The year 2023 is young still, but one thing that stands out so far is the lack of conventional Tree Section resale listings.
The Tree Section is one of the most popular suburban neighborhoods in Manhattan Beach, where people looking to move a family might expect to find at 4-5 bedroom house with around 3000-4000 sqft. of living space.
But so far this year, buyers have seen a grand total of 2 listings of resale homes with 3K sqft. or more come to market. Neither required much time to make a deal.
769 29th (5br/4ba, 4457 sqft.) is a 1989 build that needs a head-to-toe update.
Don't just take our word for it: They pulled out almost all of the flooring and showed the home stripped down, inviting buyers to imagine a total makeover.
Sometimes total-remodel buyers are scarce. But not so much when Tree Section listings are also scarce.
The home was under contract within 7 days, with its list price at $3.799M.
769 29th is listed by Darrin O'Hanlon, Strand Hill Properties.
2100 Pine (5br/5ba, 3180 sqft.) is conventional in size and with respect to its basic floorplan, but also boasts a heart-tugging, inspired, old East-Coast vibe, accentuated by custom choices in materials and decor.
We've loved this house for many years since it was built, and Dave has actually participated twice in prior sales. (Not this time, oh well!)
Asking $4.000M, this one was under contract right before marking 2 full weeks on market.
2100 Pine is listed by Lynn Lord of RE/MAX Estate Properties.
And that's it for resales of 3K+ sqft.
If you've got one of those to sell, you'll find your property alone in the market, at a time when buyers appear to be ready.
Buyers jumped on another major remodel-in-waiting at 3109 Walnut (3br/3ba, 1987 sqft.), even though it was listed at $2.799M.
That's too high for a pure land sale, and a big starting point before you consider costs of redoing the house.
3109 Walnut is listed by Will Joseph of Joseph Group.
Two other pending sales in the Tree Section are in a very different pocket of the Trees, South Martyrs Hill, both on 13th St.
The area has smaller lots and Sand Section zoning, allowing for 3-story, 30' homes, a big break from typical Tree Section maxes of 2 stories and 26' height. Those pending sales are:
641 13th (4br/3ba, 1803 sqft.), last asking $2.599M, and listed by Sharon Cole, Re/Max Estate Properties.
533 13th (2br/2ba, 1194 sqft.), a 104-year-old beach cottage asking $2.350M, and listed by Dave Fratello of Edge Real Estate Agency. (Hey, we know him!)
Maybe it's no surprise that some buyers have hunted off-market.
760 33rd (4br/4ba, 2884 sqft.) just closed for $4.000M.
It was a major remodel in progress when a buyer came knocking, and now they've got the keys.
632 35th (5br/5ba, 4013 sqft.) closed in early February at $4.650M.
That was a 1980s original that just got a super designer overhaul. The street-to-alley lot and nicely sized, south-facing backyard were nice bonuses.
The property was available throughout its remodeling process, and some buyers made that deal.
Right now, the balance of inventory in the Trees is new construction (4 new construction homes available, at prices ranging from $4.699M to $6.499M) and 3 homes under 3000 sqft., two remodeled (3528 Walnut and 628 35th) and one pretty original, early 90s (2513 Walnut).
Much of what we've said here about the Trees can be said equally about the paucity of family-size homes in East Manhattan.
At least on the east side, we're hearing more rumblings of upcoming inventory. (Email Dave.)
If inventory remains this constrained for a mainstream product in either area, Trees or East, that's going to limit the suffering in terms of pricing.
Scarcity may not get you a bananas number, but it will deliver a price toward the higher end of possible, and typically with little time on market.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
