As we near year-end, we're getting psyched for a series of posts looking back at the year that was.
The market in 2024 saw a bounceback in sales totals and prices, but no one ever mistook it for a "normal" year.
We'll have a lot more discussion rooted to that theme as we examine the market from every angle once the year closes up.
Meantime, our mid-December update focuses on a few notable sales. Check it out.
1631 19th Street(5br/4ba, 3563 sqft.) is a custom 2014 build with enduring, pleasant style, and a fully outfitted outdoor living area in the backyard, including pizza oven.
The listing emerged in August at $3.795M, a significant dip below some recent new-construction sales on comparable 5000-ish sqft. lots. We showed it to one client who asked, "Why is it such a low price?"
Alas, the market didn't think it was low enough.
It took almost two months to get under contract, and then the escrow failed. A cut of $100K wasn't enough.
The sale price, closing in the past few days, of $3.350M, is $445K and 12% below the start.
Does that, actually, seem low?
This sale is an echo of 
1607 1st (5br/5ba, 3495 sqft.), sold Oct. 18 at $3.275M (-$425K / -11% from start), with 148 DOM.
That was an '06 Mediterranean; meaning, older and in a more dated style than 1631 19th.
The price also lines up with a Sept. 26 sale at 2109 Harkness (5br/5ba, 3599 sqft.) is a 2013-built Mediterranean with stone pasted all over a part of the front exterior, which got $3.350M.
If this is going to be the going rate for non-new East Manhattan homes on 5K lots, it'll be good news for buyers – only.
But in prime areas, you're not seeing much pullback in prices.
Consider the Marytrs area.
613 18th Street (4br/4ba, 3190 sqft.) is a warm, if quirky, classically styled home with inspired additions on a superb Martyrs-area block.
With a smallish front living room at the entry and 2br up, 2br down, the home bears some classic hallmarks of a remodel, not typically seen with a home designed anew from ground to 2nd floor.
No worries, though. Asking $5.249M, this one found takers almost immediately (within 2 weeks), fetching $5.378M (+$129K).
Does that, actually, seem high for the home and location?
It was also during this time period (first half of December) when another Martyrs area sale closed over asking: 1901 Laurel, a 6167 sqft. lot sale, got $11K over asking at $3.511M. (See "Nearly $600/PSF for Dirt in the Trees.")
While we're talking about prime locations...
216 Morningside Drive (4br/5ba, 3600 sqft.) is a 2001-built Cape Cod on one of the quietest, most darling streets of the South End. (Oops, our biases are showing!)
Despite its prime location and timeless style, the home needed some significant repairs.
Asking $3.950M, this one closed $300K lighter at $3.650M.
Both prices seemed like steals, in their own ways. (It's not even a question.)
There's really only one regular street south of the pier that runs north-south and isn't plagued by substantial traffic. It's Morningside, and only one side of that street has homes facing sunset (west). The point here: Scarcity could have justified almost any number.
This market-update period was also when we saw a closing come in at 1704 Highland (4br/4ba, 3308 sqft.) at $4.150M, way, way, way down below the first asking price for the same property one year ago ($5.849M). We noted that the same property keeps seeing something like that happen each time it comes to market, in "A Pattern Repeats for a Highland Townhome."
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Here's the rest of our local real estate market update report for the period ending 12/15/24:
> 54 active listings as of 12/15/24 (-4 from 11/30/24)
> 43 SFRs (-2)
> 11 THs (-2)
See the Inventory list as of 12/15/24 here, or see the MB Dashboard for up-to-the-minute data.
Active listings by region of Manhattan Beach in this report:
> Tree Section: 8 actives (flat)
> Sand Section: 26 actives (-1)
> Hill Section: 4 actives (-2)
> East MB: 16 actives (-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 12/15/24".
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.
