East MB

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People want to see signs... omens... hints of what is to come.

There are no guarantees of future performance this year, but look at some deals made in the first 5 weeks of 2016:

611 Bayview (3br/4ba, 2720 sqft.) is a slick, modern and nearly new view townhouse near town but on the quiet alley street just up off of Manahattan Ave.

Purchased new for $3.250M in January 2014, this one was quite nearly the first Manhattan Beach Sand Section townhome to ever garner more than $3M. (Off The Strand, that is, to be clear.)

But that was so, so long ago... two years.

Listed for $4.650M this year, this market maker is doing it again – getting an offer within 9 days.

That $1.4M markup is +43% over 24 months. In retrospect, maybe they got a deal on the original…

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 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…

On occasion of a new sale, we'll revisit a theme we have covered here at MB Confidential over the past year.

There has been a "sky's the limit" attitude toward pricing some new construction in East MB. But eventually, the market finds its level. That level may be high, but it's not in the sky.

In August, we noted that the large new modern at 1431 18th (5br/6ba, 5275 sqft.) had been "lingering" for a while. The listing, we said, "tried shooting the moon and has taken time to settle to Earth." Right.

Discussed first at lower prices before hitting the MLS, 1431 18th came out asking $3.999M in April.

Over several months, 3 big price cuts were made. It was last seen at $3.199M.

The sale has now closed for $3.000M, making this arguably one of the least

There have been precious few examples of inventory "bulges" in Manhattan Beach in recent years. Mainly, the story – and the complaint – has been about a lack of choices for buyers.

But in East Manhattan Beach this Fall, there was a (temporary?) growth in inventory of comparable homes at comparable prices. As we detailed those listings in "What's (Not) Happening in East MB?" here at MBC, we called the group "a fairly diverse set of 7 comparable homes, all priced between $2.2M-$2.4M or so, competing for buyers' attention."

Now, some have sold.

And what economics suggests might have happened has happened: Prices dropped in response to the expanded supply.

Sold Listings (3)

1561 Gates (5br/6ba, 4375 sqft.) (pictured) is a 1980s Mediterranean that came