Hungry Market Absorbs Pine, Herrin

By Dave Fratello | January 14th, 2014

Last year, a repeated theme of MBC's posts was, roughly: "What could not sell before has just sold quickly now."

Manhattan Beach buyers were hungry for whatever real estate they could get their hands on in 2013. Early in 2014, it's the same story.

2912 Pine (5br/4ba, 3800 sq. ft.) is one beneficiary this year.

It's the 5th sale (new escrow) of this tender, young year, but the first on the public market with a prior history of not selling.

Last purchased in July 2004 for $1.950m, this 2001 build was offered for 3 months of 2011 from $2.3m down to $2.2m, then for 4 months of 2012 at $2.1M down to $1.995M. Each time, the home rented out instead of selling.

They brought it out this year at $2.175m – call it 10% higher than 2012's offering price – and, pow! Deal.

(For more on the home itself, see our Sunday review.)

Now head quite a bit further east along Marine Ave., and take a right at Herrin.

You've come to 2323 N. Herrin (3br/2ba, 2020 sq. ft.), a "Roth-built" 60s original with updates dating to perhaps the late 90s or early 2000s.

The not-selling history on this one could be written all the way down your arm.

You can find MLS listings for 2323 N. Herrin spanning 2006, 2007, 2008, 2009 and even 2013. (What's that? They listed in 2013 and didn't sell?)

That history includes some gimmickry. Twice in 2006, the MLS listing officially called the sale an auction. The come-on price was in the high 900s – after the first asking price had been near $1.350M. Once the listing was very clear that the property would sell to the highest bidder on a specific date – then, no deal. We also have records about a proposed auction at Herrin in Summer 2007, with the come-on of $975K. 

Past listings have often suggested creative financing options and a general flexibility to make something happen. Still, nothing happened.

Here in 2014, the seller has struck gold, almost by not trying. (How very Zen.)

Herrin just sold off-market for $1.035M. Well, it's in escrow with that number posted, so we want to be cautious before calling this (or Pine) a done deal, where there's been such a string of failure. But this is a good start for them.

And so begins another year.

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