(Little) Action at the Higher End

By Dave Fratello | August 26th, 2016

3220 Alma Avenue Manhattan Beach CAFriday morning, a custom-built beach home with a basement and nice views at 3220 Alma (4br/5ba, 3350 sqft.) went into escrow.

The listing had run 100 days, dropping slightly from a start of $4.650M to the current price of $4.450M.

This could be just one line in our MB Property Ticker; one little note about a blip of action in the market.

But there was something more significant here.

3220 Alma is only the second home priced over $4M to make a deal in the past month.

232 6th Street Manhattan Beach CAThe other deal was on much pricier new construction at 232 6th (5br/7ba, 4300 sqft.), a fairly spectacular achievement of a modern, with nice views (tiny neighbor helps) and a unique take on the "boxy modern" that you will sometimes see.

This one emerged in February asking... achem... $9.000M.

It was last at $7.599M. Still a big number, no doubt, just not as lofty as some walkstreet sales have gone.

The other high-end sales in Manhattan Beach in the past 30 days were: None. Nothing else over $4M. There were 4 new deals on properties priced $3M-$4M.

This is another way of making a point that we made in our mid-August MB Market Update

Sales have been happening, but, disproportionately they have been at the "lower" end, under $2M. (Yes, it's all relative.)

Now, Summer is traditionally quieter in Manhattan Beach real estate.

Maybe moreso among the highest of the high end properties, because almost by nature, the buyer pool is disproportionately on vacation.

So look for a rebound of sorts in the next couple months.

Surely, from now till the end of September, we can do better than 2 more sales.

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