Another Busy Week for Cuts

By Dave Fratello | April 7th, 2016

Over the past 7 days, we've seen 11 Manhattan Beach listings cut their prices. (The day's not through yet!)

Meanwhile 18 new listings have come to market, and inventory is up to 104 as we write – a new, recent high that may well be broken by Friday. [Update: Inventory was at 105 by Friday morning.]

Each of the price-cutters has a bit of a different story to them. Let's take a look at those.

The newest cuts at the time of this post were both made on a new TH development in East Manhattan. 

1408 15th Street Manhattan Beach CA 1408 15th (4br/4ba, 2600 sqft.) is now priced at $1.997M, a total of 10% below the $2.229M start price.

Its companion unit, 1406 15th (4br/4ba, 2500 sqft.), is down 7% from start, at $1.880M.

An El Porto duplex (we're shorthanding it here) at 4016 The Strand made the biggest dollar cut of the week, chopping $250K to bring the asking to $7.250M.

2408 Walnut Avenue Manhattan Beach CAA nice custom Tree Section Cape Cod at 2408 Walnut is finishing its 7th week on market, and has now made its first cut ($100K) to $2.899M.

3602 Manhattan Avenue Manhattan Beach CAIn the "overdue like a library book" category, we saw the undersized 80s townhome at 3602 Manhattan Ave. (3br/2ba, 1600 sqft.) finally make a cut as 200 DOM began to approach.

This one emerged in late September and didn't have much competition at the price point or in this market segment (Sand Section townhomes) for much of the time on market.

Running at $2.100M for almost all that time, though, it wasn't gaining traction. Now 3602 Manhattan is at $1.975M.

Similarly, the view townhome on the alley at 333 21st Place (3br/4ba, 1850 sqft.) has been offered since the end of Summer last year, although in two listings with two agents. 

This week's cut was pretty meager, just $4,000, but it brought the price down more than $300K from start. It's at $2.195M.

3308 Poinsettia Manhattan Beach CANew construction twins at 3308 and 3312 Poinsettia (5br/4ba, 3600 sqft.) both cut in this past week.

3308, the "Cape Cod" twin (pictured here), had begun at $3.649M and is now at $3.575M (-2%).

3312, the "Coastal Planation" twin (which is staged), also started at $3.649M and is now at $3.589M (-1.6%).

There's a somewhat remodeled 80s home in East MB at 1765 Curtis that has been lingering since August (on two separate listings), and is now down to $2.150M

This week's $45K cut brings the total in cuts to $250K on this property. It happened to emerge on the market last year right as this specific market segment seemed to get flooded with choices for buyers.

873 11th Street Manhattan Beach CAA pretty, totally redone, luxe Hill Section home at 873 11th (4br/4ba, 3500 sqft.) has become one of 2 active listings in the Hills to cut $500K.

It's now at $3.359M, which we can call a "low 3's" number, as opposed to the $3.859M start, which could have been called "4-million-like."

873 11th is now called the "best value" in the Hill Section, and is undercutting the roughly comparable 701 N. Dianthus (5br/4ba, 3600 sqft.) by $110K. (701 Dianthus is at $3.469M.)

The other Hill Section listing to have made $500K in cuts is new construction also with an 873 in the address: 873 9th (5br/5ba, 5100 sqft.), now at $4.499M after a start last year at $4.999M (there was a cancellation and re-list in between, so you won't see the original price online now).

And last but not least, we'll step outside the box to reference a rental listing. This is because we took note of the sale when it first happened.

1641 21st Street Manhattan Beach CA1641 21st is a 3br/1ba, 1000 sqft. home benefiting from a nicely accomplished remodel.

Listed in January, this one made a quick deal at the asking price of $1.350M. (Here's the sold listing.)

As we noted on the blog in "Just Sold and For Rent," it was offered for rent at first for $6,000/mo. It's now at $5,000/mo., wrapping up its 7th week on the market looking for tenants.

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