Manhattan Beach Market Update: 5/31/15

By Dave Fratello | June 2nd, 2015

It's time for one of our twice-monthly updates on the Manhattan Beach real estate market. 

Speaking of twos, there are two pairs of sales that got our attention this period.

First is the 2 brand-new 'Contemporary Plantation' style townhomes along Marine Ave.

315 Marine Avenue Manhattan Beach CAThe first to come to market, 315 Marine Ave. (3br/4ba, 2070 sqft.) closed early in May for a tad over asking: $3.520M.

Impressive. If the 3's are the new normal for Sand Section townhomes, this one was even better than normal – brand new, unobstructed 3rd-floor views over built-out homes (and businesses) to the west, and all that hot styling that is so now. If anyone had any reservations about it, that didn't show when the sale shot $20K above asking.

Shortly after, they released the back unit (316 Marine Place) to market, and it's found a buyer quickly, too, with a list price of $3.499M. You could argue that the back unit is better because it doesn't front busy Marine Ave. We'll see what the market had to say about that one.

Bottom line on this project, though: There is simply no way that the original conception or market plan for these two brand-new townhomes was to sell for $7 million combined. No way. The market shot up far past expectations in the time it took to build on site.

The 2700 sqft. lot for these townhomes was purchased for $1.999M back in July 2013. It wasn't so very long ago, was it? If you're the investor, how happy are you to see the market rocket up like it has these past 18-24 months since getting the lot?

Meantime, two lot sales west of Highland in the South End of the Sand Section are worth noting.

For a 30-day window, both 229 4th and 235 4th (abutting Highland) were offered together, as a package, for $10.000M. The market said, "no."

So now they've sold individually:

  • 235 4th has a deal with a list price of $3.999M.
  • 229 4th had gone dark for a bit, but came back to the MLS and posted an immediate deal with a list price of $5.000M.

Is it worth $1M more to be one door west off of Highland? Maybe so. Let's see where these two close up.

Here's the balance of our market update report from the period ending 5/31/15:

  • 63 active listings as of 5/31/15 (+6 from 5/15)
  • 55 SFRs (+6)
  • 8 THs (flat)

See the inventory list as of 5/31/15 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section13 actives (+1)
  • Sand Section: 21 actives (+1)
  • Hill Section: 10 actives (+1)
  • East MB19 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 5/31/15."

Please see our blog disclaimer.

Latest Listings Among
Manhattan Beach Homes For Sale