East MB

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It's time for one of our twice-monthly updates on Manhattan Beach real estate market activity, with updated spreadsheets on inventory and sales.

First we'll just note that, out of nowhere, it seems, El Porto prices seem to be equalizing with the rest of Manhattan Beach. The most recent example is this week's sale of new construction at 229 Rosecrans Place (3br/4ba, 2330 sqft.) at $2.565M.

We've taken note of this trend in stages. Whereas typically there was some kind of discount for properties north of Rosecrans, now, that's not as clear. (See our posts from 2014, "Big New Numbers in El Porto" and "El Porto: En Fuego.")

Dave had a listing late last year of a single-family home at 209 41st (3br/4ba, 1885 sq. ft.), in the very center of El Porto.

We

No fooling, it's time for one of our twice-monthly updates on Manhattan Beach real estate market activity, with updated spreadsheets on inventory and sales.

We like to look at notable sales of the period, and this one had its share. Over the past 2 weeks, some highlights were:

1321 Voorhees (6br/5ba, 3600 sqft.), a new spec build on a smaller-than-normal East MB lot (5245 sqft.), actually hit the MLS in January already in escrow at $2.799M.

That deal broke up, but within a couple days, the spacious new Plantation-style home had a new buyer. Turns out, that buyer paid more: $2.900M on the newly closed sale.

This one really raises the bar for East MB new construction. If a standard-to-large home (3600 sqft.) on a smaller lot can fetch $2.9M, what is a

Is this shaping up to be Oak Avenue's big year?

There have already been 5 listings on Oak in the first 3 months of 2015, of which 2 went quickly into escrow, and we might expect the same of the newest listings also. (Those are small, refreshed 2001 Oak (pictured), listed March 31 at $1.249M, and a probate-auction listing at 2701 Oak [with a faux start price of $799K].)

If all these early-2015 listings sell, Oak could be halfway to the street's 2014 sales total (8) before Memorial Day.

We looked back a bit further – as is our habit here at MBC – and found that Oak saw 10 sales in 2012 and 11 sales in both 2003 and 2004. Those are the recent peaks.

Sometimes, these sorts of patterns don't lead you to any one conclusion, but they might be indicators.

We…

If you're looking for a home or a lot in East Manhattan Beach, that's probably because you want one of those larger 7500 sq. ft. lots that are relatively standard east of Sepulveda. 

With one of those big 50 x 150 lots, you can build well over 4000 square feet of house without digging a basement, and still end up with a sizable yard.

The question is, what's that big lot going to cost you?

Like everything, East MB lots are now getting much more expensive.

There are 2 next-door neighbors really far east that have both just sold and seemed to raise the bar for land values.

1721 Gates (pictured) sold in March right at the asking price of $1.400M. Though it's east of Redondo Ave. and just about a dozen homes up off of Aviation, the lot is almost perfectly