By request, we're going to start out with a quick look at market activity.
Our first chart merely looks at new deals inked within the first two weeks of October.
The 11 new escrows in Manhattan Beach in this period was low for the time of year, with only 2015 showing fewer deals.
It's a languid pace, one could say, and consistent with the preceding full Q3. (That's show in our second chart, first published in "Diving for More Data for Q3 '22.")
Now, we never want to make too much out of a small data set, and 2 weeks is so brief that you don't want to generalize from it.
Suffice it to say, though, there wasn't some big rocket launch in the first two weeks to make October look a lot different.
Of course, that's a problem that is still partly to be laid at the feet of low and flat inventory.
We've been in the low-to-mid 60s since Summer, and were at 65 as of Oct. 15, the date this report closed. We do see more inventory options taking shape as the weekend approaches.
In these weekly reports, we like to look at a few recent sales.
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PLEASE NOTE: Below, we discuss listings from the Manhattan Beach market, listed and brokered by a variety of agents and firms. The name of the listing broker and agent for each property, along with any contact information supplied through the MLS, is displayed with each property. Blog author Dave Fratello of Edge Real Estate Agency is not the listing agent or buyer's agent unless so stated with the listing. Click on any property address or photo to open a new page with full listing details, photos, listing broker and agent information, and other MLS information. Any observations and comments about listings represent the professional judgments and opinions of the author, Dave Fratello, not the listing brokers or agents. Please see our blog disclaimer.
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6 Cambridge (3br/2ba, 2080 sqft.) is such an original Manhattan Village home, it was literally one of the model homes in 1982, in the single-family "estate homes" section.
Dave represented the buyers, who had wished for a single-level home in the Village for more than a year. It's actually been nearly 5 years since one hit the market. We got it for $2.475M, a little under asking.
(6 Cambridge was listed by Susan Boettner of Vista Sotheby's International Realty.)
This period also saw the first closing in the Hill Section since August, at 763 11th (5br/6ba, 4961 sqft.).
The custom 2018 build features a side/central courtyard with pool/hot tub/water feature, and a cool outdoor room with an outdoor kitchen. Inspired.
Asking $8.000M, this one close for $7.376M.
(763 11th was listed by David Caskey of eXp Realty of California Inc.)
We did a separate post about the eye-opening closing at 3108 Vista, 18% under asking price. For more on that one, see "They Just Offered What It Was Worth."
Whatever else is going on, don't get caught trying to say that the Tree Section is moderating.
3108 Poinsettia (3br/3ba, 2218 sqft.) just closed for $1K over asking at $3.200M.
That's a fairly remarkable $1,443/PSF.
The home is practically 3 levels, with a primary suite added upstairs, 2 small bedrooms in back on the main/entry level, and a den downstairs with full bath.
It's nicely redone and on a great street, but one should not expect that sort of PPSF in most cases in the Trees. Over the past 6 months, all the sales between $3.0-$3.5M were about 20% bigger or much more, and typically had a PPSF of $950-$1,300/PSF.
(3108 Poinsettia was listed by David Caskey of eXp Realty of California Inc.)
Here's the rest of our local real estate market update report for the period ending 10/15/22:
> 65 active listings as of 10/15/22 (+2 from 9/30/22)
> 55 SFRs (+2)
> 10 THs (flat)
See the Inventory list as of 10/15/22 here, or see the MB Dashboard for up-to-the-minute data.
Active listings by region of Manhattan Beach in this report:
> Tree Section: 7 actives (-1)
> Sand Section: 29 actives (+2)
> Hill Section: 12 actives (fla1)
> East MB: 17 (+3)
We're also providing a report on closed sales by region of MB
Sales data, including PPSF for all properties, are organized by sub-region of Manhattan Beach.
Here's a link to the spreadsheet: "MB Pending/Sold as of 10/15/22".
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
