Manhattan Beach Market Update: (2/1/15)

By Dave Fratello | February 4th, 2015

328 Marine Avenue Manhattan Beach CAIt was the end of the beginning.

The second half of January often sees just a little warmup in real estate market activity in Manhattan Beach before the Super Bowl kicks off the Spring market. And we saw that.

Consider 328 Marine Ave. (3br/4ba, 1900 sq. ft.), an ocean-view townhome with a sparkling new modern remodel inside. They might have waited to market this one till Marshawn Lynch victoriously blasted through the Patriots' defensive line the Super Bowl was over, but no, they saw an opportunity to sell in an uncrowded field, so they listed on Jan. 16.

Boom! Multiple offers. The $2.499M list price may have seemed a bit of a reach, all things considered, but with multiples, it seems to become all about winning.

3311 Elm Avenue Manhattan Beach CAWe also saw a very quick deal on a property that was sort of floating in its own universe: Big, big new 3311 Elm (6br/7ba, 5165 sq. ft.) came to the field Jan. 13, perhaps in anticipation of a long Spring looking for the right buyer for a $4.679M listing in the northeast corner of the Tree Section. 

Long? That's not a word that applied to this home's time on market. A deal was signed Jan. 16.

And it closed this week: For $4.569M. There's really no precedent for it other than homes over by Martyrs. (See "Thinkin' Big on Elm.") Wow.

It's time for one of our twice-monthly updates on Manhattan Beach real estate market activity, with updated spreadsheets on inventory and sales.

Here's our market update report from the period ending 2/1/15:

  • 38 active listings as of 2/1/15 (+7 from 1/15)
  • 28 SFRs (+5)
  • 10 THs (+2)

See the inventory list as of 2/1 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 13 actives
  • Sand Section: 9 actives 
  • Hill Section3 actives 
  • East MB: 13 actives 

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 2/1/15."

911 Duncan Avenue Manhattan Beach CAOne of the notable sales of this period was on the very custom 911 Duncan (5br/6ba, 3750 sq. ft.) an inspired modern with some views and a bit of a challenging layout. (Master off the living room, to give both views.)

The listing ran unusually long for 2014, compiling 250+ DOM. Ultimately, it closed here in 2015 for $3.500M, about 7% short of the start price of $3.750M.

We noted that this was both the second sale and the second time that 911 Duncan shot for a $3.7-ish number and came up short. The start price, new, back in 2007, was $3.770M. The actual purchase price in early 2008 was $3.190M.

In our report on closed sales, we provide the past 6 months' worth of sales by region. This is the typical window of time used by appraisers. The spreadsheets are useful to anyone tracking the market or trying to estimate the value of a home for purchase or sale.

Please see our blog disclaimer.

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