Off-Market Millions - Manhattan Beach Market Update for 4/30/22

By Dave Fratello | May 4th, 2022

When the local real estate market is as tight as it is now, sometimes it can seem like there's only one place to shop: Off market.

This Spring, your loyal force of local realtors has been doing a lot of that off-market shopping. We're all kinda getting tired of hearing the same things from everyone:

Do you have an X, or a Y? I've got buyers ready to go, preapproved and ready yesterday.

It's a lot of asking, a certain amount of showing, the occasional offer and, once in a while, a sale.

Quite recently, a cluster of off-market sales posted:

577 31st Street Manhattan Beach CA577 31st (5br/6ba, 4288 sqft.) is one of the amazing ones, just due to its history.

This 2019-built home literally ran 2 years on the market between its first day in the MLS (March 13, 2019) and its closing (March 18, 2021).

Despite the superb location, spacious house and attractive street-to-alley lot, they just couldn't get a buyer to "yes," dropping the price slowly from $4.8M to its eventual sale at $4.309M.

But this year, the home didn't even make it to market, selling for $5.000M.

413 7th Street Manhattan Beach CA413 7th (5br/4ba, 3609 sqft.) is down on the treasured flat walkstreets of the South End.

It's a newer custom build (2017) that had never been on the market.

We knew it was available, through networks of neighbors and agents, although it was never formally listed.

(There are more on the walkstreets informally offered and even in escrow.)

The sale closed for $6.500M.

Meantime, up in the Hill Section...

512 John Street Manhattan Beach CA512 John (4br/5ba, 4691 sqft.) is a 2000-built view home on one of the sincerely great blocks.

It's built in something of a modern style with some Asian influences. The style had been more aggressive when the home was last on the market in 2007 (we discussed the listing's challenges on this very blog way back when).

What was never in doubt: The views or the home's advantageous high position up above the street, drinking in the Pacific.

A full 15 years ago, this home sold for $3.800M in a second listing after some troubled times where a seller was trying for a quick profit after buying the home off-market. (Yep.)

This time it sold (again) off-market, but for $8.770M. And this time, there were surely buyers available on the open market as well, they just didn't get a shot.

So that's $20.2M in off-market sales that closed just within the past several days.

There's more afoot among off-market deals. Not all will be reported on the MLS, but watch closely.

There were some amazing closings in this market update period:

611 Anderson Street Manhattan Beach CA611 Anderson (4br/3ba, 2187 sqft.)

This is essentially a tricked-out original home with front living room/kitchen space (nicely opened up) with two bedrooms added upstairs.

This one came out at $3.649M, a healthy bite of lunch there for a midsized house, but it went up up up.

The sale price: $4.030M, approaching $2K/PSF (actually $1,843/PSF). Yowza.

1906 Agnes Road Manhattan Beach CA1906 Agnes (4br/3ba, 2985 sqft., 4800 sqft. lot)

This 1973 retro gem was always going to be treasured most for its prime Martyrs area location.

A lot sale? Likely.

Asking $3.250M to start, this one rocketed to $3.625M.

And in case you're wondering what impact that sale has on Martyrs area land values... look to the brand-new listing nearby at 1900 Laurel. That's a larger corner lot (6100+ sqft.) that merely begins at $3.600M.

517 5th Street Manhattan Beach CA517 5th (3br/2ba, 1344 sqft.)

This is a walkstreet home east of Ingleside, a classic beach cottage with somewhat typical layout compromises, and a kitchen still begging for updates.

Was the start price of $3.699M a bit higher than land value? Even last year, you might have said so.

But this cutie was a must-have and it got bid up 12% to $4.150M.

So, sure there's talk about the challenges buyers are facing with higher interest rates, and worries that the market could calm down, but you're not seeing a lot of evidence yet here in sales, especially not those worked out off-market.

Here's the rest of our local real estate market update report for the period ending 4/30/22:

> 34 active listings as of 4/30/22 (+4 from 4/15/22) 

> 26 SFRs (+2)

> THs (+2)

See the Inventory list as of 4/30/22 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 (+2)

> Sand Section: 17 actives (+1)

> Hill Section: actives (flat)

> 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 4/30/22".

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