Bumps Are Part of the Road

By Dave Fratello | April 30th, 2019

Buyers and sellers make agreements, but things don't always work out.

Maybe the buyer wasn't really that into the house, after all?

Inspection problems?

Financing didn't work?

Someone couldn't sell a property needed to make the purchase work?

Whatever causes a broken deal, it's bound to be traumatic for everyone. You hate to be inside that maelstrom. But it happens in a percentage of cases, despite the best efforts of agents to make sure it's a good fit to begin with.

Buyers walk away needing to go look and find something new.

Sellers have to come back to market, worried that their property looks challenged. That's a worry, even if it was issues on the buyer's part that caused the deal to fall out of escrow. (That's often the case, because sellers don't have much chance to pull out of a sale.)

Recently out of escrow and back on offer in Manhattan Beach:

215 N Peck Avenue Manhattan Beach CA215 N. Peck (4br/4ba, 3000 sqft.), a like-new home that's actually a big remodel/addition of a prior home.

The official start date for this listing was Jan. 25. It needed a couple months to find its buyer, but did in early April.

Note to future self: Never believe too much in a contract signed April 1.

This one fell out of escrow April 24 and cut $50K to $2.849M.

508 Manhattan Avenue Manhattan Beach CA508 Manhattan Ave. (4br/4ba, 2700 sqft.) is a highly customized 1992 townhome. 

The style of the original was tired and weird, and it needed work. What it got was a killer, over-the-top, global-luxury reimagining.

Proud of their work, the owners offered it in April 2018 for $6.500M.

It's now on its 4th listing after that first one, currently asking $5.690M.

At that price, they had a deal in early April (uh-oh, April 1st again), but it fell out of escrow 2 weeks ago and they started a "new" listing.

900 N Dianthus Street Manhattan Beach CA900 N. Dianthus (5br/5ba, 2630 sqft.) is a much-upgraded 1980 original in the Hill Section.

The listing came up at an optimal time, late March, and had a deal within a week.

But a month later, it's no longer a deal.

900 Dianthus came back April 27 at $2.895M again, looking for a new buyer.

409 4th Manhattan Beach CADown on the South End walkstreets, it was 409 4th that seemed to have finally made something happen.

Launched last August at $4.499M and re-booted in January $200K lower, this 3br/3ba, 3150 sqft. Spanish with updates finally had a buyer in mid-April.

But no more.

It's back now at $3.899M.

That's surprisingly close to land value for a charmer like this with a big front walkstreet patio.

1148 N Poinsettia Avenue Manhattan Beach CAA challenging fixer Tree Section home at 1148 Poinsettia (3br/3ba, 1975 sqft.) first tried to sell in April 2017 at $1.850M.

That listing touched 2018 but didn't sell. Then in January this year, the property was back at $1.999M.

After a price cut, they found a buyer in late March, but in early April, it was out of escrow and has newly cut again to $1.650M.

Oddly, a similarly sized home with a similar address, 1148 Elm (3br/2ba, 1675 sqft.) has also experienced the in-and-out-of-escrow blues. It's at $1.599M now.

1151 9th Street Manhattan Beach CABut just because your home falls out of escrow doesn't mean it has to stay out of escrow.

Look at the one-level, sizable fixer at 1151 9th (3br/3ba, 2675 sqft.), which has been on offer since Nov. 2018, first at $2.400M, most recently at $1.900M.

It's on its third deal now.

Maybe it'll stick?

2300 Manhattan Avenue Manhattan Beach CAAnd it was a much brighter story over at 2300 Manhattan Ave.

The corner-lot midtown mid-century modern home made a quick deal a week after its mid-March launch.

Midway through that deal, it failed.

But along the way, the sellers learned that people might pay more.

The $3.050M start price was raised - after a failed escrow! - to $3.100M.

Just 10 days later: New deal.

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