East MB

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It seems harmless – today – to overprice new construction while waiting for the market to (perhaps) catch up midway through the build.

Some East Manhattan new construction projects launched with hugely ambitious asking prices, and are now adjusting.

Take the mega number on 1131 6th (5br/5ba, 5025 sq. ft.). This is a new home due next year that's under way now. Location: A few doors in off of Sepulveda.

Asking in February 2015: $4.499M.

The prior top sales of new construction in East Manhattan:

  • 111 S. Meadows (5br/6ba, 4200 sq. ft., huge 9500 sqft. lot) at $4.000M in Oct. 2014 (the Sunset "Idea House"); a special case given the nature of the house and huge lot size
  • 1632 Voorhees (5br/5ba, 4500 sqft., 7500 sqft. lot) at $3.251M in June 2015; the…

At a time when everything's selling and everything's hitting new highs, why not the 2006-built townhome complex over at 1202 & 1208 Tennyson?

This week, with the sale of 1208 Tennyson #3 (3br/3ba, 1750 sqft.), we see a sale price $100K higher than any public-market sale in the complex over 2+ years.

It was $985K, per the newly closed MLS sale.

Tax records, however, show that this sale eclipsed the highest-ever sale in the complex by just $10K. That was at 1202 Tennyson #2, an off-market sale that closed in late April at $975K and was just recorded officially last month.

The most recent public-market sale was at 1202 Tennyson #1 (3br/3ba, 1750 sqft.) at $880K in Sept. 2013.

Interestingly, that same 1202 unit #1 had also set the high-water mark for the…

The old fable about the tortoise and the hare conveys one lesson, among others: Sure and steady wins the day.

We had that in mind watching a Village townhome sale close this week.

At 5 Malaga Place (3br/3ba, 2065 sqft.), the first attempt to sell came 51 weeks ago, in a listing launched June 20, 2014. 

The start price: $1.450M.

At the time, there were precious few recent sales of 3br townhomes in the Village near or over $1.4M. Maybe they were pushing it a bit?

There were 2 higher sales that were very recent just before the listing launched: A super-darling remodel at 16 Dover Pl. (3br/3ba, 2050 sqft.) at $1.555M in April 2014, and the golf-course-fronting 24 Fairway Dr. (3br/3ba, 2045 sqft.) which sold off-market at $1.650M.

So 5 Malaga was going to…

Yesterday we had good news as inventory among Manhattan Beach real estate ballooned (ha ha) to 63 homes – and it's up even "higher" now to 64 as of Saturday morning.

Saturday brought good news for all of Manhattan Beach – the beaches are open again after a mysterious "petroleum product" incident earlier in the week. (Source still unknown.) You may resume your regularly scheduled weekend beachgoing activity. (For more see this DigMB post.)

Friday saw your blog author, Dave, uncharacteristically outside the ZIP code, which meant we didn't get in-person previews of this week's new listings. That means we'll go with brief text mainly drawn from the official listing descriptions this week.

To plan your (free) open-house tours for this week, try this Redfin