We are getting to that time of year when listings that haven't sold – but where sellers actually mean to sell – are going to start sending up flares.
An example might be 1160 Shelley (4br/3ba, 1737 sqft.), which cut $165K on Monday to get just under $2M, now at $1.985M with 66 official DOM.
(1160 Shelley is listed by Tim Kelley of Tim Cullen Kelley.)
Not just a 3br cottage, but a 4 bedroom, under $2M?
How often has that happened?
We decided to take a look.
Below are all sales of single-family homes in Manhattan Beach within this year, with at least 3 bedrooms, that closed under $2.000M. (Click any address to see more property details.)
Tree Section (8)
| ADDRESS | BD/BA | SQFT | LOT | CLOSED PRICE | $PSF | DOM | START $ | SOLD |
|---|
| 2508 Pacific Avenue |
3/2 |
1,286 |
4,483 |
$1,810,000 |
$1,361 |
20 |
$1,900,000 |
10/11/23 |
| 2605 N Poinsettia Avenue |
3/2 |
1,190 |
4,125 |
$1,700,000 |
$1,681 |
45 |
$2,000,000 |
09/15/23 |
| 3529 Palm Avenue |
2/1 |
1,095 |
4,641 |
$1,500,000 |
$1,726 |
51 |
$1,999,900 |
09/14/23 |
| 2800 Oak Avenue |
3/1 |
1,043 |
4,484 |
$1,676,000 |
$1,629 |
9 |
$1,699,000 |
09/12/23 |
| 2500 Pine Ave |
3/2 |
1,299 |
4,480 |
$1,911,000 |
$1,539 |
25 |
$1,999,000 |
07/17/23 |
| 3108 Elm Avenue |
2/1 |
823 |
4,481 |
$1,700,000 |
$2,023 |
3 |
$1,665,000 |
07/14/23 |
| 745 35th Street |
3/2 |
1,637 |
5,406 |
$1,900,000 |
$1,161 |
N/A |
$1,900,000 |
06/15/23 |
| 1008 Rosecrans Avenue |
3/2 |
1,797 |
5,078 |
$1,700,000 |
$945 |
13 |
$1,699,000 |
01/13/23 |
Hill Section (3)
| ADDRESS | BD/BA | SQFT | LOT | CLOSED PRICE | $PSF | DOM | START $ | SOLD |
|---|
| 304 Larsson Street |
3/2 |
1,311 |
3,439 |
$1,806,750 |
$1,392 |
6 |
$1,825,000 |
08/21/23 |
| 616 N Poinsettia Avenue |
3/2 |
1,600 |
3,251 |
$1,935,000 |
$1,313 |
23 |
$2,100,000 |
06/26/23 |
| 210 Larsson Street |
3/2 |
1,340 |
5,158 |
$1,900,888 |
$1,481 |
3 |
$1,985,000 |
03/03/23 |
East Manhattan | Heights, Liberty Village (9)
| ADDRESS | BD/BA | SQFT | LOT | CLOSED PRICE | $PSF | DOM | START $ | SOLD |
|---|
| 1612 Magnolia Avenue |
4/2 |
1,236 |
4,863 |
$1,675,000 |
$1,315 |
N/A |
$1,625,000 |
10/17/23 |
| 1905 Faymont Avenue |
3/1 |
1,111 |
5,594 |
$1,751,000 |
$1,395 |
7 |
$1,550,000 |
08/03/23 |
| 1151 Magnolia Avenue |
3/1 |
1,270 |
4,852 |
$1,615,000 |
$1,279 |
94 |
$1,775,000 |
07/26/23 |
| 1150 23rd Street |
3/1 |
984 |
6,002 |
$1,780,000 |
$1,677 |
10 |
$1,650,000 |
07/14/23 |
| 1208 23rd Street |
3/3 |
2,157 |
5,007 |
$1,900,000 |
$927 |
9 |
$2,000,000 |
07/13/23 |
| 1508 Lynngrove Drive |
3/2 |
1,595 |
5,306 |
$1,715,000 |
$1,003 |
6 |
$1,599,000 |
05/31/23 |
| 1150 Magnolia Avenue |
3/1 |
984 |
4,896 |
$1,350,000 |
$1,402 |
82 |
$1,380,000 |
05/18/23 |
| 1806 Marine Avenue |
3/3 |
1,604 |
5,076 |
$1,880,000 |
$1,216 |
32 |
$1,950,000 |
03/24/23 |
| 1446 23rd Street |
3/2 |
1,175 |
7,495 |
$1,930,000 |
$1,701 |
48 |
$2,399,000 |
01/11/23 |
East Manhattan | Mira Costa (12)
| ADDRESS | BD/BA | SQFT | LOT | CLOSED PRICE | $PSF | DOM | START $ | SOLD |
|---|
| 1807 9th Street |
3/2 |
1,487 |
7,498 |
$1,937,500 |
$1,278 |
7 |
$1,900,000 |
11/09/23 |
| 1181 Shelley Street |
3/2 |
1,566 |
5,341 |
$1,875,000 |
$1,232 |
7 |
$1,929,000 |
09/29/23 |
| 1853 5th Street |
3/2 |
1,684 |
7,627 |
$1,900,000 |
$1,128 |
N/A |
$1,900,000 |
09/25/23 |
| 1210 Keats Street |
3/2 |
1,278 |
5,345 |
$1,905,000 |
$1,487 |
15 |
$1,899,900 |
09/14/23 |
| 1467 5th Street |
3/1 |
847 |
4,849 |
$1,600,000 |
$1,741 |
9 |
$1,475,000 |
07/31/23 |
| 1500 Voorhees Avenue |
4/2 |
1,744 |
5,784 |
$1,732,500 |
$1,032 |
235 |
$1,825,000 |
06/05/23 |
| 1633 2nd Street |
3/2 |
1,260 |
6,630 |
$1,750,000 |
$1,507 |
15 |
$1,899,000 |
04/24/23 |
| 1350 Curtis Avenue |
3/1 |
1,051 |
6,304 |
$1,650,000 |
$1,570 |
10 |
$1,650,000 |
04/18/23 |
| 1346 Gates Avenue |
3/1 |
1,099 |
5,150 |
$1,450,000 |
$1,388 |
5 |
$1,595,000 |
04/11/23 |
| 1130 2nd Street |
3/2 |
1,540 |
7,875 |
$1,950,000 |
$1,220 |
8 |
$1,879,000 |
03/06/23 |
| 1544 Mathews Avenue |
3/2 |
1,211 |
7,479 |
$1,650,000 |
$1,445 |
89 |
$1,850,000 |
01/09/23 |
| 1306 Voorhees Avenue |
3/1 |
1,051 |
5,500 |
$1,500,000 |
$1,522 |
21 |
$1,650,000 |
12/20/22 |
So it turns out, the answer is: 32 times. There have been 32 sales so far this year of 3br+ SFRs under $2M. (You might note that there were zero in the Sand Section.)
There are only two 4-bedroom houses on this list, one being awkward 1500 Voorhees (no true primary bedroom, some living space that seemed to be a converted garage), and one lacking a true 4th bedroom at all (1612 Magnolia, which would require converting the dining room "back" to a bedroom to reach 4 again).
Compare 1160 Shelley to its across-the-street neighbor, 1181 Shelley, and 1160 sure looks like the deal.
1181 Shelley was very dated inside, and featured a quirky layout, with a bedroom situated between two living room spaces. But that netted $1.875M.
Meantime, 1160 Shelley needs some stuff. A long-term rental, it has its share of things that could use a polish or an upgrade, but the kitchen is relatively newer, two large bedrooms connect in to a sizable, upgraded primary bath, and the third and fourth bedrooms are of decent size. Moreover, there really are 3 baths, a fairly rare find for this home size or at this price point.
The last time a Mira Costa-area home dropped under $2M and looked like a deal, it was a strategic cut at 1504 Mathews (4br/3ba, 2024 sqft.) to $1.999M (after a way-too-high start at $2.590M). That bold cut actually resulted in a sale more than $100K higher at $2.105M. (See "Radical Price Chops Got It Sold.")
Looks like 1160 Shelley has made its move. Now it's up to the buyers.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of October 11th, 2024 at 1:46pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
