Manhattan Beach Market Update: (3/15/15)

By Dave Fratello | March 17th, 2015

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

This was one of the busiest periods of our 'Spring' season so far, with a rush of new listings outpacing sales enough so that we're now +10 on inventory compared to March 1. Haha, now, 52 active listings is no glut, but at least we are seeing more choices.

Even as the market rolls, we saw 2 notable quitters and several price cuts here in the heart of Spring. What does that say to you?

640 30th (5br/5ba, 3450 sq. ft.) is a glamorous Mediterranean complete with 'Grecian styled' master bath.

Alas, it's heavy on that style in an area that's more informal and beachy.

They launched at $2.800M and chopped to $2.675M, but it was not to be. Cancelled in the 6th week.

3005 Maple (5br/4ba, 3120 sq. ft.) is a 1990-built modern Spanish that got a major remodel in 2013. That, it needed, because when we saw this property last in 2011, it was tired and its quirks stood out.

The re-do was impressive, with a sparkling new kitchen, nice wide-plank, dark-stained floors and very nice stone on the fireplaces. The home has a warm, serious feel to it now.

By launching in early December (really?), maybe the sellers were trying to get the benefit of being alone in the market, but the $2.940M start price was way out of line – no benefit to that. DOM accumulated and chops were made (down to $2.699M), but this one stalled out and quit in its third month.

This was also a period with lots of chopping.

Significant price cuts also came in this 2-week span at:

3300 Ocean (3br/4ba, 2000 sq. ft.), an impressive redone TH with unmatched views, cut $101K to $4.249M.

2216 Grandview (2br/1ba, 850 sq. ft., 3350 sqft. lot) chopped almost $150K to $2.349M, a quick correction after 2 weeks on market.

915 Boundary Place (2br/1ba, 850 sq. ft.) cut $100K to $1.699M.

3413 Elm (4br/4ba, 3400 sq. ft.) cut $100K after falling out of escrow; it's now at $2.199M and finishing its 7th week on market.

3613 Walnut (4br/4ba, 3545 sq. ft.) to $2.499M, down from $2.699M. This impressive flipper remodel could become a bargain for someone, but the seller's patient. It's at 92 DOM as we write.