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        <title>MB Confidential</title>
        <link>https://www.mbconfidential.com/blog/2018-04/</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/weekend-opens-428-42918.html</guid>
    <link>https://www.mbconfidential.com/blog/weekend-opens-428-42918.html</link>
        <author>dave@mbconfidential.com (Dave Fratello)</author>
        <title>Weekend Opens (4/28-4/29/18) </title>
    <description> <![CDATA[ 
This week we're looking at 42 listings open to the public, which is somewhere right in the middle of normal for this time of year.


Our video this week features 575 31st, 1747 2nd and more, including a lot sale downtown at 220 11th:







Email subscribers and some mobile users will need to use this link to view the video.


To plan your open-house tours for this week, use MB Confidential's online list of Manhattan Beach open houses (it's mobile-friendly). Our open house link always appears in our weekly wrapups and on the main front page, under &quot;Open Houses.&quot;


Below, click any address link to view all photos and property details. And don't forget, when previewing homes here on MB Confidential, you can click &quot;Open All Images&quot; right above the main listing photo to get immediate display of all the listing photos at once.


Listings appearing here come from the whole MB market and may or may not be represented by MB Confidential author Dave Fratello.


Tree Section


575 31st (5br/7ba, 4840 sqft.) is an oversized new home on a street-to-alley lot down by the Sand Dune. Crisply and expertly done in styles very familiar by now. Bonus space comes in a basement media room and a guest suite/office over the garage. More from the official description:


&quot;[N]ew construction on one of the Tree Section's loveliest, tree-lined, gas lamp streets... the open floor plan is thoughtful and bright throughout. The main house features 5 bedrooms and 5 1/2 baths plus an enormous basement that is perfect for entertaining... Lovely front and back yards... Cook's Kitchen with large center island, coffered ceilings, pantry, stainless steel appliances opens to a large family room with fireplace and Panoramic doors that open to the back yard. Incredible basement (approx. 1,500 sq. ft.) with wet bar, fireplace, storage room and guest suite. Located on a quiet cul-de-sac that dead ends into a greenbelt and Sand Dune Park.&quot;


575 31st begins at $4.795M and is open Sat. &amp; Sun. 2-4pm.


East MB


1747 2nd (3br/2ba, 1450 sqft.) is a smartly redone cottage with a true master suite and newer pool.


More from the official description:


&quot;[M]ove-in ready remodeled 3-bedroom, 2-bathroom home in East Manhattan Beach... The remodeled open kitchen tempts your inner chef... Stainless steel appliances, wood floors, elegant tile, and many fine details are sure to entice you. The kitchen opens to the living room that welcomes you with its cozy fireplace and plenty of room for entertaining. Two bedrooms are large with plenty of closet space and a bathroom in pristine condition with white Caesar countertops. The master suite also includes a beautifully detailed bathroom with stone counters and large windows surrounding the bathtub, a soothing setting after a long day. Through sliding glass doors, step down and enjoy the sun on a hot spring day by the heated pool, or immerse yourself in the heated spa and watch the stars above the palm trees at night. Surrounding the pool is a built-in shower and BBQ &amp; patio area for summer parties.&quot;


1747 2nd begins at $1.669M and is open Sat. &amp; Sun. 1-4pm.


1150 5th (4br/3ba, 2150 sqft.) is a flipper remodel just downhill from PCH, nicely done. More from the official description:


&quot;Traditional Beach Style Living at it’s [sic] finest - Renovated, Remodeled &amp; Renewed for 2018. Nestled amongst the trees on 5th street in Manhattan Beach. Quiet and private, this traditional single level home has a warm, soft beach feel and boasts new hardwood floors, crown molding, wainscoting, and exquisite finishes that highlight the home’s craftsmanship. Enter the home through the dutch door and walk in to the expansive living room with the kitchen overlooking the adjacent dining room; the oversized kitchen has marble counters, chef’s preparation island, gourmet range, custom cabinets all with soothing color, stylish finishes... The dining room accesses the front patio for outdoor entertaining and sitting under the stars The oversized master bedroom with tung [sic] and groove wood ceiling with views of expansive backyard has an extra large walkin [sic] closet and an elegant en-suite bathroom with a huge glass shower, his ‘n her vanities with Italian marble counter tops. Two bedroom’s [sic] boast custom tung [sic] and groove wood ceiling which create a lovely warm feeling and beach vibe. A large functional kid’s bathroom has two sinks and tub/shower. A forth [sic] bedroom or office has its own bathroom with an exquisite tile floor and large walk-in shower. Extensive cabinets for storage and a separate office area makes this home functional for any type of home owner. The extra large backyard has plenty of space for a pool, volleyball, basketball or sports court.&quot;


1150 5th begins at $2.250M and is open Sat. &amp; Sun. 1-4pm.


 1300 Curtis (3br/2ba, 1400 sqft.) is likely a lot sale on an intriguing corner along (busy) Meadows and overlooking the high school. The lot rises above Meadows and a 2nd-floor view from a new home here could offer some intriguing peeks at PV and more.


From the official description:


&quot;[T]his must see home is waiting for a dash of your imagination and some TLC. Situated on a corner lot in highly sought after Manhattan Beach, this 3 bedroom, 2 bathroom home features 1393sqft of generous living space, complete with living room and family room. You’ll love the convenience of your own 2 car garage, and a great neighborhood near it all – walking distance to Award Winning Manhattan Beach Schools...&quot;


1300 Curtis begins at $1.399M and is open Sat. &amp; Sun. 1-4pm.
 ]]> </description>
    <pubDate>Sat, 28 Apr 2018 10:41:00 -0700</pubDate>
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<item>
    <guid>https://www.mbconfidential.com/blog/a-nice-little-tree-section-cottage-costs.html</guid>
    <link>https://www.mbconfidential.com/blog/a-nice-little-tree-section-cottage-costs.html</link>
        <author>dave@mbconfidential.com (Dave Fratello)</author>
        <title>A Nice Little Tree Section Cottage Costs...</title>
    <description> <![CDATA[ 
Let's say you're just looking for a little home, a &quot;starter&quot; as they sometimes call it, but you'd like to be in the Tree Section.


Check out where the market's at now.


861 12th Court (3br/2ba, 1200 sqft.) is just about the most completely modernized little cottage we've seen in a while, totally dialed in.


It's just a tad under 1200 sqft. inside.


The list price of $1.999M may have raised eyebrows, but more importantly, buyers raised their hands.


It's in escrow now. And it won't look as jarring when you see that the current owners paid $1.810M for a refreshed, but nowhere near as completely remodeled/modernized home about 30 months ago in Sept. 2015. (Click on this sold listing and compare/contrast the photos between them.)


When first listed, 861 12th Ct. was showing as $1,684/PSF.


Also this week, we saw two closed sales much further north in the Tree Section.


One was 3605 Laurel (3br/2ba, 1150 sqft.), which sold pre-market and has posted a sale price at $1.800M.


That's $1,563/PSF for a fairly recently remodeled cottage bearing a 1956 build date.


You can look back at the 2012 sale listing here and see the home in comparable condition. The price 6 years ago? $1.059M.


The rise in value over that time? Gulp. 70.


Also at around the same time, a much smaller, original cottage at 3529 Pacific (2br/1ba, 950 sqft.) has just closed for $1.499M. 


That's the last block before Rosecrans. Call it $1.5M for something like land value.


This phenomenon for pricing in the Trees really isn't new. The sales this week mainly confirm the trend.


We recently pointed to the sale of a slightly bigger fixer cottage at 721 35th ($1.925M) as a sort of reality check for potential buyers, and relevant info for sellers. (See &quot;Up, Up, Up on 35th.&quot;)


For your edification and entertainment, here below is a complete list of all homes sold in the Tree Section with less than 1500 sqft. of interior space going back a year. Newest sales appear first. (Email subscribers will need to view this post in a browser to see all the listings.)


Tree Section Sales


 


 
 ]]> </description>
    <pubDate>Fri, 27 Apr 2018 08:07:00 -0700</pubDate>
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<item>
    <guid>https://www.mbconfidential.com/blog/making-price-cuts-into-daily-news.html</guid>
    <link>https://www.mbconfidential.com/blog/making-price-cuts-into-daily-news.html</link>
        <author>dave@mbconfidential.com (Dave Fratello)</author>
        <title>Making Price Cuts into Daily News</title>
    <description> <![CDATA[ 
If you track Manhattan Beach real estate market activity on a day-by-day basis, some things that happen have the feeling of minor headline news.


We watch the comings and goings on the market daily, of course, and we document almost everything for the MB Property Ticker.


A sale on a landmark property? News.


Big price cuts, like when 100 N. Dianthus made its second $500,000 cut recently? Big news.


And so on.


Price cuts are almost always news.


A price cut has a message, from seller to potential buyers: &quot;Hey, look over here We're really trying to sell. Take another look&quot;


Later cuts have the same message, with a &quot;please&quot; added on.


And then there is what's going on over at 4310 Ocean Drive in El Porto.


For 5 days running now, 4310 Ocean has made a price cut. Each time, it was $5,000.


It's like the sellers have added a &quot;please&quot; message time and again. As the little ones say:


Please?


Pretty Please?


Pretty Please with Sugar on Top?


With Whipped Cream and Sugar and Candy on Top?


Here's the thing about 4310 Ocean as of today, however: After 5 price cuts, at $1.575M, it's currently priced $35K over its start price one month ago.


And it's still $25K over its sale price in early March of this year ($1.550M).


It's a curious set of circumstances, worth recapping in order:


Jan. 11, 2018: Offered for sale at $1.500M.


Jan. 24: In escrow.


March 6: Sold for $1.550M.


March 22: Listed for sale at $1.540M.


March 25: In escrow.


March 26: Out of escrow.


March 30: In escrow.


April 1: Price changed (raised) to $1.600M while in escrow.


April 11: Out of escrow.


April 20-24: Daily price cuts of $5,000 each, now $1.575M.


It's not too hard to understand what's up here.


An investor grabbed 4310 Ocean at first, considering a major remodel or new build. That was the $1.550M sale.


Another opportunity came up, so the new owner decided to resell quickly.


That $1.540M start price (below acquisition) must have been meant as multiple-offer bait, and it appeared to work, at first.


Boy, though, people have trouble committing to this property, don't they? It's been in escrow 3 times this year, selling once.


Assume that shift in price from $1.540M to $1.600M on April 1 represents the deal price they had in hand.


They're still thinking it'll sell over $1.550M, and they want everyone watching the property to know it's going to sell.


Who'll pounce first?


And if no one pounces right away, how many more $5K cuts are there left in reserve?


There's a bit of recent history that 4310 Ocean does not want to repeat.


For 3+ weeks last Summer, a stalled 4br townhome at 2211 Bayview made daily cuts of $1,000 each.


The price fell from $3.449M down to $3.427M over the span. No offers.


Then they made one huge cut of $228K to $3.199M. No offers for 2 months.


The townhome finally sold for $3.100M, or $449K below the start price.


The daily price cuts didn't motivate anyone, get people off the fence or, really, do much of anything but cause some eye-rolling.


Even the last big cut didn't &quot;work&quot; for a while.


But hey, each day for 3 weeks or so, those $1,000 price cuts were news... of a kind.
 ]]> </description>
    <pubDate>Tue, 24 Apr 2018 14:33:00 -0700</pubDate>
</item>
<item>
    <guid>https://www.mbconfidential.com/blog/weekend-opens-421-42218.html</guid>
    <link>https://www.mbconfidential.com/blog/weekend-opens-421-42218.html</link>
        <author>dave@mbconfidential.com (Dave Fratello)</author>
        <title>Weekend Opens (4/21-4/22/18) </title>
    <description> <![CDATA[ 
New inventory was a bit slower to emerge this week, and there are only 35 listings (out of 100) holding open houses this weekend, down by a third from last week.


If you're looking for entertainment options this weekend or next, give a shot to Mira Costa's own drama department, whose production of &quot;How to Succeed in Business Without Really Trying&quot; runs this weekend and next Thurs/Fri/Sat. Get more details from DigMB's post.


Our video this week features two of the new listings on the market, 228 3rd and 861 12th Ct.:







Email subscribers and some mobile users will need to use this link to view the video.


To plan your open-house tours for this week, use MB Confidential's online list of Manhattan Beach open houses (it's mobile-friendly). Our open house link always appears in our weekly wrapups and on the main front page, under &quot;Open Houses.&quot;


Below, click any address link to view all photos and property details. And don't forget, when previewing homes here on MB Confidential, you can click &quot;Open All Images&quot; right above the main listing photo to get immediate display of all the listing photos at once.


Listings appearing here come from the whole MB market and may or may not be represented by MB Confidential author Dave Fratello. 


Tree Section


861 12th Ct. (3br/2ba, 1200 sqft.) is just about the most modernized, slick, comfy and warm little cottage you're going to find. Tightly, carefully redone with a modern edge. Delightful master opening to the yard.


Large? No. And when a home is this dialed, you wouldn't really consider breaking it up to add on.


It's hard to find anything west of Sepulveda under $2M, so here's one option (not far under $2M) that will be interesting to watch as a measure of the market.


More from the official description:


&quot;Situated on a quiet, one block long street, this family home features 3 beds, 2 baths with 1,200 sq.ft. (BTV) of living space on an oversized 50x100 lot. Essentially remodeled down to the studs, this beach cottage home will not last long on the market. Amenities and updates include: New kitchen and stainless steel appliances. Expansive front and back yard with New Landscaping. Added rain gutters. New electrical and plumbing including tankless water heater. New forced-air heating system furnace with capability for adding air conditioning. Added second bathroom with new stone. Added new window in front bedroom. New solid core doors. Expanded closets with built in closet units in front and Master bedrooms. New fireplace. Short walk to Pacific Elementary School and Downtown Manhattan Beach.&quot;


861 12th Ct. begins at $1.999M and is open Sat. &amp; Sun. 1-4pm.


Sand Section


228 3rd (3br/3ba, 2060 sqft.) is a walkstreet lot w/ a surprising older house set one door in off of Highland. Based on some recent sales nearby, the land value is probably at or near the list price of $4.995M. 


In this case, rather than a darling little cottage, the lot comes with a 2-story home plus bonus space back by the garage. It's all very, very dated of course, but one might be tempted to give the structure a chance, either as a temporary home or rental before redeveloping.


More from the official description:


&quot;If you have been looking for your dream walk street property in Manhattan Beach, this south-end walk street home sits just above the crest of the hill on 3rd Street on a flat part of the block. This part of the street west of Highland provides you with the opportunity to remodel a charming beach cottage or build a 4000-5000+ square foot ocean view masterpiece within walking distance to town but far enough away to enjoy your privacy. The current property includes a three-bedroom home with three bathrooms along with a separate one-bedroom unit located above the garage. Sitting on a 2700 square foot full lot, you will be able to capture white-water views with a front yard and walk street charm.&quot;


228 3rd begins at $4.995M and is open Sat. &amp; Sun. 1-4pm.


East MB


2104 Lynngrove (2br/1ba, 1130 sqft.) is a pretty original Liberty Village cottage with some light updates over the years. Typically these homes will get a 3rd and/or 4th bedroom added along the way during a major remodel.


More from the official description:


&quot;This property gives a new buyer so much opportunity to create something truly magical and unique. This 1,123 square foot, 2 bed/1bath home sits on a 5,313 square foot lot and provides a chance to create your dream home on this great mid-block location. Enjoy the award-winning Manhattan Beach school system, close access to Polliwog park and a highly desirable, walkable neighborhood.&quot;


2104 Lynngrove begins at $1.360M and is open Sat. &amp; Sun. 2-4pm.


1809 Lynngrove (2br/2ba, 1300 sqft.) is a very original Liberty Village cottage. You could say it presents much the same proposition as nearby 2104 Lynngrove, which just began this week also. However, it's starting out $115K higher.


From the official description:


&quot;[A] unique opportunity to craft your own home in a wonderful neighborhood. This charming 2 bedroom, 2 bathroom home comes on a large 5,443 square foot lot and has 1,275 square feet of living space. Enjoy the award-winning schools of Manhattan Beach, concerts in the park at Polliwog Park (within walking distance) and the walkability of a wonderful neighborhood.&quot;


1809 Lynngrove begins at $1.475M and is open Sat. &amp; Sun. 2-4pm.


12 Grenada (2br/3ba, 1590 sqft.) is a Village 2br with significant updates to the kitchen and flooring. Similar units recently began to go over $1M.


More from the official description:


&quot;This fabulous Pl 2, Townhome has a remodeled kitchen, Ceasarstone counters, newer white cabinets, Stainless Steel appliances. It is a prime location and End unit with an extra window in family room that looks out on to a Lush greenbelt. Hardwood band Travertine Floors in living area. 2 Balcony’s off the Dining room and Master suite. Newer French Doors in Living Room lead out to a beautifully landscaped private Patio with a water Feature and a gate. Also upgraded with a smart Door bell and heating thermostat. Ceiling fans and shutters throughout. Close to one of the 5 private Spas and large heated Pool.&quot;


12 Grenada begins at $1.125M and is open Sat. &amp; Sun. 1-4pm.
 ]]> </description>
    <pubDate>Sat, 21 Apr 2018 10:19:00 -0700</pubDate>
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<item>
    <guid>https://www.mbconfidential.com/blog/redfin-can-hide-inconvenient-estimates.html</guid>
    <link>https://www.mbconfidential.com/blog/redfin-can-hide-inconvenient-estimates.html</link>
        <author>dave@mbconfidential.com (Dave Fratello)</author>
        <title>Redfin Can Hide Inconvenient Estimates</title>
    <description> <![CDATA[ 
Upstart (and now IPO'd) online real estate brokerage Redfin is everyone's darling, in a way.


They've got great tech, discount fees and a commitment to transparency, right?


The story's a bit more complicated when it comes to Redfin's own listings.


You may know about the brokerage's fairly recent deployment of automated valuations.


The &quot;Redfin Estimate&quot; (&quot;Restimate?&quot;) now appears at the top of a listing page, right under the price, as in this example:





You see the estimate just below the bed/bath count.


A larger version of the estimate, with some links to comps, will appear lower on the page. Note how, in this case, the estimated value is higher than the list price.


In general, the estimates are just that. Redfin makes similar claims as to the accuracy of their automated valuations as you might hear from Zillow regarding the loved/hated Zestimate, which preceded the Redfin Estimate by several years. They're kinda accurate, kinda not, and you should always ask an agent to get a real number.


If you were to take a look at almost any home in the Manhattan Beach market right now on Redfin, you'd find a &quot;Redfin Estimate&quot; alongside the price.


In fact, out of 103 homes on the market on Sunday, April 15, nearly all featured a &quot;Redfin Estimate.&quot;


Five had a Redfin note saying the system lacks enough data to generate an estimate. Just 2 more lacked one.


The notable exception? Redfin's own listing at 1426 Marine Ave. (Go ahead and peek; we'll be right here waiting for you.)


How does Redfin go about explaining the lack of a Redfin Estimate for their own listing? Here's what appears lower on the listing page:


It's a very specific claim. The &quot;Estimate [is] Not Available&quot; because: &quot;This seller does not allow automated home-value estimates for this home.&quot;


When agents input a listing into the MLS, there is exactly such an option available. With the seller's signed consent (and only with that consent), automated valuations can be suppressed on all real estate brokers' websites that use formulas to guess at values.


But.


Redfin's listing at 1426 Marine does not have that option turned off.


Instead, in the MLS backend, where there is an option to turn off those valuations, it's turned &quot;on.&quot; A special field looks like this image for nearly all listings in the MLS, including 1426 Marine.


The option for &quot;Internet, AVM?&quot; (&quot;automated valuation model&quot;) is selected to &quot;Yes,&quot; meaning that sites which produce automated valuations may do so with this listing.


So what does it mean when Redfin's own display says, &quot;This seller does not allow automated home-value estimates for this home?&quot; The seller does allow them.


Redfin has exactly one listing in Manhattan Beach, and it's nearly the only one without a &quot;Redfin Estimate.&quot; That's no coincidence. A logical inference is that Redfin does a favor to its own clients by suppressing the estimate.


After all, wouldn't it be embarrassing if the seller and Redfin agent agreed on a price, and the automated/estimated value was lower?


We did a little more scanning around to find Redfin listings in Southern California. It wasn't easy, as they don't have listings in most markets we checked. But we found 20 active Redfin listings in towns like Van Nuys, Monterey Park, Anaheim and Long Beach, and recorded some data on each. Here are the results.


On 9 out of 20 of those listings, there were no Redfin estimates. Like with 1426 Marine, every listing we found that lacked an estimate stated, &quot;This seller does not allow automated home-value estimates for this home.&quot;


And on all 9 of those listings, just like with 1426 Marine, the MLS setting for AVMs was actually set to &quot;yes,&quot; meaning automated home-value estimates  actually are allowed by the seller.


We were looking for a pattern. On the 11 listings with an estimate, 7 of the listings actually showed estimates below the list price, from $22.00 to $22,000.00. However, in no case was an estimate more than 2.57 below the list price. Five of those 7 were not more than 1 low.


The 4 other Redfin Estimates were all higher, as if to say, &quot;we think this list price is a total steal.&quot; (Just like the example above.)


We got the impression right away that Redfin may have an automated &quot;embarrassment protection mechanism&quot; (EPM) that strips out estimates that are more than 3 below the list price. But who could be sure?


So we placed a call to Redfin corporate headquarters.


If you've ever worked in journalism or similar research, you know what it's like to slightly dread that call, expecting to get the runaround from secretaries and flunkies, getting lost in voice mail trees, receiving promises of a call back that never comes. Your story or project gets delayed.


But with darling Redfin, that's not what happened.


Instead, the first person we spoke to knew how this works.


At first, we were told that any seller can block automated valuations using a field in the MLS.


Aha we said, But none of these blocked estimates have made that selection in the MLS. They all allow AVMs.


Well, they said, sellers can also elect to block just the Redfin estimate by asking their Redfin agent to go into the Redfin site and make the change. HQ might get called in sometimes to take that step. Either way, Redfin's site is built to allow this tweak to Redfin's own listings, suppressing publication of the estimate.


So that seems to be the answer. We don't know that blocking of the estimate is ever automated (maybe there's no EPM), only that it can be done by hand.


It remains a might suspicious that almost half the sample of 20 listings we found had the Redfin Estimate turned off. What stories would they tell?


It does raise the question either way: If Redfin's estimates are so well-designed and adapted to local market conditions, why shouldn't they appear on all listings, including all properties listed with Redfin?


Of course, the question answers itself. Redfin doesn't want to upset a seller with an overdose of automated transparency. (&quot;The thing is, Mr. and Mrs. Seller, our computer system has a mind of its own, and it says your house is overpriced. Sorry&quot;)


As to 1426 Marine (2br/1ba, 840 sqft.), where this story began, there is some room to speculate.


The buyer only acquired the home a year ago, in March 2017, for $1.279M. (See the past-sale listing here.)


The list price now is $1.499M, or $220K and 17 higher than last year. It was already remodeled last year, so it doesn't seem like major changes to this small house would account for the price difference year-over-year.


It's conceivable that the Redfin Estimate would be more than 3 lower than the asking price, and therefore... inconvenient.


Since it's blocked, guess we'll never know.


Zillow, by contrast, isn't a brokerage and doesn't play favorites. They'll put an estimate on any listing. Zillow's &quot;Zestimate&quot; for 1426 Marine is $1,556,694, or 4 higher than the asking price.


You just never know what those robots will come up with.
 ]]> </description>
    <pubDate>Thu, 19 Apr 2018 17:33:00 -0700</pubDate>
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<item>
    <guid>https://www.mbconfidential.com/blog/mb-market-update-for-41518.html</guid>
    <link>https://www.mbconfidential.com/blog/mb-market-update-for-41518.html</link>
        <author>dave@mbconfidential.com (Dave Fratello)</author>
        <title>MB Market Update for 4/15/18</title>
    <description> <![CDATA[ 
At different times of day on Sunday, April 15, Manhattan Beach real estate inventory wavered from 100-103. When we finally took our snapshot, it was 102.


This officially marks the first time that 2018 inventory exceeded the total for 2017 during one of MB Confidential's twice-monthly market updates. It's 11 more than last year, but 9 shy of the figure for the same time in 2016. (All other recent years in our tracking had much lower inventory.) We've graphed this below, in an update of a chart we ran late last week.


An oddity of this period was that only 7 sales closed in the first half of April. While new escrows are moving along at a decent pace, inventory is growing overall and the number of sales in the past year is higher than the year prior, it doesn't quite make sense that we'd average just one sale every two days in Manhattan Beach. But we'll call that a quirk for now.


Maybe the most interesting sale of the period was 501 8th.


It's a walkstreet lot in the South End. If the mid-block lots are selling consistently in the mid-toward-high 3's, how much was one worth that's only the second lot in off of Valley?


The list price of $2.795M was not really a price, but a shrug, and an invitation. We don't really know what it's worth, they seemed to say. Come and get it


(To be fair, the listing agent accurately predicted the sale price of $3.000M, which came after multiple offers.)


So it looks like the answer about the Valley-proximity question is that the discount from a prime interior lot was around 15.


One new escrow we found interesting was at 2507 N. Valley (4br/4ba, 2825 sqft.), partly because it's a home Dave sold a few years ago. (In April 2013, to be exact. Here's the sold listing [$1.885M]).


They came out at $2.450M this year and, for weeks, nearly had that price tier to themselves. But it wasn't selling, so they began making significant cuts to draw attention.


The first cut was $75K after 3 weeks. The next, much bigger at $125K after another month. At $2.250M, this was a lot of house for the money, and virtually the only home of roughly the same size west of Sepulveda under $2.5M. That last cut got it done.


We'll also not that the big new corner Cape Cod at 1901 Palm (5br/7ba, 4750 sqft.) also made a deal during this period. While they started very ambitiously there at $5.500M, the listing had cut to only $5.099M when a buyer came ready to sign.


Here's the rest of our local real estate market update report for the period ending 4/15/18:




102 active listings as of 4/15/18 (+26) 


79 SFRs (+24)


23 THs (+2)




See the inventory list as of 4/15/18 here, or see the MB Dashboard for up-to-the-minute data.


Active listings by region of Manhattan Beach in this report:




Tree Section: 19 actives (+1)


Sand Section: 52 actives (+7)


Hill Section: 12 actives (+6)


East MB: 19 actives (+12)




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

Sales data, including PPSF for all properties, are organized by sub-region of Manhattan Beach.


Here's a link to the spreadsheet: &quot;MB Pending/Sold as of 4/15/18.&quot;
 ]]> </description>
    <pubDate>Tue, 17 Apr 2018 19:27:00 -0700</pubDate>
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<item>
    <guid>https://www.mbconfidential.com/blog/weekend-opens-414-41518.html</guid>
    <link>https://www.mbconfidential.com/blog/weekend-opens-414-41518.html</link>
        <author>dave@mbconfidential.com (Dave Fratello)</author>
        <title>Weekend Opens (4/14-4/15/18) </title>
    <description> <![CDATA[ 
At a time of higher inventory (102 as of Saturday morning), there are also more open houses than we've seen in a while: 48 listings holding opens, with half (24) in the Sand Section.


There is a LOT to see that's open, but maybe the one listing that steals the week is 2615 Crest, perched at a picturesque peak overlooking the Pacific with views that are hard to believe. Wow. It's not open publicly, but featured in our video below and, if you'd like to see it, we're happy to go back and take you through.


Our video also includes 508 Manhattan Ave. (another stunner that's not publicly open), 747 33rd, 719 19th and many more:







Email subscribers and some mobile users will need to use this link to view the video.


To plan your open-house tours for this week, use MB Confidential's online list of Manhattan Beach open houses (it's mobile-friendly). Our open house link always appears in our weekly wrapups and on the main front page, under &quot;Open Houses.&quot;


Below, click any address link to view all photos and property details. And don't forget, when previewing homes here on MB Confidential, you can click &quot;Open All Images&quot; right above the main listing photo to get immediate display of all the listing photos at once.


Listings appearing here come from the whole MB market and may or may not be represented by MB Confidential author Dave Fratello.


Sand Section


429 27th  (3br/3ba, 2000 sqft.) is a true charmer, with comfy living spaces on the lower and middle floors and a top-floor master suite. Style is delightful, with plenty of light and classic beachy finishes. More from the official description:


&quot;Located on one of the best streets in North Manhattan, this 2,000 sq ft Single Family Home sits on the north side of a coveted Street-to-Alley lot. A great home for entertaining, the large and comfortable downstairs family room has a full wet bar and opens up to a sunny walkstreet-like front patio. Completely rebuilt in 2006, this 3 bedroom home features two comfortable living spaces and a fabulous third floor master suite with a walk through closet and private balcony. Other notable features include Dual Zone Central AC, outdoor shower, wood floors, chef inspired kitchen, 2 car garage with extra space and storage, and more. &quot;


429 27th begins at $2.775M and is open Sat. &amp; Sun. 2-4pm.


216 2nd (4br/4ba, 2760 sqft.) is a custom modern with island flavor in the South End. The top floor has very high ceilings and a large disappearing door opening to take in the nearly perfect ocean views. More from the official description:


&quot;Listen to the sounds of the surf from this unparalleled modern walkstreet home... Pre-sold in 2008, the home was given extensive custom upgrades, making this a rare, high-quality custom home. The glow of the nightly sunsets is made even warmer by rich mahogany siding both inside and out, mahogany floors and stainless large Fleetwood pocketing sliders. Soak in the drama of due west &amp; northwest panoramic ocean views, thanks to thoughtful design &amp; a unique configuration of lots to the west. Exquisite gourmet kitchen featuring CaesarStone counters, mahogany cabinets &amp; flooring, stainless top-of-the-line appliances incl oversized SubZero, Thermador professional grill &amp; oven, Thermador microwave &amp; Bosch dishwasher. Incredible master suite w large sliders, t &amp; g wood paneled ceiling, grass cloth walls, vessel sinks in master, steam shower w multiple fixtures. A view balcony adds to peaceful reprieve.&quot;


216 2nd begins at $5.795M and is open Sat. &amp; Sun. 2-4pm.


329 4th (3br/2ba, 1700 sqft.) is a walkstreet cottage where, as is so often the case, the value is primarily in the land. But this one also achieves the feat of being truly charming as it stands, with decorator touches to the recent remodel.


Yes, $4M is still a lot for a darling cottage, but that's the South End walkstreets for you. From the official description:


&quot;This charming, classic beach home is located on a coveted walk-street, close to Downtown MB. The entryway leads you to an open concept living space with hardwood floors, natural light and a clean, neutral design palette throughout. The kitchen features granite counters, a large island with breakfast peninsula, a spacious pantry area, and crisp white cabinetry. White wainscoting adds coastal charm while surrounding the dining area with built-in buffet and wine racks conveniently close at hand. The spacious living room centers around a modern free standing fireplace, and is ideal for casual entertaining. Just beyond the main entertaining areas is a family room. A large built-in desk is a fantastic, functional work space for a home office. A main level bedroom and full, spa styled bath is located close by. The upper level finds the additional bedrooms, including the master bedroom that features a walk-in closet, classic shiplap detail and high, vaulted ceilings. An additional 3/4 bathroom with oversized walk-in shower is conveniently placed between the two bedrooms and showcases convenient built-in storage.&quot;


329 4th begins at $3.990M and is open Sat. &amp; Sun. 1-4pm.


550 4th (5br/3ba, 2860 sqft.) is essentially a land-value sale, trying now for its third time with a third agent.


You'll note right away that this South End property runs along Valley. It's on the corner with 4th St., which is not now but might () some day become a walkstreet in the segment between Valley and Ingleside.


The lot is unusually shaped, 23' wide at one end 4th St. and widening to 39' wide at the rear alley. In total it's a bit larger than a typical 2700 sqft. lot at 2889 sqft.


The not-irrelevant question of how much a lot is worth near (or on) valley compared to an interior walkstreet lot was answered recently when 501 8th sold (land value) for $3.000M. That home is one door west of Valley. Right now, 550 4th is at $3.300M. More from the official description:


&quot;Mid Century Modern Home located on an over sized corner lot. With 2,861 SF (A) of well planned living area, this home affords ultimate privacy while keeping with an open concept floor plan, ideal for entertaining. Embrace the current architectural styling or re-imagine the home with a more modern approach. Great opportunity to create a truly amazing, one of a kind showcase property.&quot;


550 4th begins at $3.300M and is open Sat. &amp; Sun. 1-4pm.


429 20th (3br/2ba, 1780 sqft.) is, per the official description:


&quot;This classic beach home is ideally located on a desired walk street. The unique location enjoys rare open space on three sides of the property, offering a much more open and private feeling. An oversized walk-street patio is another rare feature, and one that will be enjoyed year-round when simply enjoying al-fresco dining or entertaining on a large scale. Upon entry you are welcomed to this Montecito style interior that showcases charming design elements like checkerboard floors, hand-stamped tiles, wrought iron hand railings, original hardwood floors, and schoolhouse light fixtures. Two large bedrooms are located on the entry level along with an interior laundry area.&quot;


429 20th begins at $3.300M and is open Sat. &amp; Sun. 1-4pm.


Tree Section


747 33rd (5br/5ba, 3800 sqft.) is a late-90s Spanish-inspired home on a pleasant block. It features a side courtyard and garage in back on this street-to-alley lot. From the official description:


&quot;This stunning coastal Santa Barbara beauty sits at the crest of 33rd street in the prime Tree Section... This home exudes a relaxed atmosphere and elegant style. An inviting and gated front yard with mature landscaping makes this a truly special place anyone would be proud to call home. A stunning reclaimed wooden door with wrought iron accents is just a taste of the incredible details that await you. Soaring ceilings are complimented by rustic beams and ideally placed arched windows that allow sunlight to filter throughout. An impressive staircase adds warmth and visual appeal to the foyer. Step upstairs and enjoy the convenience of daily family living four bedrooms all on the same level; including a luxurious master suite complete with dreamy fireplace, spa like master bath, and spacious lounging deck that extends the space and welcomes fresh air and cool breezes. The lower main living area flows seamlessly with an easy and open concept floor plan. Imagine the entertaining possibilities from your gourmet kitchen and great room that centers around the beautifully landscaped outdoors creating a lush focal point and encouraging alfresco dining.&quot;


While the home shows some updates from its original condition, the home seems now to be largely the same as in 2014, when it sold (quickly) for $2.900M.


747 33rd begins at $3.749M and is open Sat. &amp; Sun. 1-4pm.


East MB


1750 3rd (4br/3ba, 3300 sqft.) is a 1980s house with a reverse floorplan (all bedrooms downstairs) that tried on the market last year, but was just too dated.


The owners enlisted help to revive the home largely as it was, with new paint, carpet, wood flooring and fixtures, among other inspired changes. It works. You can see the whole home differently than last year.


Three bedrooms downstairs share a double-sink bathroom. There's a half bath upstairs. The lot is in the 6600 sqft. range rather than 7500 sqft., but the backyard is still sizable and sunny.


While you might want to finish updates to the bathrooms and kitchen, this is a respectable starting point. More from the official description:


&quot;[T]his designer perfect home will surprise you every way.With a fresh Industrial chic spin on timeless traditional style, this open and spacious floor plan is an entertainer's dream. Custom grey washed wide plank oak floors, crisp white crown molding; you will feel right at home and right on trend.A large double door entry on an oversized brick front porch commands attention from the curb, and the impressive staircase entry that lends a view of the entire open concept living doesn't disappoint.Uniquely set with all the living on the top floor, this home exudes privacy, endless natural light and true character.With french windows on every wall, the sun pours in. Envision making a cocktail from the bar and cozying up with friends as you host holidays by the fire .Let the amber Edison lights set the tone of your next dinner party in the formal dining room. The kitchen is appointed with endless cabinets, center island, breakfast bar seating and a bonus oversized eat-in dining area ideal for practical everyday life.Walk right out of the French doors to a shaded deck overlooking the large grassy south facing backyard simply begging for a pool.&quot;


1750 3rd begins at $2.199M and is open Sat. &amp; Sun. 2-4pm.


1540 Mathews (3br/3ba, 2420 sqft.) is, per the official description:


&quot;Custom built Craftsman style SFR totally remodeled ... on a large approx. 7500 s.f. quiet lot (btv) Gourmet kitchen opens to dining &amp; family rooms with wood burning fireplace. H.W. floors, S.S. appliances (Wolf oversized stove w. double ovens), warming draw, S.S. double sink, Brazilian wood cabinetry, granite island, vaulted ceilings, slate floors &amp; large shower w. separate Jacuzzi type tub. Long private driveway w. 2 car garage &amp; large attached 16’x16’ workshop/office. Award winning Manhattan Beach schools &amp; walking distance to Mira Costa H.S.&quot;


1540 Mathews begins at $2.150M and is open Sun. 2-5pm.


1426 Marine (2br/1ba, 850 sqft.) is a very small but remodeled cottage purchased in March 2017 for $1.279M. They're back now asking $220K more. From the official description:


&quot;CHARMING remodeled Beach Cottage in Manhattan Heights It boasts a beautifully done galley kitchen with plenty of storage space, pantry, new cabinetry, gleaming White Quartz Counter Tops, Stainless appliances and Blue Glass Subway tile back splash The bathroom has a Jacuzzi tub, glass door enclosure, stunning blue glass sink and tile floors. The original hard wood floors are in place stained with a gray modern tone....with plenty of closet space, recessed lights throughout, Dual Pane Windows, new doors and Hardware, Central Heating and Air Conditioning is in place, owner recently replaced all sewer lines below the home, a Tankless Water Heater for energy efficiency and a new water filtration system that feeds into the fridge water line too Then you walk into the glorious grassy LARGE Back Yard.&quot;


We happened to note that this home is listed by Redfin, and you know Redfin publishes automated valuations on homes for sale, so we took a look, and got this:





Hmmm, well, maybe the valuation is whatever price they put on it...


1426 Marine begins at $1.499M and is open Sat. &amp; Sun. 1-4pm.
 ]]> </description>
    <pubDate>Sat, 14 Apr 2018 14:43:00 -0700</pubDate>
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<item>
    <guid>https://www.mbconfidential.com/blog/did-you-see-inventory-jump.html</guid>
    <link>https://www.mbconfidential.com/blog/did-you-see-inventory-jump.html</link>
        <author>dave@mbconfidential.com (Dave Fratello)</author>
        <title>Did You See Inventory Jump?</title>
    <description> <![CDATA[ 
Now, when was it that we were talking about how inventory was consistently lower this year than last year, while the sales pace was basically steady?


Oh yeah, yesterday.


The inventory figure we used was 76, representing inventory on March 31, date of our last MB Market Update.


Mostly, since that time, inventory has hung around in the low 80s.


Until today, Friday, and... wow.


Would you believe 103?


If we're still at that point by Sunday, when our 4/15 Market Update is ready, you're going to see inventory higher than 2017's inventory for the first time all year.


As our chart here shows, 100+ listings will put 2018 just a bit under 2016's figure of 111.


We're basically certain to see a figure higher than 2017's 91 listings on April 15 last year.


Nerdy note: The chart extends to April 15 for 2016-17, but we used the April 13 figure for 2018.


How did this happen?


We've seen 24 new listings come to market in Manhattan Beach in just 7 days. Of those, 18 came out in the last 3 days, and 9 on Thursday/Friday.


Plus, a few homes in escrow as of our March 31 update fell out of escrow later.


Why the rush of listings now? It's hard to say. Easter week is often slow, but the rush follows immediately. Not so this time... all of this activity came after public schools came back from Spring Break.


If the end of the break is a factor, it illustrates again something that doesn't need to be true, but often is true: The local real estate market is slower when the kids are off school.


It's not that the kids are the buyers, or that buyers already live here and are away with the kids, but still, there's some relationship, surely.


Maybe brokers are away with their kids and don't want to work during Spring Break?


Don't bet against that hypothesis.


Disclosure: Dave took a few days off last week. But we did work, and a Confidential Realty listing came out last week and sold right away.
 ]]> </description>
    <pubDate>Fri, 13 Apr 2018 15:50:00 -0700</pubDate>
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<item>
    <guid>https://www.mbconfidential.com/blog/market-almost-as-busy-as-17-in-q1-18.html</guid>
    <link>https://www.mbconfidential.com/blog/market-almost-as-busy-as-17-in-q1-18.html</link>
        <author>dave@mbconfidential.com (Dave Fratello)</author>
        <title>Market Almost As Busy as '17 in Q1 '18</title>
    <description> <![CDATA[ 
Though inventory of homes for sale in Manhattan Beach has been lower most of this year, the sales pace has been about the same as last year.


Comparing data from Jan. 1-March 31 of each year, there were 108 new escrows opened in 2017, and 101 opened in 2018.


That data comports with our observations and feelings from the front lines this year.


There's been little evident reluctance by buyers. Recent changes in the tax laws pertaining to real estate, plus increasing mortgage interest rates, could have cast a pall over the Spring market. But that seems not to have happened.


Indeed, it is not at all uncommon to see attractive homes sell within 1-2 weeks. And multiple offers are breaking out when the price is right.


As you see in our second chart, buyers have stepped up at a nearly equal pace to last year despite having 10-25 fewer choices, overall, than buyers had last year. Demand, in other words, has been pretty consistent.


Meanwhile, slightly more sales closed in Q1 2018 than in Q1 2017: 78 sales this year, versus 73 last year. Obviously, closed sales are a slightly lagging indicator, because some sales closing during this 3-month period opened escrow back in 2017. And properties that went into escrow during this quarter have not all closed yet.


For the one-year period ending March 31 (4/1/17-3/31/18), there were 427 closed sales in Manhattan Beach, versus 394 for the equivalent prior year period (4/1/16-3/31/17). This is some indication of the ongoing momentum from 2017.


These are all good indications for now that local real estate has held steady, despite 8 years of rising prices and potential headwinds that might have raised questions for buyers.


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

Nerdy notes: The data on new escrows is drawn (painstakingly) from our own MB Market Update spreadsheets published regularly here at MB Confidential. We counted only those properties newly going into escrow within the 1st quarter. Not every property going into escrow during Q1 of either 2017 or 2018 remained in escrow - some fell out and even quit the market.


We preferred to hand-craft our own data, because some online tools we experimented with that draw on MLS data gave us wildly different results. Those tools incorrectly suggested that 2018 was much slower than 2017. When those numbers didn't seem right, we broke out the abacus and did it all by hand.


Oh, where are all those homes selling this year?


Here's a nifty look at differences year-over-year.


Conclusion: Hooray for the Sand Section


The beach has seen the most sales in this quarter, fully 67 more than in the same period last year, and the area's showing signs of life despite a nearly 2-year funk with high inventory and softer prices overall.


There's still a lot more inventory in the Sand Section than in any other part of town, but that's helping generate more sales along the coast, too.


You almost can't keep a house on the market in the Tree Section (we failed to get 2 to market this year, selling instead before public listings). The sales pace is lower this year in the Trees largely because inventory has been tight.


Much the same can be said for East Manhattan, where it seems nothing has really been available this year, or hung around for long.
 ]]> </description>
    <pubDate>Thu, 12 Apr 2018 14:45:00 -0700</pubDate>
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    <guid>https://www.mbconfidential.com/blog/plenty-of-6m-houses.html</guid>
    <link>https://www.mbconfidential.com/blog/plenty-of-6m-houses.html</link>
        <author>dave@mbconfidential.com (Dave Fratello)</author>
        <title>Plenty of $6M Houses</title>
    <description> <![CDATA[ 
The market for homes above $6M is rare air.


But finding a home in Manhattan Beach priced above $6M right now isn't so hard.


If that's your budget, you've got plenty of choices.


Out of the 18 homes listed below, there are 11 that aren't on The Strand and are essentially move-in ready (even if a buyer might want to update).


Out of the 11 move-in-ready homes, most (6) are in the Hill Section.


Note: The borderline case of 100 N. Dianthus is one we're counting here as move-in-ready, partly out of wishing to see someone update, but preserve, that custom 80s courtyard home. Its large corner view lot could prove to be more valuable than the house itself, but our preservation instincts are tugged upon by this one. (Note: Soon after this post went live, 100 N. Dianthus cut its price from $6.500M to $5.999M, but we'll still count it as a $6M home.)


So, who's supposed to be buying these homes? (Rhetorical question.)


There's charm and wonder to the large Southwestern view home with pool and climbing wall at 233 Anderson (5br/6ba, 6790 sqft.), asking $6.495M.


There is almost everything to love about a masterpiece of a house at 617 Anderson (6br/8ba, 6450 sqft.), asking $6.999M, except maybe some of the photos (vertical? please no). 


The magestic Italianate at 218 N. Dianthus? (Pictured at the top.) Sure. (Asking $6.395M.)


And so it goes, through the list, up to and including new construction at 304 N. Dianthus (5br/6ba, 6350 sqft., asking $7.199M).


If you want the big house and/or the great location, you can get those things for a $6M+ budget.


Look outside the Hill Section, and you might find a house on a lower walkstreet (224 29th at $6.200M, 130 19th at $9.250M or 125 17th at $7.850M), or a radically revamped townhouse near the water (508 Manhattan Ave., $6.500M).


Even though there are all those listings to look at, there's only one home at $6M+ in escrow today (621 8th, listed at $7.195M), and only 2 have closed on the public market here in 2018 above $6M (624 9th at $8.050M and 3405 Manhattan Ave. at $6.450M). A couple more sold off-market.


There were 24 public-market sales in 2017 at $6M or higher, including Strand properties.


This is not to say there's no demand, but buyers at this tier increasingly seem to have been patient, and may be rewarded for that.


Here's a list of all Manhattan Beach homes publicly listed for sale over $6M as of today. As always, there are more off-market or in a pre-market status we're hearing about also. (The display will automatically update. Email subscribers will need to view the post in a browser to see the listings.)


 


 
 ]]> </description>
    <pubDate>Tue, 10 Apr 2018 16:43:00 -0700</pubDate>
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