East MB En Fuego?

By Dave Fratello | March 8th, 2013

A huge chunk of Manhattan Beach is east of Sepulveda.

That means lesser beach proximity, but bigger lot sizes. (Bigger houses resulting.)

And, hey, not incidentally: Easier access to school each morning, long after the elementary years. (The MB Middle School and Mira Costa High School are east of the highway.)

East MB clearly has its pluses. That old surfer slur, "There's No Life East of Sepulveda," is being challenged.

Right now, East MB may be the hottest part of Manhattan Beach in real estate terms. It's almost on fire.

If you watch the MB Dashboard regularly, you're seeing what we're seeing: Every East MB listing seems to go quickly.

While East MB sales typically comprise about 30% of all real estate sales for a year in Manhattan Beach, right now the East MB share of pending sales (properties in escrow) is close to 40%. That means there's been more offered, and sold, east of the highway this year.

We've seen fairly quick deals on several move-in-ready (sometimes great) homes this year:

  • 2104 Harkness (Dave's co-listing, posted at $1.549M) sold immediately, over asking (will close next week)
  • A big, newer Cape Cod at 1221 6th (list: $2.099M)
  • A Liberty Village cottage with an early 90s re-do: 1909 Faymont, listed at $1.299M
  • New construction at 1765 Voorhees (hey, Voorhees, again!), listed at $2.100M
  • Slight shocker at 1603 5th ($2.579M), big $ for a big house
  • A smaller, head-to-toe remodel at 1746 Nelson ($1.299M)
  • Roth-built 2418 Peck, in a challenged location, sold quickly after returning to market ($1.095M)

How about fixers of various degrees?

  • 1351 17th is near Meadows, really wants help all around inside, but looks to come close to its (adjusted) $1.499M asking price
  • 1705 N. Rowell is next door, and made an even quicker (<1 wk.) deal, listed at $1.229M
  • 1304 Lynngrove barely counts as a "fixer" because there's so much to be done and it could get scraped, but multi-multi-multi bidders for this $799K listing testify to the appetite in this market for something – anything – with potential in East MB
  • 1701 Nelson lasted a week in January at $985K, arguably lot value

And don't forget Manhattan Village, where 3 sub-$1M units have made their deals this year:

  • 16 San Miguel Court (at $839K) had been trying since Thanksgiving last year, but made its deal in January
  • 30 Cayman Court (at $779K) dates back to last October, and made its deal in mid-February

Yes, when an impression checks out with data, you can call it reality. 

East MB, bravo, you're en fuego.


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