A Sudden Flood in the Village

By Dave Fratello | July 12th, 2022

Amid a citywide market plagued by limited inventory of homes all year, suddenly Manhattan Village has a small flood of options.

There are now 6 active listings of Village townhomes, four of which have been around long enough to already have price cuts. Three have been on market more than a month, and one is about to hit 30 days.

What's even more unusual is that 3 of the 6 listings are in the same little pocket, Bermuda Court, located in a corner of the complex bordered by Marine Ave. and a public soccer field. There are only 15 units in Bermuda Court. That means 20% of them are for sale.

It can be challenging to make heads or tails of Village townhomes if you're not deeply familiar. We'll try to analyze the existing inventory with reference to other, similar units.

For a general summary of the Village, unit types and floorplans, see our Manhattan Village page here.

Plan 4 Townhomes

Half the inventory in the Village right now consists of Plan 4 townhomes.

30 San Miguel Court Manhattan Beach CA30 San Miguel Ct. (3br/3ba, 2077 sqft.) is a fully remodeled unit with an opened-up kitchen/family room area.

It's just finishing 3 weeks on market now, asking $1.995M.

Another Plan 4 is on market alongside it, at the same price.

That's 24 Bermuda Ct. (3br/3ba, 2077 sqft.), just finishing 6 weeks and having cut price twice to go from $2.189M down to $1.995M.

Its remodel is not quite as modern or complete as 30 San Miguel, but it has a nice, private-feeling side "yard" area.

34 Bermuda Ct Manhattan Beach CALastly, 34 Bermuda Ct. (3br/3ba, 2077 sqft.) is an upgraded Plan 4, although not as fully redone as the other two units. (Kitchen shown.)

It's also the lowest priced now.

This one is just finishing 4 weeks, having cut from $1.925M down to $1.799M.

So how do these asking prices compare to sales?

The latest public Plan 4 sale price was 1 Tiburon Ct. (3br/3ba, 1972 sqft.). which got $1.970M in Aug. 2021.

That Tiburon unit was ultra-remodeled, with some highly particular and bold styles, and super custom materials. (See the kitchen here.)

But that sale was a huge step up from what appears to be the highest prior sale for a Plan 4.

In May 2021, a Plan 4 at 20 Grenada Ct. (3br/3ba, 2077 sqft.) got $1.675M, nearly $300K less. The unit was substantially upgraded, but in a softer, more conventional style, and without removal of the wall between the living room and kitchen.

All three Plan 4 units on market now appear to be priced in line with the top sale at 1 Tiburon, which scratched at $2M, while far above the Grenada sale, under $1.7M.

Plan 3 Townhomes

7 Laguna Court Manhattan Beach CA7 Laguna Ct. (3br/3ba, 1876 sqft.) is a highly renovated unit in an interior location relatively close to the "Estate homes" section (SFRs).

It's got 40 DOM at this writing, and has cut $249K from start to $1.750M today.

The most recent Plan 3 unit to sell was 29 Marin Ct. (3br/3ba, 1876 sqft.) in April at $1.800M. While updated in large part, Marin's baths still had some  original features (tub/shower combos), and was less updated in a few other ways that Laguna.

Now the arguably superior unit, 7 Laguna Ct., seems poised to sell for less.

And both these sales will be a downshift from the $1.925M paid for 28 Bermuda Ct. (another Plan 3) in November 2021. That one had just been spectacularly, fully remodeled.

Earlier in 2021, remodeled Plan 3 units had sold for $1.635M (24 Grenada Ct., Feb. '21) and $1.852M (11 Cordoba Ct., Oct. '21).

32 CAyman Court Manhattan Beach CANot remodeled (at all) was a very recent Plan 3 sale at 32 Cayman Ct. (3br/3ba, 1876 sqft.).

In fact, this corner unit that nearly faces a main entry road was not just original, there had been damage to the unit at some point that was never repaired.

A primary bathroom was partly gutted as a result.

In general, Cayman was 100% a blank slate, needing everything. Sale price: $1.500M.

Plan 8 Units

36 Dover Place Manhattan Beach CA36 Dover Place (3br/3ba, 2045 sqft.) is one of the sought-after Plan 8 units, with a primary suite on the first floor, and two bedrooms up.

The listing states frankly that the home is in "original condition."

The asking price is $1.950M, and it's just 2 weeks into the listing right now.

It's been a while since the last on-market Plan 8 sale, which came at 16 Sausalito Cr. (3br/3ba, 2045 sqft.) in April 2021, at $1.650M. That unit, sold $300K lower that 36 Dover's asking, was also fairly original, with light upgrades here and there.

You have to go back 3 years from today for another Plan 8 sale, at 11 Evergreen Ln. (3br/3ba, 2045 sqft.) at $1.585M in July 2019. Dave's office also sold another Plan 8 with remodeling at 18 Sausalito Cr. (3br/3ba, 2045 sqft.) for $1.675M in Feb. 2019.

To be fair to 36 Dover, they do have a recent Plan 7 sale that's at least in the same neighborhood, both pricewise and proximity-wise. That was 42 Dover (3br/3ba, 2042 sqft.), obviously a nearby neighbor, which got $2.011M in March this year. 42 Dover, unlike "original" 36 Dover, had upgrades, along with some need for greater modernizations.

UPDATE: A few hours after this post first went live, 36 Dover's MLS status was changed to show that it is now in escrow.

Plan 1 Units

4 Bermuda Court Manhattan Beach CA4 Bermuda Ct. (2br/2ba, 1465 sqft.) is a remodeled unit with the Plan 1's 3-level layout (one bedroom on the middle level, primary suite on top).

It's now asking $1.449M after one month, down $46K from its start at $1.495M.

Only last year, we noted that Plan 1 units were hitting $1.300M for the first time ever. In fact, in a 2021 sale, this same unit, 4 Bermuda, sold an eyelash shy of that mark at $1.299M.

The current owners redid flooring, railings and added a couple of points of style, but by and large the home today is in the same (remodeled) condition in which they bought it. They just had a change in plans and are re-selling.

30 Monterey Court Manhattan Beach CAThe high for a Plan 1 was set last September by 30 Monterey Ct. (2br/2ba, 1474 sqft.), an absolutely over-the-top tricked-out modern wow remodel, which got $1.359M.

Other Plan 1s to get $1.3M+ are:

5 Lafayette Ct. ($1.325M, June 2021)

17 Cordoba Ct. ($1.325M, Sept. 2021)

14 Monterey Ct. ($1.325M, March 2022)

Both Lafayette and Cordoba had a substantial amount of remodeling, though Lafayette's baths were totally redone, and Cordoba's much less so.

The latest sale at Monterey Ct., for the same price as the others, featured a lot of carpet, an upgraded but dated kitchen, yet a very modern master bath.

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We heard someone say the other day that the market in the Village is "struggling," but that seems an overstatement.

We do see several listings gathering days on market, and at least one that seems certain to sell lower than a recent comp.

Meantime, pricing seems aspirational on a few of these listings, the kind of issue that takes time to sort out. In Summer, that can mean extra time.

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Postscript: There are no listings of any of the detached, single-family "Estate Homes" in the Village now, nor have there been any all year. None have sold since 18 Chatham late last year.

If you happen to have an Estate Home and have an eye toward selling, in the Edge office, we do have buyers looking for exactly that. Please email Dave!

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