All Blog Entries by Dave Fratello

Found 2,408 blog entries published by Dave Fratello.

polliwog-park-flooded

The great thing about open houses this weekend is that you can paddle to them.

Maybe it's a bit of a surprise, though, to learn that there are only 27 open houses listed this week, despite burgeoning inventory of 92.

Blame the President... 's Day weekend.

If you want to curl up with a good blog post this weekend (other than this one), take a few minutes to enjoy DigMB's coverage of the "State of the City" event from this week. Some word maven came up with a nice summary of Manhattan Beach for the mayor's presentation: "Small Town... Global Appeal." Nice ring.

We noted in our MB Market Update on Friday that the growth in local real estate inventory has been greatest in the Sand Section. You see that this week, too, in the fact that all of

At this moment last year, there were 70 homes on the market. Now, 93.

And 2013-15? Low 40s.

So that upward trend in inventory that we were anticipating post-Super Bowl is taking hold.

The increase is all west of Sepulveda, with the most drastic rise in the Sand Section, which went from 32 listings to 45 over just 2 weeks.

Meantime, some listings are selling, too. From among publicly listed inventory, we count 8 homes going into escrow between Feb. 1-15, including:

1240 5th Street Manhattan Beach CA1240 5th (6br/7ba, 10,000 sqft.), an opulent manse with a huge lot on a private drive just east of Sepulveda.

Listed at $7.500M this year, the property had been offered in 2012, 2013, 2014 and 2016, mostly at higher prices.

This year, it needed only about a month to find a…

Often when we look at median prices for Manhattan Beach, we also want to ask some version of: "What do you get for that money?"

And so it is this year, too.

As we noted in yesterday's post, the median price among all properties in Manhattan Beach for 2016 was $2,075,000, a new high (by a little).

It turns out, two homes sold last year for exactly that price:

2623 Maple (4br/3ba, 2350 sqft.)

2623 Maple Avenue Manhattan Beach CA

This home is on a corner lot in the Tree Section just north of Valley. It was first built in the late 1940s, but added onto and updated over the years.

As such, you could somewhat trace the outline of the original house and see where things were moved, opened, expanded and added.

It's a pleasant family house, neither large nor small, neither…

The full year data for 2016 are in, and Manhattan Beach real estate rose to a new high.

With a median price of $2,075,000, local real estate carved out a new peak.

However, that's a rise of only $15,000 in the median from 2015, less than 1%.

As you see clearly in our chart, that's a significant leveling out, after a price trend that had been all uphill. The year-to-year increase in the median price for Manhattan Beach:

2012-2013: 15%

2013-2014: 17%

2014-2015: 8%

2015-2016: 1%

So maybe we're leveling off now? 

There's some other good news in the numbers. The number of sales actually ticked up in 2016 after 3 years of decline.

As you see, while prices were rising in recent years, the total number of sales was actually…

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