Manhatan Beach Market Update 6/15/15

By Dave Fratello | June 17th, 2015

It's time for one of our twice-monthly updates on the Manhattan Beach real estate market.

927 10th Street Manhattan Beach CAWe'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.

612 John Street Manhattan Beach CADuring 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 Section15 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."

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