OK, the kids are back in school, so you can catch up again on what's been going on around town.
Today, we'll start a series of short briefings on the Manhattan Beach real estate market.
First things first, you do typically see an inventory bulge in Summer. At some point in early August, we saw as many as 84-85 homes available for sale in Manhattan Beach. Through absorption, quitting and all, the total is down to 67 as we write on Weds. morn. (See the MB Dashboard for an update.)
You could say a lot of dirt – or sand – changed hands in the Sand Section over the Summer. Here are some of the lot sales to close just since school broke for Summer, along with other news from the beach.
Bruce's Beach Park-Adjacent Lots
2520 Manhattan Ave. and 2519 Bayview, neighboring 1750 sqft. lots on the south side of the park, both sold for $4.000M each. With the same agent representing the buyer for both lots, you can go ahead and infer that it's one buyer.
The stage was set for $4M-ish lot sales by the Spring sale at 217 27th, on the north side of the park. A lot there traded for $4.100M, about $100K over asking, in late May.
Coach's House Unloaded
They sent Mike D'Antoni out of town, but Manhattan Beach real estate gave him some kind of golden parachute.
The short-term Lakers coach bought 116 25th (5br/5ba, 5000 sq. ft.) in 2013 for a princely $6.900M.
His resale price this year: $9.500M (+$2.6M / +38%)
Hey, if you gotta leave the beach, that'll soften the blow.
Ocean Ave. Sales
2916 Ocean Ave. has a refreshed, modest home (3br/2ba, 1800 sqft.) on a 2000 sqft. lot along a walkstreet and near the Strand.
Closed sale: $4.500M, obviously heavy on the lot value.
Just one door off Ocean, at 116 24th Place, a half lot (1350 sqft.) went for quite a bit less: $1.916M.
South End Lots
235 4th is a corner lot along Highland Avenue in the treasured South End. It has just recently closed for $3.850M.
Next-door neighbor 229 4th is in escrow with a list price of $5.000M.
Further down below both, 501 Manhattan Ave. has dropped $1.5M+ off the first $7M asking price, and sits now on the market at $5.475M.
304 The Strand sold for a dirt value of $14.000M.
Asking twice that (plus), the oversized (4980 sqft.) corner lot at 1000 The Strand is still hoping for $28.900M, now nearing 3 months on market.
Also, somewhere in between those, the listing at 614 The Strand (4br/3ba, 2130 sqft.) is lingering for now, still at the start price of $18.275M and beginning its third month.
Townhomes Now Sell for $3M+
The signature quick, high-value townhome sale of the summer was at 2301 Vista.
The 2002-built, 3br/4ba, 2420 sqft. modern was decked out very well (if a bit masculine). It gets good views for a back unit.
Asking/sold price: $3.400M.
Meantime, if you missed 308 27th (3br/4ba, 2250 sqft.) this past weekend, you missed it completely. The listing (asking $3.300M) quit within 5 days of coming to market. So that one won't be selling for $3M-plus (or will it?).
Walkstreet Cottage Sells
We hope you'll let Dave have a little promo time here.
In August, Confidential Realty listed 316 18th St. (3br/3ba, 1225 sqft.) for $3.500M. Though that's a lot of money for a little cottage, there were several very nearby comps to support it.
With a little exposure, the property drew multiple offers and is now in escrow.
We'll return with some more briefings throughout the next week.