All Blog Entries by Dave Fratello

Someone, one of these days, is going to break $4M for a new home in East Manhattan Beach.

With the entry of 1320 9th (6br/7ba, 4900 sqft.) onto the market now, the chances go up again for that $4M mark to be breached sooner, rather than later.

This "Transitional Modern Farm House" begins by asking $4.250M, $51K above a competing listing.

1643 8th (5br/6ba, 4835 sqft.) had begun at $4.199M in early April, and actually had a deal briefly. (It was back out of escrow within 2 days.)

Meantime, 1755 8th (5br/7ba, 4835 sqft.) canceled 2 weeks ago after trying for 5+ months at $4.950M. (Really).

UPDATE: Soon after this post went live, 1755 8th returned with a new agent at $4.550M.

And a construction site known as 1515 Gates (5br/7ba, 7100 sqft.)

More than a third of the Manhattan Beach real estate market is made up of homes priced above $4 million.

In fact, it's 36%.

They come to market just a couple at a time.

Last week, there were 2 (712 Pacific and 659 18th, pictured).

The couple of weeks before, 3 more.

And so on.

Consider the cluster of new listings last week in the $2.7-$2.9M range, which is a relative sweet spot in this market. Not a lot of listings in that price range tend to hang around.

Pricier listings tend to stretch out, gaining more DOM as they work to find a buyer. It's not unusual to find a $4M+ listing with 2-3 months on market, or even 200+ days. (See the list below.)

OK, so it takes longer to sell a top-tier listing. That's just important to know whether…

This is the week of the 2.7-ish listing.

There are 7 new listings between $2.699M and $2.895M, which is either a "sweet spot" in this market or a segment that's about to have a big glut. Discuss.

Seriously, that's a range that, while above the median price, does seem to capture a wide range of different kinds of options, east and west of the highway. Check them out.

Oh, and if you're considering the Martyrs area at all, you're going to alert on 659 18th. If so, we'll begin by wishing you a Merry Christmas. (See the listing below for more.)

Our video this week is again packed with new listings, a great way to get a quick sense of what's out there. Give yourself a few minutes to see this week's featured homes:

Email subscribers may need…

Big picture, as we ended April, the local market seems stable, with the distribution of inventory around the city much like it was last year. (Although we do have 20 more active listings than at the end of April 2018.)

What's really caught our attention is some recent Tree Section sales.

There were two new construction projects that have sold now with a $2.8 in front, in the same year that the lowest-priced new construction project in 7+ years sold.

The low point was 3208 Pacific (4br/3ba, 3180 sqft.) which went for $2.400M in mid-March after a troubled run on the market. Ordinarily, it's hard to eat dinner for less downtown. (Ba-dum dum!)

Now you see 3401 Maple (5br/4ba, 3230 sqft.) closing for $2.827M.

This is after 8 months on market…