It's time for one of our twice-monthly updates on the Manhattan Beach real estate market.
We've got our eyes on the Hill Section this time, where it turns out the rumors were true: The new-construction home at 927 10th really did sell for the asking price of $5.800M.
A Hill Section home near $6M – not so…
It's time for one of our twice-monthly updates on the Manhattan Beach real estate market.
We've got our eyes on the Hill Section this time, where it turns out the rumors were true: The new-construction home at 927 10th really did sell for the asking price of $5.800M.
A Hill Section home near $6M – not so unusual, you may say. But this one is pretty far east (for the area) and does not have views.
Consider, for a moment, the recent, nearby sale at 906 9th (6br/7ba, 5425 sqft.), boasting more space on a similarly sized lot (7250 vs. 7500 sqft. at 10th). It's a 2009 build in a Mediterranean style with rooms on 3 levels. That one came in at $4.300M in March, a PPSF of $793/PSF.
Meantime, 927 10th is brand-new and in a modern "Plantation Contemporary" style – just a bit smaller, at 5br/7ba, 5100 sqft., with a pool.
This custom home just sold for 43% more on a PPSF basis, far more than might be expected, even in light of the notable differences between the homes.
It's really a number without precedent for the "East side" of the Hill Section, but a bullish sign for the neighborhood for sure.
During this period, also, the luxe estate-style home at 612 John (6br/8ba, 7400 sqft.) made a deal soon after listing for $10.5M.
Now, that's an archetypal Hill Section estate, so it's no huge surprise to see some kind of a big number on it. The home benefited recently when the next-door neighbor (to the south) traded and the new owners chose to remodel and keep that home at 1 story – otherwise, there would have been a view block for the (now) considerable vistas at 612 John.
John had been remodeled to give it a more up-to-date feel, but these weren't fundamental changes. In 2011, this one went for $5.400M. This year's asking was nearly 95% more than the acquisition price.
Very different stories in the Hills:
• The small, remodeled home at 915 Boundary Pl closed for $1.650M. This was the same as lot sale at 922 Duncan Place in January.
• Tall-and-skinny 512 Poinsettia had a deal, lost it and came back to market almost $400K lighter at $1.999M.
• The ocean-view contemporary at 881 3rd (5br/5ba, 4000 sqft.) compiled a month on market at $5.450M before quitting the market (for now).
Here's the balance of our market update report from the period ending 6/15/15:
- 66 active listings as of 5/31/15 (+3 from 5/31)
- 57 SFRs (+2)
- 9 THs (+1)
See the inventory list as of 6/15/15 here, or see the MB Dashboard for up-to-the-minute data.
Active listings by region of Manhattan Beach in this report:
- Tree Section: 15 actives (+2)
- Sand Section: 18 actives (-3)
- Hill Section: 10 actives (flat)
- East MB: 23 actives (+4)
We're also providing a report on closed sales by region of MB.
Sales are organized by sub-region of Manhattan Beach.
Here's a link to the spreadsheet: "MB Pending/Sold as of 6/15/15."
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.