Recently we got a somewhat desperate message from a buyer: Is there any chance we can get into Manhattan Beach west of Sepulveda under $1.5M?
This came near the culmination of a long and fruitless search for properties in that price range.
The reluctant reply: No, not really. You'll have to compromise on location or price.
As is so often the case in this market, those buyers wound up compromising on both.
But (the good news) they did make a deal west of the highway.
As we write today, there are only 2 SFRs west of Sepulveda active under $1.5M:
3601 N. Poinsettia (3br/1ba, 1070 sqft.), a small and largely original cottage with a few obvious liabilities, not least the shared driveway.
The location is way over by Rosecrans in the Tree Section.
Asking price: $1.375M.
2701 Oak (2br/1ba, 900 sqft.) is a 4480 sqft. corner lot that's up for overbidding now after an initial auction had set the lot value at $1.340M.
The first overbid in a court hearing this Summer must be at least $1.407M. There are already new Oak Ave. comps to support that price.
Those are your options today under $1.5M.
All year here in 2015, there have been just 11 sales of SFRs west of Sepulveda below $1.5M. Here they are:
- 3 were on Oak Ave. (2001 Oak at $1.410M, 2209 Oak at $1.410M also (pictured) and 1405 Oak at $1.300M);
- 3 were on Rosecrans (464 Rosecrans at $1.205M, 768 Rosecrans at $1.100M and 742 Rosecrans at $1.150M);
- 2 were on half lots on North End alley streets (440 35th Place at $1.050M and 462 36th Place at $1.255M);
- 1 was a small, updated house on a half-lot on on alley in the Sand Section (532 5th Place at $1.349M) (pictured).
- 1 was a small, original house on a tiny lot on Valley in the Tree Section (2801 Valley at $985K); and
- 1 was a duplex on a half lot in El Porto, near Highland (217 Kelp at $1.430M).
In each case, you could say the buyers compromised, at the very least, on location – but at least they did get in west of the highway.
In 2014, a total of 36 SFRs west of Sepulveda in Manhattan Beach traded for $1.5M or less.
Near mid-year, here, it looks like 2015 won't come near that total.