hill section

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We half-joked yesterday that when a home sits for 30 days in this market, it almost seems like a "crisis."

Where's my bidding war? Where are the all-cash offers?

Well here's a case of a home that took 5 full years to sell.

906 9th (6br/7ba, 5425 sq. ft.) is a Hill Section spec home that first came out in April 2010 asking $4.695M.

Along the way, asking prices dipped as low as $3.895M.

It's been rented out for much of its time since completion.

Around this time last year, 906 9th came to market asking $4.895M. It hung around for 9 months.

Finally, this week, it sold. The new closed price: $4.300M, somewhere in between the up-and-down asking prices of the last few years.

But now, through some combination of persistence, timing and luck, it's done.

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

This was one of the busiest periods of our 'Spring' season so far, with a rush of new listings outpacing sales enough so that we're now +10 on inventory compared to March 1. Haha, now, 52 active listings is no glut, but at least we are seeing more choices.

Even as the market rolls, we saw 2 notable quitters and several price cuts here in the heart of Spring. What does that say to you?

640 30th (5br/5ba, 3450 sq. ft.) is a glamorous Mediterranean complete with 'Grecian styled' master bath.

Alas, it's heavy on that style in an area that's more informal and beachy.

They launched at $2.800M and chopped to

A couple of typos made the Manhattan Beach real estate market look a bit weird in this past week.

In maybe a glimpse of a future our kids or grandkids may see, 3011 Elm sold for a price (initially) reported as $32,125,000.

We like the Spanish "courtyard" home just fine, but for a 5br/5ba, 3600 sq. ft. house on a quiet, tree-lined block far from The Strand, that price made no sense. Not even in this market.

Alas, there was an extra "0" typed in, which was fixed 3-4 days later. Actual price: $3,212,500.

Now, this house will sell again. It's already sold 4 times in 10 years. This is the highest price yet. Even without the extra zero.

Meantime, in a window into the past, 2413 John (4br/2ba, 1900 sq. ft.) sold for $1,145,000

Well, that's what the

We'll remember the first half of February 2015 as the time when we said, "Oh, really!?!" a few more times.

The kinds of deals buyers are making early in the year continue to set the tone for another roaring year in Manhattan Beach real estate. Consider:

  • 316 4th St., a corner lot at Crest and the flat 4th St. walkstreet, listed for $3.300M, about $600K above 2 recent nearby lot-sale comps, and is in escrow for more than 10% more than asking price; this says "watch out, South End." Ocean views helped on this one.
  • Two East MB lots deep into the 1700 block, specifically 1721 Gates and 1727 Gates, listed for $1.400M and $1.500M, respectively, and made immediate deals. Previously, you might have penciled them in at $1.300M-minus each, but no. (FYI 1727