Recent Deals & Sales - Manhattan Beach Market Update for 1/15/22

By Dave Fratello | January 19th, 2022

As we prepare for the Spring market to kick off in 2-3 weeks, most of the activity in the real estate market is in new escrows and closed sales.

219 Anderson Street Manhattan Beach CAAmong the biggest: 219 Anderson (6br/7ba, 6483 sqft.), an oversized 2005 Mediterranean in an absolute sweet spot in the Hill Section.

Launched at the end of September last year, the home needed some time and a price correction to find its level. After 100+ DOM, and a cut from $10.000M to $8.950M, the listing found a deal in mid-January.

219 Anderson Street Manhattan Beach CAThe biggest attractions: Location and unblocked, forever ocean views that really speak to you.

We could say that the home is also glamorous or luxurious, with opulent stone counters and flooring, pretty fixtures and a highly custom old-world styling, but in doing so, we'd be selling the style of the home in a way that the actual listing does not. Instead, the listing description speaks more generally of the home as a space with a good floorplan and location, and hints that a buyer could "make it everything you desire." This probably reflects the delicate dilemma of how to fairly market a property whose styles may be out of favor for the target audience of multi-multi-million-dollar buyers in Manhattan Beach today.

Larger and higher-priced homes in the Hill Section, whatever the exact style, do tend to sit for a while, even in a hot market. There are fewer buyers, and they are more demanding.

For 219 Anderson to make its deal in less than 4 months, including the slow holiday season, is quite an achievement.

Next, we'll see how close they came to $9 million.

220 16th Street Manhattan Beach CAMeantime, the walkstreet SFR (with extra unit) near downtown at 220 16th (5br/4ba, 2700 sqft.) also made a deal.

This one is somewhat less mysterious. It just sells and sells and sells.

In Sept. 2018: $5.150M.

In Aug. 2019: $5.025M.

After a stylistic interior remodel, it was at $5.799M when a deal was made last week.

401 10th St Manhattan Beach CAThis is the time of year for off-market deals, and one sale that just posted fits that profile.

401 10th (4br/5ba, 4100 sqft.) is a custom, 2005 "Nantucket" inspired home on a walkstreet that almost could not be closer to downtown.

The sale price of $5.500M is almost $200K less than it was offered for in 2019 (no sale), and perhaps $1M or more below what it could sell for on a different walkstreet. Here, the home backs up to the rear of commercial properties like the beach Vons.

Take the "not so bad, really" location and you get a giant discount to live on a walkstreet.

Over in East Manhattan - really east - there was more of a conventional listing of more of a conventional home that may help to set expectations of value for the area.

1806 5th Street Manhattan Beach CA1806 5th (6br/4ba, 3873 sqft.) offers a few things bigger than expected on one of the Mira Costa area's 5000 sqft. lots.

First, the 1991 build packs in a whole extra bedroom.

6 beds in a house on a 5K sqft. lot?

That struck us as so rare, we researched. (Sounds like you, Dave.)

In fact, only 3 homes have sold east of Sepulveda in the 17 years since 1806 5th last traded that also had 6 bedrooms on a similarly sized lot.

And nearly 3900 sqft.? Anything more than 3700 sqft. is pretty rare on these size lots.

Inside, the 1991 build boasted updates to the kitchen and baths that still dated back to '03, along with newer flooring and paint to refresh it.

Asking $2.899M, they got a bit more: $2.950M, or $762/PSF.

This substantially outperformed a roughly comparable East Manhattan Mediterranean at 1300 1st (5br/4ba, 3614 sqft.), which got $2.400M in May last year.

You can put 1806 5th on a spectrum with other East Manhattan 1990s homes that made a splash last year with high sale prices.

Many of those, however, had much greater square footage and "full-size" 7500 sqft. lots, netting $3.3-$3.5M while, in some cases, still begging for remodeling. (See "Wrapping Up 3 East MB 1990s Homes.")

Here's the rest of our local real estate market update report for the period ending 1/15/22:

> 21 active listings as of 1/15/22 (-2 from 12/31/21) 

> 16 SFRs (flat)

>THs (-2)

See the Inventory list as of 1/15/22 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

> Tree Section: actives (+1)

> Sand Section: 10 actives (-4)

> Hill Section: actives (flat)

> East MB: (+1)

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 1/15/22".

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