in inventory by 4 homes total, very surprising to see given that we saw 29 new listings post just between March 16-31. New listings are simply being absorbed, and quickly.

Active

Modern architecture in Manhattan Beach got a nice little plug in the LA Times recently, in a Saturday section feature about a privately commissioned new construction project.

"Cool, not cold," the headline proclaimed – thereby expressing the liability of the "modern" style (cold) and the hope people have for something clean, livable and great (cool) when approaching a home crafted in the style.

Devotees of moderns have had a good run of choices on the market here in MB recently.

Right in front of you every day here on MBC for a couple of weeks has been 700 27th St., a modern crafted by an architect for her family, offered at $2.250M (listed by Dave). Tonight we're ready to review offers, and we can report for now, at least, that the interest has

Sometimes people might wonder: Why, Dave, do you spend so much effort rushing to review all the public open houses?

Last week, we wrote about 9 new listings in our "Weekend Opens" post, and that wasn't even all the new inventory.

One answer is: We're not sure we'll have a second chance to mention these homes if we don't get to them right away, as they come out.

Consider: Of the 9 we wrote about last week, 7 already have deals. Buyers positively raided the Tree Section:

585 31st (6br/7ba, 3500 sq. ft.) is new construction on a street-to-alley lot west of Blanche, with a pleasing Cape Cod-inspired style, white and bright all around.

We loved the great room in back, with wide-open spaces, high ceilings, dark flooring, a vast and modern kitchen

When last we called attention to 1126 Laurel, it was last November, to label the home "Such a Deal in '09."

Without irony, we noted that the new, 2012 listing for this fairly large TH (4br/3ba, 2300 sq. ft.) near downtown was a sign that "2009 was a great time to buy."

2009: a great time?

Of course, to be living and shopping for real estate in early 2009 seemed like more of a horror show at the time. The local market had been dipping for a couple of years and the economy didn't look so good. (Pause a moment to recall, and the understatement here is apparent.)

If you bought then, you had plenty of reason to fear that equity would start leaking out the windows as soon as you got the keys.

But now we see what can happen when you buy on the