Decisions, Decisions - To Rent Out or Sell?

Usually, a homeowner who's not going to be using their place any longer has a specific plan. They'll either hold it (and lease it out), or sell it. 

Sometimes, potential sellers are just as happy to try both directions at once – listing a home for rent and for sale at the same time.

You double your audience, and increase your odds of finding an acceptable deal – assuming you don't need to cash out of the property just yet.

Here are a few recent examples, starting with a couple that have made their deals.

506 Manhattan Avenue, Manhattan Beach, 506 Manhattan Ave. (3br/2ba, 2120 sqft.) may be one of the more dramatic examples (what a start!), in that it was offered for sale late last year, quit, then was offered for rent & had a lease signed early this year, but the would-be new tenants dropped out.

So instead, they decided to try selling again, and this time, the effort to sell was successful. (It's in escrow, last at $3.995M.)

Guess it's hard to say what will happen if you try both.

506 Manhattan Ave. is listed by Edward Kaminsky, eXp Realty of California, Inc.

1161 8th Street, Manhattan Beach, 1161 8th (4br/4ba, 3005 sqft.) is an upgraded corner-lot home in East Manhattan, where most of the outdoor space is a front patio. (The lot's a bit small at 3981 sqft.)

It was listed the same day in early February this year both for rent and for sale.

Rental asking: $11K/mo.

Sale asking: $3.300M

They got $10K on the rental.

1740 2nd Street, Manhattan Beach, 1740 2nd (6br/5ba, 4012 sqft.) tried for months to lease out and just didn't find a match.

So they rebooted the lease listing, and came to market to see if there's a buyer.

Two lease listings ran from Aug. 2023-Jan. 2024, then the home hit the sale market in early March, asking $3.850M.

A couple of weeks after listing for sale, they added a lease listing at $11K//mo.

Six weeks later, they're still looking for some action. (To be fair, this is a pretty slow time of year for rentals.)

1740 2nd is listed by Justin Miller, Beach City Brokers.

4113 Crest Drive, Manhattan Beach, 4113 Crest (3br/3ba, 2295 sqft.) is new construction that has been playing this game for a while.

In May 2022, it was listed at the same time both for sale ($4.900M) and for rent ($25K/mo.).

Another for-sale listing ran from late 2022 into early 2023, but the lease alternative was gone.

From Spring-Summer 2023, it was offered again for sal, still at $4.900M. A late 2023 listing brought the price down to $4.500M, while a fresh listing this week is at $4.400M.

Price adjustments were also going on with mostly simultaneous lease listings, seeing the ask drop to $18K, $16K, $14K, $12K and lower, with a brand-new lease listing this week asking $11,250.

4113 Crest is listed by Magnus Hellberg, Coldwell Banker Realty.

1315 17th Street, Manhattan Beach, 1315 17th (7br/5ba, 2326 sqft.) is an unsual, sort of cobbled-together duplex next to Meadows elementary.

The two units (one upstairs, one down) have been offered for rent since Aug. 2023, varying in price along the way. (They're now at $5,290 and $4,885.)

More recently, both units have been offered in one $10K/mo. offering that specifically touts the building as an "[e]xceptional sober living opportunity ... ready for your new business."

And the units have also been offered for sale alongside these rental options since October, starting at $2.595M and now down to $2.395M.

1315 17th is listed by Emory Donelson, RE/MAX ESTATE PROPERTIES.

2407 Bayview Drive, Manhattan Beach, 2407 Bayview (2br/3ba, 2203 sqft.) is an upgraded 1980s TH with huge ocean views.

The for-sale listing began in October last year at $3.950M, and ran a couple of months. It came back in early February at the same price, and is down $100K now to $3.850M.

Just as the new sale listing came out this year, they also posted the property up for rent at $14K, now down to $13,800.

2407 Bayview is listed by Louis Scaduto, Premier Agent Network Inc.

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 May 27th, 2024 at 12:11pm 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.