Manhattan Beach Market Update: 5/15/15

By Dave Fratello | May 16th, 2015

Even just the last week has seemed busy in the Manhattan Beach real estate market. You want options? They've been coming: 15 new listings in 7 days.

The problem (stop us if this sounds familiar)... There were 14 new deals made in the same span. So the 7-day net increase in inventory was +1.

We're going to focus on just a few new construction projects that have found buyers most recently:

2412 John Street Manhattan Beach CA2412 John (3br/3ba, 1890 sqft.) is unconventional for new construction and has been polarizing, in a way, among market watchers. Why build under-sized on a prime street? Why go mid-century? Are buyers really looking for green & modern?

For an uncomfortably long time – OK, just 90 days – the doubters were winning the day. 2412 John was too ambitiously priced at $2.799M and wasn't drawing much interest.

After a chop to $2.599M last month, however, it was becoming more realistic and the phone began to ring. Now they've got a buyer. (For MBC's appreciation of the inspired marketing of the home, see: "The Importance of Staging... The Driveway," from February.)

216 13th Aka 1216 Bayview Street Manhattan Beach CA216 13th (5br/5ba, 4300 sqft.) sits at the base of the 13th St. walkstreet at Bayview right near downtown.

It's modern style new construction that visitors to Uncle Bill's (and the Ocean View Café) have admired for the better part of 2 years.

There was interest of all kinds. That includes interest of the serious buyer kind.

Closed sale this week: $7.000M.

If we look only to similar, recent sales of modern new construction in the immediate area, one comp is 128 14th (4br/5ba, 4000 sqft.) at "just" $5.500M. It didn't have the views afforded to 216 13th by way of having no neighbor to the west, but it did have that "Radical Garage" going for it.

317 27th Street Manhattan Beach CAFinally, 317 27th (4br/5ba, 3450 sqft.) occupies a special place just up the radically upsloping hill from Highland, giving it outstanding views from the top floor, even over an older, 3-story neighbor.

They presold this new home and therefore didn't need to go out and get professional photography.

Instead, we have this phone-camera hint of the 180-degree-plus views of the whole Santa Monica Bay, PV to Malibu.

The sticker price on this home while in escrow: $4.879M.

Here's the balance of our market update report from the period ending 5/15/15:

  • 57 active listings as of 5/15/15 (+1 from 5/1)
  • 49 SFRs (flat)
  • 8 THs (+1)

See the inventory list as of 5/15/15 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section12 actives (-3)
  • Sand Section: 20 actives (+3)
  • Hill Section: 9 actives (+4)
  • East MB16 actives (-3)

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 5/15/15."

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