A Pullback in 'Manhattan Pointe' Prices?

By Dave Fratello | November 13th, 2018

211 Aviation Place Manhattan Beach CAA community of 28 townhomes styled as row houses, known as "Manhattan Pointe," makes up a distinctive pocket of Manhattan Beach.

Further east than the rest of East Manhattan, the complex is an island of MB in what should be North Redondo, east of Aviation Blvd.

Since its inception in 2002, when this complex was completed, sales of the townhomes have often been among the lowest-priced, full-sized family homes in the city.

(Photo from current listing for 211 Aviation Place. More on that one below.)

Recently, prices got higher than they ever have been in Manhattan Pointe.

Then, the market said something like, "on second thought..."

And the next sale, months later, went lower.

203 Aviation Place Manhattan Beach CAThe top sale you can find on the MLS was at 203 Aviation Place (3br/3ba, 1750 sqft.), closing for $1.170M after a March 2018 debut on the market.

In a gutsy move, the listing came out at $1.099M, $22K higher than the top sale ever in the complex, and $60K higher than the most recent sale, which had come 11 months prior.

But as you see, at 203 Aviation Place, they didn't get $1.099M. They got more. With multiple offers, the home went $71K higher.

What you may not know is what happened next.

One of the "losing" bidders at 203 found a way to buy a different unit in the complex, 213 Aviation Place, for the same price: $1.170M, in a deal arranged off-market.

Both sales closed in early April.

Suddenly, the bar was reset. The going rate for Manhattan Pointe would be $1.170M.

229 Aviation Place Manhattan Beach CASo, in May, a new listing at 229 Aviation Place emerged, and they sought $1.170M.

Almost 6 months later, after one bogus re-list to reset the DOM count, 229 Aviation Place closed last week for $90K less than the "going rate" for the complex: $1.080M.

And now there are two active listings in the complex priced on either side of that new marker.

311 Aviation Place (3br/3ba, 1750 sqft.) has the least time on market, just 12 DOM at the time of this writing.

Reading the market before coming out, they priced at $1.075M.

211 Aviation Place Manhattan Beach CAMeantime, dating back to June this year, 211 Aviation Place is currently at $1.099M with 4 months of market time spanning 2 listings.

When 211 began in June, it was at $1.150M. So it's lower now, but has competition $24K lower still.

It's worth noting that many of the Aviation Place/Manhattan Pointe townhomes that have traded recently have been essentially original. Here and there you'll find new carpet and sometimes other new flooring. In general, the style of the '02 builds has been fine for most owners and buyers.

The exteriors of the complex just got a massive re-do, however, with fresh paint and wood refinishing.

211 Aviation Place bears marginally the most remodeling among recent market offerings, with contemporary, light-colored new flooring (see photo here), painted cabinetry (not the cherry-colored original) and revamped bathroom tile. So that can be an argument for a price a tick higher than some others. We'll see what the market says.

Now let's geek out just a little to wrap up.

manhattan-pointe-salesFor reference, we took a look back at the history of sales within the Manhattan Pointe complex, dating back to 2002.

The first sales of all units, from late 2002 to mid-2003, all came in between $589K and $619K.

The first wave of resales saw prices hit and exceed $800K, only to fall back between 2009-2012.

After 6 sales within 2012 in Manhattan Pointe, there were no sales at all for 3+ years.

On the same day in May 2016, two sales posted new highs: 209 Aviation Place at $999K and 301 Aviation Place much higher at $1.077M.

Two 2017 sales were in the low $1M range ($1.020M and $1.039M) before the big jumps (twice) to $1.170M early this year, then last week's $1.080M.

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