Sub-$1M Update

By | September 27th, 2013

Back in July MBC observed that very little was available for buyers looking for a Manhattan Beach home priced under $1M. (See "Nothing Under $1M?")

Today, at least, we can say we're doing something about that. Dave's got a new listing, 3017 Elm (2br/2ba, 960 sq. ft.) that's coming out at $925K.

Among Tree Section options, there's just one other offering under $1M: 3616 Pine (3br/1ba, 1075 sq. ft.), in its third month on market and now at $949K

The next-cheapest listing in the Trees is more than 50% higher: 3520 Walnut at $1.499M. That's a pretty big gulf.

Before we go outside the Trees, let's just discuss 3017 Elm for a moment.

Dave was quoted on the front page of the LA Times early this year, saying of MB, "The days of little cottages for under $1 million are mostly behind us."

Yet this little cottage starts under $1M. That's because it's 2br, under 1000 sq. ft. and has a somewhat smaller lot than is typical in the Trees, 3730 sq. ft. in a tapered shape. Inside, though, the home has been revived with a mid-90s remodel that gives it charm and character. (But maybe you expect MBC to say that about Dave's listing.)

Your other sub-$1M options among SFRs today include 2 in East MB and 2 more in the Sand Section.

1806 Marine (3br/2ba, 1150 sq. ft.) is billed as a "[g]reat starter home" that's been remodeled some. It's a 1950s cottage. Now asking $875K and at 67 DOM.

Also east, you have 1336 2nd (3br/2ba, 1225 sq. ft.), a bit remodeled as well. It's at $999K (off a start at $1.1M) and is at 64 DOM.

Over in the Sand Section, the pickings are slim, but there's something.

The lowest-priced offering in the Sand is also one of the tiniest we've seen in a long time: 425 23rd Place (1br/1ba, 520 sq. ft.). When a place is this small, it's almost impossible not to call it "cute," as the listing does.

425 23rd Place is offered separately from, but also kind of in tandem with, 424 24th St., touted as a duplex and asking $999K

As MBC noted in "2 Times a Half Is a Lot," each of these half-lot homes could be purchased and joined into one full-size, 2700 sq. ft. lot with some upside for development... if you can roll with the location. 424 24th gets an expansive view of the elementary school playground.

And that's it under $1M as of this writing.

MB has a total of 45 active listings of SFRs citywide, and just 6 are under $1M.

When you include THs/condos, we see 54 listings, and 11 under $1M.

Meantime, there are 11 listings priced over $4M.

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