East Manhattan Getting Traction

By Dave Fratello | April 23rd, 2019

The sellers of East Manhattan Beach would like you to know they're doing just fine, thank you.

There's been a little rush of new deals east of the highway. For example:

1846 10th Street Manhattan Beach CA1846 10th (5br/5ba, 4400 sqft.) is a 2007-built Mediterranean that is just about the furthest east you can get and still be within the city limits.

It's big, a bit faux-glamorous but with one really notable location issue: Next door is a commercial building with a pizza joint, laundromat and liquor store, and across the street is a divey bar that opens at 7am. 

You could say the home is just steps to local amenities, but that would be a bit slippery. (We can't read the listing description at all because IT IS IN ALL CAPS and it makes our ears hurt to have someone scream at us for that long.)

Did you notice when this home listed 8 months ago, last July? Perhaps not. It was just kind of there.

List price was always $2.300M, with a couple of other strikes against the listing. For one, the home is leased out, although only for one more week at this point. For another, the seller was offering a discounted rate to buyers' agents, and... what was it that happened to that discount firm that made cut-rate buyer's agent fees a mainstay? (See "17 Years Later, Discounters Vanquished, Internet Tamed.")

Look who's having the last laugh: The sellers have made a deal.

1500 6th Street Manhattan Beach CAAt 1500 6th (5br/5ba, 4275 sqft.), the seller broke with convention by listing their home in mid-December last year.

That was simply when they were ready, what fit into their plans.

The weeks and months rolled by, they cut $75K, moved out, staged the large 1980s remodel, and waited.

The waiting worked.

Last at $2.675M, this home finally drew an offer this week.

300 N Meadows Avenue Manhattan Beach CAOver at 300 N. Meadows (4br/3ba, 2200 sqft.), there was no waiting game.

The home's main distinction is its oversized 9200+ sqft. lot, about 25% larger than normal for the Mira Costa neighborhood.

The original 1960s home was just about perfectly presented, clean, fresh and lightly staged, but not trying too hard to be something it was not. It's a time capsule.

If a typical lot in Mira Costa runs $1.5-$1.6M and this was a quarter larger, the land value should have been correspondingly a little higher, maybe plus some extra for the uniqueness if you saw the home as a development opportunity.

The list price was $2.649M. But it racked up only 11 DOM and has a deal now.

The point with these 3 homes was that there was no guarantee of demand at their prices. But they were absorbed, either quickly like Meadows or without big price cuts like the other two.

1411 8th Street Manhattan Beach CARecently there was also a very quick deal at big 1411 8th (5br/5ba, 4125 sqft.), a mostly-but-not-completely remodeled late-80s original with a good floorplan.

Asking $2.775M, it had a buyer in 10 days.

You really can't be surprised by the quick action on a little cottage at 1216 18th (3br/1ba, 1000 sqft.) when they were asking just $1.425M, nor by the continued spate of quick sales in Manhattan Village (most recently 28 San Miguel Ct. and 29 Laguna Ct.).

And if you saw a remodeled beauty in Liberty Village come out, how long did you think that would last?

1825 23rd Street Manhattan Beach CA1825 23rd (3br/3ba, 1800 sqft.) came out in early April asking $1.900M, which would appear to be a record sale for a sub-2000 sqft. home in the LV, if they get it.

They didn't quite make it to the 14th day on market before it was taken.

Big picture: Spring is still hoppin' all around MB. There are cold spots and hot spots.

East Manhattan is not under a freeze warning.



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