How Will Recent Purchases Fare on Resale?

By Dave Fratello | July 26th, 2020

So you bought a home in Manhattan Beach, but plans changed.

Now you're looking to resell. Are you going to get more?

Here's a look at several properties on the market today, purchased within the last couple/few years, some seeking little markup, some a lot.

The concept for this post came as we saw the first listing below (412 8th), seeking a modest $49K markup over acquisition after less than 2 years. Costs of sale on that one, at full price, would result in a notable loss overall. Still, the sellers appear to have priced it to try to draw immediate interest, rather than mark it up to cover all costs.

412 8th Street Manhattan Beach CA412 8th (5br/6ba, 4425 sqft.)

Purchased: $6.300M Oct. 2018

Current asking: $6.349M (+$49K)

This is a designer-upgraded, gorgeous walkstreet home in the South End.

One challenge is that there are a few new/newer walkstreet homes in roughly the same price range seeking buyers' attention at the same time: 440 6th ($5.795M), 501 8th ($5.895M) and 325 9th ($5.899M).

1350 23rd Street Manhattan Beach CA1350 23rd (5br/5ba, 4800 sqft.)

Purchased: $3.700M June 2018

Current asking: $3.950M (+$250K)

When new, this home briefly was tied for the highest-priced new construction sale ever in East MB (on a standard-sized lot). In October 2018, 2 new homes eclipsed the sale by $150K and $250K, respectively, and now $4M+ sales are legion across East MB for new builds.

A comparable 2017 build at 1450 23rd (5br/7ba, 4750 sqft.) resold in Aug. 2019 at $3.650M, or $267K above acquisition.

448 23rd Place Manhattan Beach CA448 23rd Place (3br/4ba, 1840 sqft.)

Purchased: $2.099M March 2019

Current asking: $2.099M (flat)

This nicely upgraded townhome is near Grand View school and in an area which has seen some higher sales, including a near-twin around the corner at 2301 Grandview ($2.399M in March). Disclosure: Dave represented the sellers of 448 23rd Place in March 2019.

229 Aviation Pl Manhattan Beach CA229 Aviation Place (3br/3ba, 1750 sqft.)

Purchased: $1.080M Nov. 2018

Current asking: $1.088M (+$8K)

This attractive unit in the "Manhattan Pointe" complex has been trying to resell almost since it sold in Nov. 2018, first listing in March 2019, priced as low at $1.050M.

Now, nearby 237 Aviation Place has just closed for $1.085M, suggesting that the market might be there (again) for this unit, too. (See: "Seems 'Manhattan Pointe' Peaked.")

124 38th Place Manhattan Beach CA124 38th Place (3br/4ba, 1920 sqft.)

Purchased: $2.760M Oct. 2018

Current asking: $2.999M (+$239K)

When new, this property became the highest-priced SFR sold in El Porto. One new TH sold slightly higher at $2.800M. (We're exempting Strand properties.) Last year, a corner-lot SFR at 3904 Ocean (4br/4ba, 2100 sqft.) hit $3.270M.

From late 2019-May 2020, this one was seeking a huge markup to $3.500M, but returned last week at the more moderate $2.999M asking.

927 N Dianthus Manhattan Beach CA927 Dianthus (4br/3ba, 3750 sqft.)

Purchased: $2.900M June 2017

Current asking: $3.495M (+$595K)

This Hill Section home got a remodel, with new flooring, kitchen and mostly new baths, after the 2017 purchase, so it's a bit harder to assess the "markup" in this case. They had an immediate deal upon listing in mid-June, but that fell out. It's a month later now.

1215 Fisher Avenue Manhattan Beach CA1215 Fisher (5br/6ba, 5400 sqft.)

Purchased: $6.500M July 2019

Current asking: $6.955M (+$455K)

This stylish home was offered as new construction for a chunk of 2019, starting at $7.995M and eventually selling $1.5M lower. This year, it began at $6.995M, cut $45K, then raised a bit by $5K (?) to the current ask. Buyers looking now might wish they could time travel to get it lower last year.

1540 Curtis Avenue Manhattan Beach CA1540 Curtis (5br/5ba, 4400 sqft.)

Purchased: $3.455M Nov. 2017

Current asking: $3.599M (+$144K)

This is a fascinatingly different take on what's possible within the standard 4 walls of a new home. (We went on at some length in our first "Weekend Opens" post about the home in Oct. 2017.)

It was back on market for stretches of 2019 at $3.699M and lower, then rented out. It's back now, offered for sale only.

137 15th Street Manhattan Beach CA137 15th (2br/2ba, 888 sqft.)

Purchased: $2.200M Jan. 2018

Current asking: $2.599M (+$399K)

This is a jazzy, high-impact, high-efficiency downtown modern beach cottage. There's a lot going on in less than 900 sqft. There's a legit ocean view and private backyard to go with a walk-everywhere-without-even-trying type of location. The prior listing ran as high as $2.399M before closing at the $2.200M figure.

316 34th Street Manhattan Beach CA316 34th (4br/4ba, 2040 sqft.)

Purchased: $2.600M Oct. 2018

Current asking: $2.949M (+$349K)

This half lot SFR with views has a lot to recommend it, but as with 927 Dianthus (above), this one got some remodeling so it's hard to assess the "markup" precisely. New flooring and countertops are the highlights; the prior version was looking pretty tired. (In one prior sale attempt, the listing agents posted "renditions" of a remodeled interior, a giveaway that the next buyer was going to have some work to do.)

3105 Alma Avenue Manhattan Beach CA3105 Alma (3br/4ba, 1870 sqft.)

Purchased: $2.124M April 2017

Current asking: $2.425M (+$301K)

This North End townhome was built in '05 in the popular Mediterranean style, and seems to be largely as it was built, with exception for some painted cabinets. (That work appears to have been done before the '17 purchase.)

Now completing its third month on market.

 

200 Shell Street Manhattan Beach CA200 Shell (3br/3ba, 1920 sqft. )

Purchased: $2.249M Sept. 2015

Current asking: $2.250M (+$1K)

This one made our list not because of the recency of the purchase (2015 was, after all, 5 years ago), but because of the closeness of the current asking price to the purchase price (basically the same).

This El Porto SFR is a 2006 custom Mediterranean with real ocean views. Soon, Porto loses those poles and wires.

One of our favorite features: The dumbwaiter loads at a convenient spot in the garage, and arrives within the kitchen island.

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Post-posting observation: No current listing in the Tree Section appears to meet the criteria for a recent purchase and being offered for sale now.

Reader note: Soon after this post went live, a reader suggested a version focused on closed sales with a similar look at acquisition/sold price. We've done the same before. We'll give it a run again.

 

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