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

By Dave Fratello | February 17th, 2015

We'll remember the first half of February 2015 as the time when we said, "Oh, really!?!" a few more times.

The kinds of deals buyers are making early in the year continue to set the tone for another roaring year in Manhattan Beach real estate. Consider:

  • 316 4th Street Manhattan Beach CA316 4th St., a corner lot at Crest and the flat 4th St. walkstreet, listed for $3.300M, about $600K above 2 recent nearby lot-sale comps, and is in escrow for more than 10% more than asking price; this says "watch out, South End." Ocean views helped on this one.
  • Two East MB lots deep into the 1700 block, specifically 1721 Gates and 1727 Gates, listed for $1.400M and $1.500M, respectively, and made immediate deals. Previously, you might have penciled them in at $1.300M-minus each, but no. (FYI 1727 has a fixer house on it, and there could be value in the structure, whereas 1721 really could only be land value.) So here's your new land-value basis for 7500 sq. ft. lots in East MB.
  • 1321 Voorhees Avenue Manhattan Beach CA1321 Voorhees is new construction on a smallish 5244 sq. ft. lot that was so impressive in its artistry, that the $2.795M asking price was no deterrent. We've already seen some high-2's, low-3's prices on new construction east of Sepulveda, but this was new due to the lot size. What does it say for homes with full-size lots? And what if those full-size lots are now trading at $1.4M+?

Just about the only skeptical note we've seen so far in buyer behavior is the relative slowness of buyers to snap up a few Tree Section listings. There's not a lot of inventory by any measure, but we wondered if there was a little hesitation developing as to current asking prices. We'll see.

Beyond those check-ins, 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 2/15/15:

  • 44 active listings as of 2/15/15 (+6 from 2/1)
  • 35 SFRs (+7)
  • 9 THs (-1)

See the inventory list as of 2/15 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
  • Sand Section: 14 actives 
  • Hill Section3 actives 
  • East MB12 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 2/15/15."

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