Manhattan Beach Market Update: (4/1/15)

By Dave Fratello | April 3rd, 2015

No fooling, it's time for one of our twice-monthly updates on Manhattan Beach real estate market activity, with updated spreadsheets on inventory and sales.

We like to look at notable sales of the period, and this one had its share. Over the past 2 weeks, some highlights were:

1321 Voorhees Avenue Manhattan Beach CA1321 Voorhees (6br/5ba, 3600 sqft.), a new spec build on a smaller-than-normal East MB lot (5245 sqft.), actually hit the MLS in January already in escrow at $2.799M.

That deal broke up, but within a couple days, the spacious new Plantation-style home had a new buyer. Turns out, that buyer paid more: $2.900M on the newly closed sale.

This one really raises the bar for East MB new construction. If a standard-to-large home (3600 sqft.) on a smaller lot can fetch $2.9M, what is a new larger home on a full 7500 sqft. lot going to get?

125 Moonstone Street Manhattan Beach CA125 Moonstone (3br/2ba, 1160 sqft.) is a northern El Porto duplex that benefited from the flood of investor money looking for income property in MB.

The fairly typical, lightly upgraded units were listed for $1.500M in December last year.

The listing logged more than 2 months on market, but suddenly, as seen in the final sale, there was a rush of interest and overbids.

Closed price: $1.585M. For 2 units and almost 1200 sqft.

595 35th Street Manhattan Beach CA595 35th (6br/5ba, 3700 sqft.) is a 2004 Cape Cod with a bright and open floorplan.

The 10-year-old home had new paint, carpet and fixups so that it showed nearly new.

Despite that far-northern, near-the-refinery location, this beaut was snapped up pretty quickly and has now closed for $2.950M.

This one, as much as any sale that has come before (recently) in the Trees, helps demonstrate how $3M is becoming the expected new normal for some Tree Section homes.

There are counterpoints to that, for sure, but this one's a standout.

The sale must give some comfort to the new construction up the block at 750 35th (5br/5ba, 3700 sqft.), a comparably sized Cape Cod where the refinery is somewhat more of a factor. That one's asking $3.275M.

Here's the balance of our market update report from the period ending 4/1/15:

  • 61 active listings as of 4/1/15 (+9 from 3/15)
  • 54 SFRs (+8)
  • 7 THs (+1)

See the inventory list as of 4/1/15 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 19 actives
  • Sand Section: 20 actives 
  • Hill Section: 5 actives 
  • East MB: 17 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 4/1/15."

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