Cutting 15% Worked on Wendy

Way back last September, you might have noted that we kinda liked a certain Liberty Village listing at 1205 Wendy Way (3br/2ba, 1674 sqft.). (If you like, see our 9/23/23 new listings post.)

1205 Wendy Way, Manhattan Beach,

1205 Wendy Way, Manhattan Beach, In part, we called it a "thoughtfully remodeled Liberty Village cottage, where the front portion of the home is more or less original, but the center and back have been drastically opened up and rebuilt."

1205 Wendy Way, Manhattan Beach, And it is indeed that central living space, plus the added primary suite – also with high, beamed ceilings, and a modern bath – that gives the home so much of its appeal.

But the market wasn't having it at the start price of $2.450M.

That's probably got a lot to do with location. But as we'll discuss, there's also not a lot to comp it by.

Wendy is, of course, the first street in off of Aviation. This specific location compounds the issue, with proximity to some multifamily units and commercial properties. (Aw c'mon, isn't it nice to be able to walk to Trader Joe's?)

But as an odd-numbered address on Wendy, at least we can say that it does not back up to Aviation. It's on the "good side," in that respect.

The listing began at $2.450M in mid-September last year, with a couple of more recent cuts getting the price down to $2.085M (-$365K/-15%).

And that's where it was when, at last, a buyer pounced.

(1205 Wendy is listed by Alex Smith, eXp Realty of California Inc.)

Now, in retrospect, this property had been priced a bit aspirationally, in range of the sale we just called the "Belle of the Ball" within Liberty Village, last year's high sale for a moderately sized home in the micro-neighborhood, 1500 Faymont (3br/3ba, 1835 sqft.), which got $2.575M.

For reference, Liberty Village fixers and lot sales have been averaging around $1.6-$1.7M, with one stark exception. Here are sales going back to Nov. 2022: 

1612 Harkness (2br/1ba, 883 sqft.): $1.619M in Nov. 2022

1508 Lynngrove (3br/2ba, 1595 sqft.): $1.715M in May 2023

1305 Faymont (2br/1ba, 884 sqft.): $1.425M in July 2023

1905 Faymont (3br/1ba, 1111 sqft.): $1.751M in Aug. 2023

Among these, none had more than rudimentary or dated upgrades, and only 1612 Harkness was even presented with fresh paint and staging to show it at its best. And 1305 Faymont looks like the steal of the year.

That left a lot of uncertainty between those project houses and the aforementioned "Belle" at 1500 Faymont ($2.575M) to try to establish a proper price range for 1205 Wendy... around $800-$900K worth of questions about what Wendy's considerable upgrades were worth.

Eventually, the market helped figure it out. It was last seen near $2.100M. We'll see where it closes.

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.

Based on information from California Regional Multiple Listing Service, Inc. as of April 15th, 2024 at 2:15am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.