East MB

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1304 Lynngrove Drive Manhattan Beach CAIt was somewhat more than a year ago when we expressed surprise at how 1304 Lynngrove was being listed.

The start price: $3.199M.

This, in the "affordable" Manhattan Beach neighborhood of Liberty Village, was a serious shocker.

With respect, on the blog here we said that that's the kind of pricing that can "make markets" and/or "could reshuffle all thinking about the area." (See "Pushing $3M in Liberty Village?")

To date then, there had never been a home sold in Liberty Village over $2M, and here they were shooting past $3M. Wow.

(In October 2015, 1805 Faymont [5br/4ba, 3500 sqft.] became the highest-ever Liberty Village sale east of Redondo Ave., at $2.060M.)

1304 Lynngrove Drive Manhattan Beach CA1304 Lynngrove was only in framing stages at the time of its first listing at $3.2M, so

It's Spring, and everyone knows to expect more listings.

What you maybe didn't expect was to see so many price cuts this early.

In the 7-day period ending Thursday afternoon, 10 new listings came to market in Manhattan Beach, but 15 homes for sale made price cuts.

One of those cuts was on 221 Homer (4br/4ba, 2500 sqft.), new construction with views.

Homer officially listed March 2 and $100K cut on March 9th, to $4.850M – just one week in.

In fact, 7 of the 15 listings making price cuts this week did so in their first month on the market here.

It's sound strategy. Don't hang around while more inventory is coming out.

By our count Thursday, 27 of the 85 listings on the market in Manhattan Beach have taken price cuts at some point: 31%

Below is a…

There's investor money in Manhattan Beach real estate, for sure. You see it all over.

When a home sells, then pops up at once for rent, there's a good chance that an investor bought it seeking a return of some kind. (Where else are you going to get a return these days?)

1641 21st Street Manhattan Beach CA1641 21st (3br/1ba, 1000 sqft.) is one we had to call a "starter home" for Manhattan Beach when it came to market in January. 

Just one bathroom? Just 1000 sqft.?

East of the highway?

What would that be worth?

List price was $1.349M. The sale closed for a trifling $1,000 more: $1.350M last week.

And now?

It's for rent for $6,000/mo.

Doesn't that say a lot about both the market for purchases and the rental market?

We'll now finish up our look back at Manhattan Beach real estate's top sales from 2015. Here are the highest sale prices east of Sepulveda last year.

How big of a story is East Manhattan? Last year, 39% of all residential sales in MB occurred on the "other side" of the highway – including 3 lot sales over $3M.

Highest Sale of 2015

1158 Longfellow Drive Manhattan Beach CA1158 Longfellow is a 26K sqft. lot (more than a half acre) tucked away on the southeastern side of the hill where, once upon a time, the founders of Manhattan Beach built their homes.

Closed Price: $4.000M in June 2015.

Two other lot sales in East MB at 1155 Longfellow (21K sqft., $3.550M) and 1156 6th (15K sqft., $3.300M) were also among the top-dollar sales for all of East Manhattan last year.

Watch for the Longfellow…