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

By Dave Fratello | April 16th, 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.

229 Rosecrans Place Manhattan Beach CAFirst we'll just note that, out of nowhere, it seems, El Porto prices seem to be equalizing with the rest of Manhattan Beach. The most recent example is this week's sale of new construction at 229 Rosecrans Place (3br/4ba, 2330 sqft.) at $2.565M.

We've taken note of this trend in stages. Whereas typically there was some kind of discount for properties north of Rosecrans, now, that's not as clear. (See our posts from 2014, "Big New Numbers in El Porto" and "El Porto: En Fuego.")

209 41st Street Manhattan Beach CADave had a listing late last year of a single-family home at 209 41st (3br/4ba, 1885 sq. ft.), in the very center of El Porto.

We told our clients that the highest price ever for a single-family home in El Porto was $1.725M, that being nearby 121 Moonstone (3br/3ba, 1850 sqft.) in April 2013.

Trends indicated that they could get more. We priced it at $2.025M and wound up selling for $2.150M, 25% above the prior high for SFRs in the area.

The headlines here in 2015 belong to 229 Rosecrans Place and its twin, the front unit of this new spec construction project. That front unit was 228 38th St. (3br/4ba, 2175 sqft.), which fetched $2.800M in February.  

Before those two new units sold, here is the total number of townhomes in El Porto to ever sell for more than $2.0M: Two.

One was east of Highland, in a newer/modern building – 312 44th (4br/5ba, 2700 sqft.), which got $2.1M in May last year. Note the plus-plus size of that one. The other $2M+ sale was 113 El Porto (4br/4ba, 2700 sqft.) at $2.775M in August. That one's also larger than normal, and it runs along Ocean, seeing over Strand properties – a very special location – and the property was spectacularly modernized inside. (Really, wow.)

Besides those, not a single El Porto TH had ever sold for $2M. Now there are two deeply into the 2's, at $2.800M and $2.565M (notably, 229 Rosecrans Place was listed at $2.7M and sold for 5% off that).

We can still remember the day we had a public open house at 209 41st. A local resident, renting for now, planning to buy, stopped in. He had a good-natured laugh about our price ($2.025M).

No way, he said. He was willing to pay $1.7M, but no more. He calmly told Dave that El Porto isn't like the rest of MB, it's always much more affordable. He suggested that we call when the listing was dragging on, unsold, and he'd give us that $1.7M. Didn't happen.

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

  • 57 active listings as of 4/15/15 (-4 from 4/1)
  • 49 SFRs (-4)
  • 8 THs (+1)

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

Active listings by region of Manhattan Beach in this report:

  • Tree Section14 actives
  • Sand Section20 actives 
  • Hill Section4 actives 
  • East MB19 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 4/15/15."

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