How the Townhome Market Has Changed

By Dave Fratello | June 25th, 2015

If you know MB Confidential, you know we love a deep dive into data.

And there's a time and a place for that, but today, we'll try to illustrate a trend with just one sale.

2301 Vista Drive Manhattan Beach CANewly pending/in escrow is 2301 Vista, a modern-style 3br TH with 2400+ interior square feet.

This modern townhome was built a ways back, in 2002, but has a very compelling, slick "now" look to it. (The decor, gadgets and super-plus-sized TV's also give it a "guy's paradise" feel.)

The most recent sale here wasn't all that long ago, even if it seems like forever to look back to 2011.

Here, actually, are all 3 of the most recent sales of 2301 Vista:

  • $1.910M in Dec. 2011
  • $1.900M in Nov. 2009
  • $2.099M in Jan. 2007

List price this month was $3.399M, or 78% over the 2011 acquisition price. With a quick deal, you might infer that a buyer came close to, or met, the asking price.

And while the whole house makes a compelling presentation, we don't see major changes from the 2011 listing – suggesting that most/all of the markup from then to now comes from movement in the market.

This simply shows you how fast the market for townhomes in Manhattan Beach has adjusted upward.

For another measure, look next door.

2300 Alma Avenue Manhattan Beach CAThe front neighbor, with superior views and more or less equal specs, is 2300 Alma (3br/4ba, 2270 sqft.). It sold in Feb. 2014 for $2.800M in an off-market deal that raised a few eyebrows.

So now the back unit, with lesser views, lists for $600K more (+20%) just 16 months later, and makes an immediate deal.

There are a lot of buyers saying "must have" out there, even as prices rocket.

We noted one other thing about the history on 2301 Vista: Past listings have run 3 months, 4 months and even 9 months.

This time, it was on the market 5 days.

Those past listings were all in more difficult markets. They were buyers' markets, mostly, although the 2007 sale is arguable, since the deal posted in 2006 and closed in 2007 – right as the market was beginning to wobble after a long runup.

We could go chapter and verse into placing this sale in context, but it's Summer. We want you to be able to consume this post quickly under the umbrella at the beach, while moving through the security line at the airport, or perhaps waiting for a refill of your Mai Tai.

If you're inclined to dive in yourself, though, see this automatically updated list of recent Sand Section townhome sales in Manhattan Beach.

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