Manhattan Beach Market Update for 1/15/23

By Dave Fratello | January 18th, 2023

It's our first official market update of 2023. And it looks like we shall live in interesting times, as they say.

Inventory for the New Year's first 2 weeks was only +3 from year-end 2022. Two of 5 new listings were coming back to market after some time off. There's never too much new stuff this early in the year.

Early closed sales included some interesting stories.

Two homes sold very quickly after going into escrow.

319 S Dianthus Street Manhattan Beach CAOne was the Hill Section new construction at 319 S. Dianthus, closing at $9.800M.

(319 S Dianthus Street was Listed by Ray Joseph, Radius Agent Realty.)

We had featured this one just after Christmas, asking, "Did Santa Bring a $10M Offer?" (We kind of imagined that he was ready to take a little break, and probably had the cash.)

The original list price had been $12.999M, and it was at $10.995M when the buyer came in almost $1.2M lower than that.

So if selling $3.2M under the original ask was not awesome for the seller, it was still almost $10M and it was all done in 14 days.

317 8th Street Manhattan Beach CAThe other one to close fast was 317 8th, a South End walkstreet corner-lot home.

(Also Listed by Ray Joseph, Radius Agent Realty.)

The MLS shows this home going into escrow Jan. 6, closing on Jan. 12, then getting listed immediately (same day) for lease (at $10,500/mo.).

A sale in 6 days was all the more amazing because the home was listed for about 10 months, from Feb. 2022 through Jan. 2023.

Original ask was $4.700M, but it sold for $4.025M in the end.

The home had sold previously in Dec. 2020 for the seemingly ultra-low price of $3.250M (a walkstreet! corner! with ocean view potential!) then got a facelift for resale. It was profitable, but maybe not quite as huge as planned.

625 33rd Street Manhattan Beach CAMeantime, a high-end Tree Section flip at 625 33rd (4br/3ba, 2080 sqft.) closed only $20K under asking price at $3.680M.

(Listed by Tony Barberi, Vista Sotheby’s International Realty .)

We don't use PPSF out of context much. But we just gotta say, $1,769/PSF for any Tree Section home is quite a number. Wowza!

It seemed like a completely different story on the east side.

After a year that saw $2.4-ish prices for land, suddenly a couple of land-value sales came in much lower.

1446 23rd Street Manhattan Beach CA1446 23rd (7500 sqft. lot) began at $2.399M, in line with recent high-value lot sales in the Mira Costa district of East Manhattan.

But it sold for $1.930M after hanging around 7 weeks and making 2 cuts.

(1446 23rd was listed by John Altamura of S C Real Estate.)

Meantime, another lot at 1544 Mathews (7500 sqft. lot) began with far more modest ambitions, asking $1.850M.

But it, too, sold lower, at $1.650M.

(Listed by Janet Schuman of Re/Max Estate Properties.)

We didn't see big negatives on the 23rd St. lot, but Mathews was priced carefully due to location. It's pretty close to the high school and backs up to one building that fronts Artesia Blvd.

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Here's the rest of our local real estate market update report for the period ending 1/15/23:

> 39 active listings as of 1/15/23 (+3 from 12/31/22) 

> 31 SFRs (+4)

> THs (-1)

See the Inventory list as of 1/15/23 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: 17 actives (-1)

> Hill Section: actives (+1)

> East MB: (+2)

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 1/15/23".

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