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        <title>MB Confidential</title>
        <link>https://www.mbconfidential.com/blog/2014-01/</link>
        <description>Manhattan Beach Real Estate Blog with Market Data and Expert Analysis, News, Opinion, Listing Reviews and Open Houses. By Dave Fratello, Manhattan Beach Broker with Edge Real Estate Agency.
</description>
<item>
    <guid>https://www.mbconfidential.com/blog/calm-before-the-storm.html</guid>
    <link>https://www.mbconfidential.com/blog/calm-before-the-storm.html</link>
        <author>dave@mbconfidential.com (Dave Fratello)</author>
        <title>Calm Before the Storm?</title>
    <description> <![CDATA[ 
Excited for the Super Bowl? The two top seeds engaged in combat, best offense against best defense, storylines galore.


But that's just 3 hours.


It's after the Super Bowl that things get exciting in Manhattan Beach real estate. Or should get exciting.


You saw some inventory creep out into the market in January. And you saw a bunch of those new options get snapped up.


Today, January 31, we're at 27 total listings citywide.


All week, we've watched for a typical week's trickle, or maybe that Super Bowl flood – but it's just been drips. Only 3 new listings all week are truly new to the market:


1019 8th (3br/2ba, 1720 sq. ft.), asking $1.749M (pictured)


3207 Vista (3br/2ba, 1600 sq. ft.), asking $1.399M


1617 Mathews (5br/4ba, 3400 sq. ft.), asking $1.849M


Who wants to debut with an open house during the Super Bowl, after all?


So this feels like the calm before the storm.


We're aware of all kinds of properties in a &quot;soft&quot; pre-marketing stage, getting ready to spring out for our &quot;real estate Spring&quot; starting next week.


When they declare a winner in East Rutherford, will that ring a (metaphorical) bell and unleash the inventory?


For our buyers, here's hoping yes. When pigskin season ends, it's time to get ready to rumble in MB.
 ]]> </description>
    <pubDate>Fri, 31 Jan 2014 09:12:00 -0800</pubDate>
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<item>
    <guid>https://www.mbconfidential.com/blog/a-6m-2-pack-of-ths.html</guid>
    <link>https://www.mbconfidential.com/blog/a-6m-2-pack-of-ths.html</link>
        <author>dave@mbconfidential.com (Dave Fratello)</author>
        <title>A $6M 2-Pack of THs</title>
    <description> <![CDATA[ 
Before this year, do you want to guess how many non-Strand townhomes in Manhattan Beach have sold for more than $3M?


That's $3M+ for a unit that shares a lot and a wall with another.


Before this year: One.


Now, with 611 Bayview coming in at $3.250M, there are two.


And its partner came awfully close. That's 612 Manhattan Ave., the other half of the building, with the sale posting at $2.900M at mid-month.


Put them together, and this little high-end spec project just netted more than $6M.


The lot sure looks like a nice get at $2.2M – that was early 2012.


Before this week, the top non-Strand townhome sale was, surprisingly, from the down year of 2011.


205 27th (3br/3ba, 2870 sq. ft.) is a major, modern remodel of a 70s original on a very favorable lot just above Manhattan Ave. and with Parque Culiacán Bruce's Beach park as a neighbor. (Hello, unobstructable views)


It sold for $3.125M off-market in Aug. 2011, arguably just before the current real estate market rally began. (We generally point to December 2011 as the time when the bell really rang.)


That was the record for 2+ years. But records are made to be broken.
 ]]> </description>
    <pubDate>Wed, 29 Jan 2014 07:24:00 -0800</pubDate>
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    <guid>https://www.mbconfidential.com/blog/this-one-crested-high.html</guid>
    <link>https://www.mbconfidential.com/blog/this-one-crested-high.html</link>
        <author>dave@mbconfidential.com (Dave Fratello)</author>
        <title>This One Crested High</title>
    <description> <![CDATA[ 
Is there a hunger out there for lot sales in Manhattan Beach?


Why, yes. We're seeing a new wave of speculative development get fully under way.


Now would-be owner/user custom builders are competing against spec builders who, traditionally, would not pay as much for a lot. The frictional costs, and inherent risks, for a builder tended to limit their numbers on lot acquisitions. Not so much now, as builders see the upside of an up market.


Last week there were multiple offers targeting the lot at 4101 Crest, where the little cottage is cute but probably unfixable, and the big blue ocean views could really be something with a maxed-out build.


The $999K start price may look interesting in the rear view mirror when the deal wraps up – soon.


Then they'll get under way with a new home (presumably a single-family, as the 1800 sq. ft., sloping lot does not really lend itself to a 2-unit build).


You have to assume the new home will be come out over $2M. But it will be new and its views will be killer. (The view photo here is front the listing and is taken from the rooftop of the current cottage.)


Now, if you follow Manhattan Beach real estate and a $1M-ish lot sale with big views looks cheap to you, you have to look at location to grasp the limitations faced both for the lot sale and the presumed spec home there.


You're in El Porto, east of Highland. The Chevron tank farm is just east beyond the fence off Crest, and while that's less unsightly or noisy than other parts of the refinery, it's not everyone's dream neighbor. There's also a giant power line tower just behind the property.


Maybe these things melt into the background if you look west.


A sale from last year that would be an anchor comp would be 316 45th, a 2006-built townhome with 3br/4ba, 2140 sq. ft., which sold for $1.995M. It had mega panoramas and a comparable location.


A new SFR ought to do better – at least that's the builders' bet.


And they're not the only builders in town betting. This will be one to watch.
 ]]> </description>
    <pubDate>Mon, 27 Jan 2014 11:52:00 -0800</pubDate>
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    <guid>https://www.mbconfidential.com/blog/sunday-opens-12614.html</guid>
    <link>https://www.mbconfidential.com/blog/sunday-opens-12614.html</link>
        <author>dave@mbconfidential.com (Dave Fratello)</author>
        <title>Sunday Opens (1/26/14)</title>
    <description> <![CDATA[ 
A week with 6 new listings to review sure feels like Spring is around the corner here in Manhattan Beach. And after Seattle-Denver, we'll be in the thick of it.


To plan your open-house tours for this week, use MB Confidential's online list of Manhattan Beach open houses (it's mobile-friendly).


Hill Section


880 11th (5br/5ba, 4100 sq. ft.) is a late-90s Mediterranean – no, they say &quot;Tuscan&quot; in the listing – with nice décor that complements the home well.


It's under $3M for a simple reason: The house runs the long way along Poinsettia Ave., probably the busiest north/south street in the Hill Section.


The lot placement also gives the house a different feel in the layout - it's wide rather than deep. You enter facing a large formal dining room; a formal living room and an office with full bath is on the right, while the typical kitchen/great room is on the left.


Up the grand spiral staircase you'll find a nice family layout with four bedrooms and three baths (two bedrooms are connected with a Jack-and-Jill bath), and a laundry room. Outside, the patio is larger than you'd expect, with a built-in bar and eating area and plenty of room left over for a trampoline. Overall, the house has a nice, solid feel to it and the layout is spacious and family-friendly. 


880 11th starts at $2.850M and is open Sun. 1-4pm.


711 Larsson (4br/2ba, 1800 sq. ft.) is another Hill Section listing with a bit of a location issue, in this case just being on Larsson. It's on the &quot;right&quot; side, with a big lot (6875 sq. ft.) and a sunny western-facing yard.


But the home is really original, dating to the 1950s, and will become a project for someone. You never say never, but it appears that a remodel is beyond the scope here.


At 50 feet wide (a wider lot than both its neighbors) and 137 feet deep, it feels like you'd be able to build a substantial house and still have breathing room.


Of course, then you would have a roughly $3M home on Larsson, with views across the street to the backs of Sepulveda businesses. If you're OK with that, you can enjoy the advantages of this odd block: a relatively quiet, low traffic street with ample parking.


711 Larsson starts at $1.475M and is open Sun. 2-4pm.


Tree Section


1417 Pine (4br/3ba, 2350 sq. ft.) is a unique remodel of a 1940s original that presents with a great sense of style. (The listing actually says the home &quot;screams with character.&quot; Ouch But we take the point.)


When we first saw this listing post, we were very pleasantly surprised to see a nice remodel – screaming with character –  under $2M. (They're at $1.850M.) And that's when we saw that it's under 2400 sq. ft., which puts it in another class entirely.


We thought, &quot;Buyers: Can you go for a dreamy home that's probably undersized from what you wanted by 700+ sq. ft.?&quot;


The answer's in already, before the Sunday open: OH YES. Offers came in and the sellers already accepted one. Now everyone else is going to have to fight for &quot;backup&quot; position.


So is the home a dollhouse, like it looks? Style-wise, yes, and maybe even more so.


Inside, the rooms are a little smaller and less open than what you've come to expect in newer homes, but the style is pitch-perfect. Enter into a small living room and dining room, then hang a left to get to the kitchen and family room leading out to the patio. Off to the side is a bedroom/office/playroom with a full bath.


Upstairs, you'll walk through an open office that leads to two kids' bedrooms and a full bath. Off to the side is the master bedroom with a surprisingly large and updated master bath. (The allocation of space, with this huge master, may get you scratching your head.)


One challenge of this &quot;original&quot; house is the single-car garage. And by &quot;car,&quot; we don't necessarily mean any of your cars. Times have changed. That means the driveway and parking on Pine, where the messy street parking is a bit of a down note, and possibly even more challenging if you're expecting guests.


The quick sale here made us realize that the comp from 2013 would be something like nearby 1312 Walnut (3br/3ba, 2100 sq. ft.), which shocked us last year with a close at $1.760M. (It had initially been in escrow at a higher price with the first buyer.)


What did some buyer have to do to &quot;shut down&quot; the bidding process on 1417 Pine before the weekend was out? All bets are off.


1417 Pine starts at $1.850M and is open Sun. 2-4pm.


3615 Laurel (4br/4ba, 3250 sq. ft.) is a 1999 Cape Cod oriented wide along its lot (not entirely unlike 880 11th), which gives it a favorable, slightly different flow downstairs. The kitchen is wide open to a casual dining area and big family room, also to a mostly paved backyard/patio.


The first floor also gets formal dining and living rooms, with all 4br upstairs.


When last we saw this one in October last year with clients, we felt it was quite nice and in acceptable condition, though with a few deferred maintenance issues. Probably a lot of buyers would eventually choose to upgrade the kitchen and master, but as we say, it's not urgent.


There's some kind of location discount built in here given the proximity of Rosecrans. Compare it to much smaller 1417 Pine – which already has a deal more than $100K higher – and the recent listing at 3521 Palm (4br/3ba, 2775 sq. ft.), with a comparable location, less square footage and a price tag $160K higher than at Laurel.


3615 Laurel starts at $1.739M and is open Sun. 1-4pm.


3112 Poinsettia (4br/3ba, 1750 sq. ft.) is a total and complete remodel built onto a downsloping lot, with some living space and a bedroom suite downstairs, and the lower-level family room opening to the backyard.


What you see upon first entering is an inspired take on a welcoming front great room. They opened up the ceiling and now show off bright, white T&amp;G as a dramatic, signature feature of this common space. The big kitchen island and nice cabinetry are complemented by a subway tile backsplash and – wait, did they break from white? – an aqua-blue cabinet for the island – which matches the home's front door.


Now, it must be said, this is legally a 4br, but one of those is the guest suite downstairs in what feels a bit like a basement – but brighter. Another, near the master on the first level, is almost impossibly small – good for a nursery or study, but challenging, to be sure. This one needed (and got) sliding pocket doors to prevent the loss of floor space to an in-swinging door.


For style points and a nice location, they're shooting for $1,000/PSF in the Trees, north of Valley and east of Pacific. Only a special property can aspire to that.


3112 Poinsettia starts at $1.795M and is open Sun. 2-4pm.


East MB


1161 2nd (5br/5ba, 3600 sq. ft.) is a somewhat newer (2004) Craftsman that looks fantastic, but has a busy-street problem right along 2nd St.


Here's a case where they seem to have tried to &quot;price in&quot; the location, because at $1.980M they're probably $150K-$200K under where the same house could be listed away from 2nd.


This house has a wide-open feel that begins with the two-story entrance foyer. The whole first floor is open from the living area to the dining room and the kitchen. The details lend an authentic Craftsman feel throughout; the breakfast nook is textbook Craftsman (and, speaking of textbooks, offers a great place for kids to do their homework).


Also on the first floor is a spare room/office/playroom with a half bath. Upstairs, there are four bedrooms, each with its own balcony () and attached full bath. Yes, four suites


One real head-scratcher: In the master bedroom are two large &quot;window&quot; openings in the wall (like windows but no glass; they can be closed off with shutters) that look out over the two-story foyer. Don't you, er, want to be able to shut off your master bedroom from the first floor?


1161 2nd starts at $1.980M and is open Sun. 1-4pm.


2200 Wendy (4br/2ba, 1775 sq. ft.) is a recent remodel (call it a flip) that was just acquired last year for $850K.


It looks great everywhere except on the map, where having a backyard abutting Aviation means it could be a tough sell.


A (relatively) big home, ready to go, does have its inherent appeal. This one will be one to watch as they try to match the highs hit on similar homes last year in Liberty Village – but homes without the Aviation issue.


2200 Wendy starts at $1.350M and is open Sun. 12-4pm.
 ]]> </description>
    <pubDate>Sat, 25 Jan 2014 19:06:00 -0800</pubDate>
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<item>
    <guid>https://www.mbconfidential.com/blog/tough-location-can-make-a-sale-hard.html</guid>
    <link>https://www.mbconfidential.com/blog/tough-location-can-make-a-sale-hard.html</link>
        <author>dave@mbconfidential.com (Dave Fratello)</author>
        <title>Tough Location Can Make a Sale Hard</title>
    <description> <![CDATA[ 
Obviously location is a key issue – maybe the key issue – in whether a home is desirable. Start with a subpar location, and you can expect a rough time on the market. Yes, even today.


It's also true that every home has its price. So it can be interesting to watch what happens with homes that have an obvious location issue. In theory, a seller should be able to &quot;price in&quot; the location problem and get buyers off the dime. But sometimes a home will just sit. Here are a few to watch early this year.


One on the market in the Trees now would be 3516 Blanche (3br/3ba, 3000 sq. ft.). This one is the longest-running Tree Section listing now (among 6) besides a new construction project that wasn't fininshed when it first hit the MLS.


3516 Blanche is only in its third month, and it launched late in the year last year, so we doubt anyone is panicking over the fact that it hasn't sold yet. They hope to get their price in Spring. But the launch at $1.884M was clearly ambitious, given the 3br limitation and the fact that Blanche is a notably busy street.


When this listing occupied the field more or less solo, they didn't draw a buyer. Now they'll face real competition.


For instance, compare it to the new listing at similarly numbered 3615 Laurel (4br/4ba, 3250 sq. ft.), a 1998-built Cape Cod that is comparably close to Rosecrans, but not suffering the busy-street liability of the Blanche home.


We saw this one with clients during its brief appearance on the market last Fall. They're back now a bit higher than last October at $1.739M. And guess what? We'll bet they draw more offers in a week than 3516 Blanche has to date.


Besides the location issue, Laurel has an extra bedroom going for it and a price that's $150K under Blanche. That makes for really no competition between the two – you wonder if Blanche will notice, and eventually adjust the price.


Head over to the east side for a couple more to watch.


In a matter of days, two new listings near Meadows Elementary drew immediate offers, showing what's possible in the $1.3-ish price range on the east side.


They were 1163 Meadows (3br/2ba, 1485 sq. ft.) (pictured), asking $1.299M, and 2009 Faymont (4br/2ba, 1420 sq. ft.) asking $1.249M.


The remodel on Meadows is actually notable for its proximity to MB Blvd. and the school. You can't call Meadows a quiet street there by any means, though the home's position up above the street does minimize the impact. The remodel was so great, they drew offers before the brokers' open last Friday.


2009 Faymont is in an interior location and has no issue holding it back.


But 1650 22nd (3br/2ba, 1265 sq. ft.) is a comparably priced listing that hasn't yet made a quick deal. This flipper remodel does have a high hurdle to jump: That location on Redondo Ave. is busy, busy, and the very nice modern remodel can't disguise that.


They launched at $1.299M, and quickly cut to $1.249M.


Late last year, the flippers paid $929K last September for a partial shell of a house. They did their work, and here it is. On paper they're probably near the right price. But will buyers make a move on it, or wait for something comparable that's not on a busy street?


New to the market is 2200 Wendy Way (4br/2ba, 1775 sq. ft.) at $1.349M.


This is a thorough, recent remodel with open rooms and modern everything. There's a fourth bedroom, extra square footage and a sizable yard.


But.


That backyard is up against Aviation Blvd., and that means traffic noise and more. For lots of buyers, that is a sure no-go. Have they priced in the Aviation issue, or not?


Take a look back at our post compiling the 2013 sales in Liberty Village. This one is priced comparably to the two highest-priced remodels sold last year, 1813 23rd (3br/2ba, 1750 sq. ft.), which closed for $1.356M in October, and 1909 Faymont (3br/2ba, 1820 sq. ft.), which got $1.350M in April. But neither of those had a busy street issue. (You could argue that 1909 Faymont lacked much curb appeal.)


Whatever happens at 2200 Wendy, the flippers will make their money. They obtained this property last year as a short sale for the head-smackingly low price of $850K. (See that listing here.) MBC called it &quot;the anomaly of the year,&quot; but that's sometimes how short sales work out.


There's no doubt, as our real estate &quot;Spring&quot; begins to get under way here, there's still a great imbalance between buyers (too many) and sellers (too few). That should give listings with location issues a fighting chance. We'll see how this set pans out.
 ]]> </description>
    <pubDate>Fri, 24 Jan 2014 10:50:00 -0800</pubDate>
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    <guid>https://www.mbconfidential.com/blog/high-points-of-2013-tree-section-part-i.html</guid>
    <link>https://www.mbconfidential.com/blog/high-points-of-2013-tree-section-part-i.html</link>
        <author>dave@mbconfidential.com (Dave Fratello)</author>
        <title>High Points of 2013: Tree Section, Part I</title>
    <description> <![CDATA[ 
We're going to look back now at some of the top sales in the Tree Section of Manhattan Beach last year.


It was a year that saw the most sales of $2M and above since the peak years of the last cycle, 2006-2007.


With 41 sales at that $2M+ price point, 2013 comes in as the year with the third-highest ever total of sales at that high end. (To see a list of those sales, click here.)


As you see in our chart here, there was virtually no such thing as a $2M sale in the Trees until 2005. Then there were 4 hot years with 30+.


We're in the fourth year now of double-digit $2M+ sales, but watch for this to continue much longer than the last run. It's not just pricing trends, it's housing stock: Newer, larger homes built during and after the previous upcycle seem likely to keep hitting the 2's based on vintage and square footage.


Meantime, among the higher-end sales in 2013, there were 2 that exceeded $3M in the Trees – by a lot, in each case.


These top sales were next-door neighbors, new construction at 705 26th (5br/4ba, 4875 sq. ft.) (pictured) and 709 26th (5br/4ba, 5120 sq. ft.), selling for $3.599M and $3.700M, respectively. Each was ultra high-priced because they dug out basements for each new home, giving them a big leg up in terms of square footage.


It's worth noting that with 2, the year 2013 fell short of 2012's total of $3M+ sales, which was 5.


We see 2-4 sales per year at that level looking back to 2005, with just one spike of a year: 2007, with 11 sales at $3M and above. So maybe we can say 3 is the new 2 - an occasional peak, unless/until it becomes the norm for prime, new and newer homes.


Other New Construction Highs


There were 3 new builds in 2013 that all sold in the $2.8s:


594 33rd (6br/6ba, 3500 sq. ft.) sold in October for $2.848M. That's a big new Cape Cod with a big, open first floor and nice, modern materials in the kitchen and baths. Bonus: Detached guest house over the garage.


585 31st (6br/7ba, 3500 sq. ft.) sold in April for $2.800M. This is on the lower part of 31st, just down a bit from the prestige block of the 600s-700s with its signature tree canopy. Views from the front of the home – including a rare, very large front porch – are pleasant, capturing lots of trees and the sand dune.


562 36th (5br/6ba, 3600 sq. ft.) sold in October for $2.818M. Color us surprised on this one, given the style (Mediterranean), location near Rosecrans and the refinery, and a somewhat chopped-up layout along a downsloping lot. In any other market, you could have seen these factors leading to huge DOM and notable price cuts. But the buyers appreciated the style and finish of this super custom build, and considered their discount of $131K off asking to be more than enough.


Highs Among Resales


It makes sense to see new construction getting top dollar. But there were actually three resales, two of them average in size, that eclipsed the new homes to get the highest sale prices of the year in the 2's:


2701 Palm (5br/4ba, 3300 sq. ft.) is a 2008 Cape Cod with a big-ticket builder's name attached. Given the so-so location in the north eastern part of the Trees, you have to think the $2.950M sale price in October included a very substantial premium for that name. The sale was almost immediate and there was more than one party clamoring for it.


This was also a $200K markup over the Spring 2008 sale price. So even if it looked like they overpaid back then, right before the crash, well, maybe not.


1813 John (4br/5ba, 3550 sq. ft.) is a newer, gorgeous Cape Cod on an ultra-prime street. If you went looking for downsides, you might note the limit of 4br or the pool occupying the backyard – not everyone's goal.


This one came out at $2.999M and drew multiple offers, but tax records and the MLS show a closed sale price of $2.900M in April.


927 27th (5br/6ba, 4230 sq. ft.) is uniquely large for a Tree Section home, thanks to a basement as the home was built into a modest hillside lot. The home's a heavy Mediterranean, elaborately decorated but with a tiny backyard (call it an ornate patio) with built-in pizza oven. (Yum.) The sale this year at $2.900M put it in the top 5 for the year, but still fell short of the initial sale in 2007 at $3.150M.


Other Notables


3305 Laurel (5br/5ba, 4300 sq. ft.) was new way back in 2007 and tried, but failed, to sell at $3M+ prices. It launched at $3.750M, dropping over 300+ DOM to $3.3M in early 2008 before quitting.


After several years renting this home out, they brought it out looking good in 2013 and asking $2.8M. They came close: $2.720M in July – impressive in its own right, even it it's still $1M or more shy of the initial plan.


1829 Laurel (4br/3ba, 3250 sq. ft.) is a true fixer, the only one we really see in the list of $2M+ home sales for the year. The April sale at $2.040M was followed by several months of rehab. Fortunately for the buyers, the market shot up steeply thereafter. So if they were gaming out the resale value as a measure of how much to pour into remodeling, well, the resale value went up steadily each day the contractors showed up to work.


3113 Maple (4br/3ba, 3000 sq. ft.) is a mid-90s Cape Cod-inspired home with a nice, big, open first floor. Our take on this when it emerged was that it was plenty livable as is, but really could benefit from modernization in the kitchen and baths. Unlike 1829 Laurel, the updates were not essentially a condition of taking title. This one sold for $2.151M in November.
 ]]> </description>
    <pubDate>Wed, 22 Jan 2014 14:15:00 -0800</pubDate>
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    <guid>https://www.mbconfidential.com/blog/new-construx-in-east-mb-rocking.html</guid>
    <link>https://www.mbconfidential.com/blog/new-construx-in-east-mb-rocking.html</link>
        <author>dave@mbconfidential.com (Dave Fratello)</author>
        <title>New Construx in East MB Rocking</title>
    <description> <![CDATA[ 
After some down years, it's looking like a new era for new construction east of the highway.


In just the past few months, 3 of the top 7 sale prices ever have posted for new homes on standard-size lots (7500 sq. ft.). These were:


1626 1st (5br/5ba, 4950 sq. ft.) (pictured) at $3.200M;


1421 18th (6br/6ba, 4430 sq. ft.) at $2.700M; and


1200 10th (5br/6ba, 4600 sq. ft.) at $2.729M.


Of those, the last (10th St.) posted in September 2013, while the others finished up just last week.


The posted sale at 1626 1st marks out a new high, by $100K, for the east side. (Specifically on 7500 sq. ft. lots.)


In June 2007, 1622 Gates (5br/6ba, 4850 sq. ft.) (pictured) sold new in June 2007 for $3.1m. And for nearly 7 years, that's where the (figurative) trophy stayed.


The next-highest sale after that wasn't near $3M. It was 1514 5th (5br/5ba, 4550 sq. ft.) in Oct. 2006 at $2.690M. (They posted $2.759M on the MLS but we're going with the public records of the sale here instead.)


That story on 5th didn't end so well, as the home was resold at the utter bottom of the market in July 2009 for $2.135M. (Or maybe it did end well if you were the buyer)


A rundown of some other East MB highs – including those on larger lots – can be found in this MBC post from July 2012.


One of the most recent deals in East MB is on new construction at 1741 9th (5br/6ba, 4400 sq. ft.).


As we said in a recent review as the home debuted, this one &quot;rebuts a notion we've had for a while: No one is building Mediterraneans anymore.&quot;


They came out with this one asking $2.649M, which seemed bold for the style and location. But maybe not for the times we live in.


Yep, it looks like it's on in East Manhattan again.


We're aware of some new projects in East MB getting under way – including one across the street from the recent sale at 1421 18th. (Feel free to ask Dave for details.)


The new ones are going to start pricing in the sudden uptrend, though – they're redefining what seems possible on &quot;the other side&quot; of Sepulveda.
 ]]> </description>
    <pubDate>Tue, 21 Jan 2014 07:24:00 -0800</pubDate>
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    <guid>https://www.mbconfidential.com/blog/sunday-opens-11914.html</guid>
    <link>https://www.mbconfidential.com/blog/sunday-opens-11914.html</link>
        <author>dave@mbconfidential.com (Dave Fratello)</author>
        <title>Sunday Opens (1/19/14)</title>
    <description> <![CDATA[ 
If you've been sleepwalking a little through your monitoring of the Manhattan Beach real estate market for a few weeks, we understand. Until recently, the holiday season made it hard to find a lot to whoop and holler about.


Things are getting different, quickly. Interesting, quickly. Active – yes – quickly. And it's not even our &quot;real estate Spring&quot; yet. Wait 2 more weeks.


We'll update you on the newest open houses below.


First, we're sure you share some of the odd, mixed sense of awe and tragedy and beauty that came along with the smoke hovering over MB on Thursday. It came early, from the Colby Fire in Glendora, casting a yellow-orange pall on the first half of the day. Then, late in the day, the smoke created incredible &quot;red sunset&quot; scenes like this one captured by James R. Gill. Our Facebook and Instagram feeds were filled with amazing sunset shots. What a night.


NFL Extra: Let's say you like both Seattle and San Francisco – the cities and the teams. Who are you supposed to root for?


To plan your open-house tours for this week, use MB Confidential's online list of Manhattan Beach open houses (it's mobile-friendly).


Tree Section


3112 Poinsettia (4br/3ba, 1750 sq. ft.) is a total and complete remodel of a home acquired in early 2013. We happened to see the original before the work began, making the contrast now with the remodel all the more amazing to appreciate.


This original cottage was built onto a downsloping lot, and now has some living space and a bedroom suite downstairs, with the family room opening to the backyard.


What you see upon first entering is an inspired take on a welcoming front great room. They opened up the ceiling and now show off bright, white T&amp;G as a dramatic, signature feature of this common space. The big kitchen island and nice cabinetry are complemented by a subway tile backsplash and – wait, did they break from white? – an aqua-blue cabinet for the island – which matches the home's front door.


This design team brings a super-custom sense of style to their projects, reimagining what &quot;beach cottages&quot; can be. You see all kinds of thoughtful accents in the baths, exterior lighting, and around each corner.


We like how they found an odd storage space under a first floor bedroom and made it into a full-on kids' playroom – no adults allowed, unless they're on their bellies.


Now, it must be said, this is legally a 4br, but one of those is the guest suite downstairs in what feels a bit like a basement – but brighter. Another, near the master on the first level, is almost impossibly small – good for a nursery or study, but challenging, to be sure. This one needed (and got) sliding pocket doors to prevent the loss of floor space to an in-swinging door.


For style points and a nice location, they're shooting for $1,000/PSF in the Trees, north of Valley and east of Pacific. Only a special property can aspire to that.


3112 Poinsettia starts at $1.795M and is open Sun. 2-4pm.


3521 Palm (4br/3ba, 2775 sq. ft.) is a wide-open mid-90s build that shows pretty well, with a lush backyard garden as a nice bonus.


You can't quite overlook the location near Rosecrans and the refinery, but then again, the neighbors just sold a newer Craftsman right down the block at 3604 Palm (5br/4ba, 3260 sq. ft.) with not so many DOM and a list price of $2.2M. (It's in escrow now; nothing final yet.)


Here they're asking $1.995M and a slightly higher PPSF. (The official square footage is well under 3000, though you may not notice that in touring.)


We liked the completely open first floor. That's what everyone says they want – with the kitchen and family room in back. There's a spare bedroom downstairs as well. Check.


The step-down into the family room? Unfortunate but not fatal. In truth, though, we had some trouble understanding the broad open space between the entry and that step-down because it's not really set up now as anything. There is a formal dining room in its own nook off to the side, but was that area up front intended as a formal living room? (Do you want a formal living room?) Is it just open space for the sake of open space?


The bedrooms upstairs seemed spacious enough.


Nothing in the home is terribly updated from 1995, though nothing groans for urgent updates, if you can kind of roll with the cleaned-up versions of mid-90s tastes. At the $2M price point, you might expect to find something a little more ready-to-go, however.


We did note that the master did not open to a (perfunctory) balcony, as we might have expected. And from the backyard and the master, we heard some low hums of noise from the refinery.


No doubt, this one has its pleasant points, but also presents a series of question marks for buyers. It will be interesting to watch its story unfold as the market kicks into gear.


3521 Palm starts at $1.995M and is open Sun. 1-4pm.


Neighborhood point of interest: Across the street and a couple doors over, we spied a completely neglected old house, startling in its state of disrepair. That need not affect 3521 Palm, but it's hard to miss when visiting the property.


Sand Section


226 13th (4br/4ba, 3300 sq. ft.) is a quite large TH with ocean views absolutely in the thick of downtown.


This early-90s build benefits from some rather complete remodeling in recent years. That includes tasteful cherry-stained hardwood flooring on the top level, newer kitchen and baths, slate tile and new carpet for the balance of the living areas.


If it's not all 21st-century, it's close enough. Your calculations here are all about size and location, aren't they?


As living spaces go, if you're used to compromises from townhomes, there are a lot fewer here. The master suite is huge and looks good today. Big closet. The other bedrooms are sizable. You've got a big lower-level media room plus spare bedroom.


Up top, they actually segmented out a formal dining room and office area, in addition to the big living room with ocean views.


So, yes, there's a lot to work with here. The views seem relatively protected, because the neighboring rental building traded recently and got a bunch of upgrades – that owner would likely keep it as is for some time. (Buyer to verify, of course.)


This unit is so close to downtown that there's a municipal parking lot right outside the windows to the east. (Currently it's a staging area for the new library construction; under normal circumstances, it's where people park to go to Uncle Bill's.) People in cities compromise mightily to be in the thick of things – here there are relatively few drawbacks, though that's one.


This one's priced based on west-of-Highland TH sales over the past year in the $2.4-$2.7M range, all of them smaller.


226 13th Place starts at $2.689M and is open Sun. 1-4pm.


East MB


1163 Meadows (3br/2ba, 1500 sq. ft.) is truly a splendid, thoughtful, total redo and redesign of an original cottage.


They really did not skip a detail in modernizing this little place, making the common spaces sing by opening up the kitchen and providing true indoor/outdoor flow from there to the family room to the backyard. Even if those aren't pricey nanawalls, you're still getting the benefit of walls of glass that open and pull away and give you that fully integrated feeling that so many builders and remodelers strive for in the principal family living spaces. Nailed.


Look at the hardwood flooring. Look at the baths. The closet sliders. Paint colors and trim. All around we saw excellent work.


While the lot has a substantial upslope from (fairly busy) Meadows Ave., it flattens out and there is a quite substantial, flat backyard, newly greened up and facing the sunny western side.


So often in the past couple of years, we've seen remodelers max out the potential of original cottage-type homes. Each time, we've appreciated the spirit. Partly because preservation is the right idea, partly because this work guarantees that Manhattan Beach real estate will always include a proportion of more affordable, nicely scaled housing options – whatever our price ranges may be. Big may be good, but it isn't always better – and a smallish 3br remodel can make you see how that's true.


1163 Meadows starts at $1.299M, and there's immediate interest. Drop in at the unusual open-house time Sunday of 11am-2pm, and, if you're interested, get your agent (or someone) to put you in the mix ASAP.


2009 Faymont (4br/2ba, 1420 sq. ft.) is a remodeled Liberty Village original with some additions.


Yes, the front living/dining areas seem small, because that's how they built these.


The way to fix that is to poke out a big family room into the former, original backyard, as they did here. (It seems to qualify as the 4th bedroom and even hosts a shower.)


Kitchen is newer and tasteful, the main bath improved just enough. No aspect of the home blows you away, but it's clean, nice and ready to go.


We did like the big, enclosed deck in back plus a bonus amount of grassy yard. It somehow seemed bigger than expected even with the (fairly standard) 5400 sq. ft. lot.


To put this listing in context, please see our recent posts: &quot;2013 in Liberty Village&quot; and &quot;What $1.3M Gets in East MB.&quot;


2009 Faymont starts at $1.249M and is open Sun. 1-4pm.
 ]]> </description>
    <pubDate>Sat, 18 Jan 2014 22:33:00 -0800</pubDate>
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    <guid>https://www.mbconfidential.com/blog/mb-market-update-11514.html</guid>
    <link>https://www.mbconfidential.com/blog/mb-market-update-11514.html</link>
        <author>dave@mbconfidential.com (Dave Fratello)</author>
        <title>MB Market Update: 1/15/14</title>
    <description> <![CDATA[ 
It's time for one of our twice-monthly updates on the Manhattan Beach real estate market, first of the new year


Here's the quick overview on active inventory (click here for the list):




25 active listings as of 1/15/14


23 SFRs


2 THs




The story is slightly better as of this writing on 1/17/14, with 28 active listings, and that's after several new deals posted this week, taking inventory off the board. (See the MB Dashboard for up-to-the-minute data.)


Anyone see an uptrend?


Active listings by region of Manhattan Beach in this report:




Tree Section: 5 actives


Sand Section: 6 actives


Hill Section: 4 actives


East MB: 10 actives




Now, the traditional kickoff to Spring is the first weekend of February, but this week's new listings suggest either an early flowering of our &quot;real estate Spring&quot; or a much bigger onslaught of inventory to come. (We know which scenario buyers would prefer.)


You need only follow the MB Property Ticker here at MBC to see the sudden rush of inventory and sales activity. We're going to copy below just Friday morning's activity from the Ticker:




Bye-bye East MB records: New construx at 1626 1st gets $3.2M


3112 Poinsettia is a super dolled-up 4br flip asking $1.795M


Redone Village 2br at 28 San Miguel Ct. got $950K


1163 Meadows is a recent, complete remodel asking $1.299M


Large 3br remodel at 1740 Mathews makes quick deal (asking $1.250M)


Plantation at 2518 Laurel posts a deal in second month (asking $2.595M)


Little cottage, big views: 4101 Crest starts at $999K


New 3br TH at 433 Marine Place starts at $1.999M; companion in front (432 23rd) in escrow at $2.152M


Hill Section estate at 620 8th has a deal (list: $6.950M)




And with that update, we still skipped a couple of happenings


Checking in here on MBC is the best way to get the Ticker in real time, but did you know you can sign up to get it by email also?


You'll need to be signed up to get MB Confidential blog posts by email. Then update your email preferences to add the Ticker. Here are the necessary links:




Get MBC by email: Sign up


Get the Ticker: Update subscription preferences 




You can see our complete report on active listings, with live links to every property, in this single spreadsheet on our data blog: &quot;MB Inventory as of 1/15/14.&quot;


We're also providing a report on pending and closed sales by region of MB.


Sales are organized by sub-region of Manhattan Beach.


Here's a link to the spreadsheet: &quot;MB Pending/Sold as of 1/15/14.&quot;


For closed sales, we provide the past 6 months' worth of sales by region. This is the typical window of time used by appraisers. The spreadsheets are useful to anyone tracking the market or trying to estimate the value of a home for purchase or sale.


Remember, these links are always live under the top &quot;navbar&quot; of the home page, right under &quot;MB Market Updates.&quot;
 ]]> </description>
    <pubDate>Fri, 17 Jan 2014 08:57:00 -0800</pubDate>
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    <guid>https://www.mbconfidential.com/blog/east-manhattan-dominates-early-14.html</guid>
    <link>https://www.mbconfidential.com/blog/east-manhattan-dominates-early-14.html</link>
        <author>dave@mbconfidential.com (Dave Fratello)</author>
        <title>East Manhattan Dominates Early '14</title>
    <description> <![CDATA[ 
It's only half a month and a &quot;slow&quot; time for local real estate, but we have noticed that almost all the new listings so far this year have come in East Manhattan Beach.


One new listing of 2014 west of Sepulveda, 2912 Pine, made its deal so quickly, it's hard to recall it being on the market this year. The only other one, 104 The Strand, listed on Jan. 1 and made its deal yesterday. The other 7 new offerings so far this year were all east of the highway (see the list below), and an 8th came out after Christmas 2013, close enough to the new year.


So this got us wondering and figuring: What's the usual proportion of real estate sales in Manhattan Beach between east and west? As is our style, MBC answers that idle question with data.


Data going back 8 years show that, consistently, about one-third of residential real estate sales in MB are on the east side. In 2013, the figure was exactly 33. (Last year, 139 sales out of 427 total were on the east side.)


So this very early tilt toward East MB early in the year is likely to be corrected with the strong emergence of inventory west of Sepulveda.


The one-third rule is interesting to contemplate. The land areas of East MB and West MB are very roughly equal, viewed on a map.


Alas, there's more turf on the east side devoted to schools, parks, movie studios and Target. And west of the highway, obviously zoning gets more dense as you approach the beach, so there are more residential units to sell. About twice the number of units, in fact.


Here are the public listings to emerge so far in 2014 east of Sepulveda:




1343 6th (4br/3ba, 2200 sq. ft.), asking $1.599M


1740 Mathews (3br/4ba, 1880 sq. ft.), asking $1.250M


1650 22nd (3br/2ba, 1265 sq. ft.), asking $1.299M


1741 9th (5br/6ba, 4400 sq. ft.), asking $2.649M


1508 Wendy (2br/2ba, 950 sq. ft.), asking $929K


2009 Faymont (4br/2ba, 1420 sq. ft.), asking $1.249M


1846 6th (4br/3ba, 2545 sq. ft.), asking $1.499M




By Wednesday noon, none had yet gone into escrow. Yet.


-----------------------------


UPDATE: By 4:30PM, 1343 5th had posted a deal, and there were 2 new listings west of Sepulveda (3521 Palm at $1.995M and 226 13th Place at $2.689M).
 ]]> </description>
    <pubDate>Wed, 15 Jan 2014 12:12:00 -0800</pubDate>
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