The last 2 weeks here in March have seen substantial buyer activity in Manhattan Beach.
We'll do a more comprehensive look at March 2023 in comparison to other recent years next week, in a formal market update.
But for now, we're struck by how quickly some properties are being taken, and some of the price points.
In two weeks, these 12 properties have gone into escrow.
PLEASE NOTE: Below, we present listings provided via the MLS. They are listed and brokered by a variety of agents and firms. Blog author Dave Fratello of Edge Real Estate Agency is not the listing agent unless so stated with the listing. Click on any property address or photo to open a new page with full listing details, all 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.
In this category of the higher-priced listings, new escrows total $37.4M in just 2 weeks.
New construction in the Tree Section – there's not enough of it, and when one came out recently, it needed only 3 weeks of exposure to find a buyer.
644 29th (5br/7ba, 5077 sqft.) came out asking $6.499M, which is definitely where new construction prices were trending, until, generally speaking, our market began to slow. Individual homes all over town aren't worth what they once were.
But bring a premium product to a starving marketplace, and you might just get rewarded.
As noted, this one went into escrow within 3 weeks. Meantime, 750 29th (6br/8ba, 4835 sqft.) is still looking for buyers, asking $6.199M at 103 DOM.
644 29th is listed by Anthony Accardo, Compass, and 750 29th is listed by Lynne Lear, Pacifica Properties Group, Inc.
Meantime, down in the South End of the Sand Section...
That's 340 6th (5br/5ba, 3842 sqft.), a newer walkstreet property last offered at $7.450M.
This one was built in 2013 but dramatically upgraded by the current owners within the last few years. (They acquired it off-market for $5.950M in 2017.)
The home was offered for 100+ days in late 2022 for $8.500M down to $7.950M, before rebooting with a new MLS # and days count in January this year, plus that new price of $7.450M. It was at 54 DOM this time, making for a total of 162 DOM across two listings.
Mid-March was the magic time.
340 6th is listed by Tamra Pardee of Pardee Properties.
Also in the Sand...
3000 The Strand (3br/4ba, 3949 sqft.) is listed as a 3br but set up currently with just 2 bedrooms, in a mid-90s design meant to evoke older East Coast beach houses.
It was asking $13.499M this year. (They tried last year at $17M down to $15.5M before re-launching lower this year.)
It only needed 5 weeks this year to make a mid-March deal.
3000 The Strand is listed by Lauren Forbes, Compass.
Also in the South Sand...
517 3rd (5br/5ba, 3564 sqft.) is a 2011 custom build that was offered for $4.495M.
It found a buyer immediately.
517 3rd is listed by Lee Legrande, Palm Realty Botique, Inc.
And finally, in the Hill Section, the very longest-running listing on the market in Manhattan Beach finally found a buyer. 235 N. Dianthus is a corner-lot 1980s build.
This version of the listing had almost hit 400 DOM when a deal was finally made. It literally began in February last year. (The home was also marketed for 150 days in 2021.)
The asking price had dwindled from $8.000M down to $5.499M.
235 N. Dianthus is listed by David Caskey, eXp Realty of California Inc.
A Bunch of East Manhattan
You know what's flying off the virtual shelves of the Manhattan Beach real estate market?
East Manhattan houses under $2M. Five of the 7 new escrows east of Sepulveda in the last 2 weeks fit that description.
1346 Gates (3br/1ba, 1099 sqft.) is an original 1951 house where the listing talks a lot about all the work that needs to be done, and no interior photos are offered.
This property launched at $1.595M early in March, and has gone into escrow 3 times since. (Falling out twice.)
The second and third deals were made after the price dropped to $1.525M.
1346 Gates is listed by Ted Dodd, Manhattan Pacific Realty, Inc.
1350 Curtis (3br/1ba, 1051 sqft.) is just around the corner, and similarly a pretty original early-1950s build.
It's distinguishable from the Gates property largely because the lot is a bit unusually large at 6304 sqft. (Most of the lots on these "finger" streets between Meadows Ave. and Pennekamp are about 5000 sqft., but there are a few like this one drawn a little bigger. We discussed those in our first post mentioning 1350 Curtis.)
With the larger lot came a larger asking price: $1.650M. They were in escrow after 10 days.
1350 Curtis is listed by Douglas Christensen, Engel & Volkers LA-South Bay.
1320 Voorhees (3br/2ba, 1459 sqft.) is the third of three original cottages right in this neighborhood around Pennekamp to make a deal in a short span of time.
However, the lot size here was much bigger (9158 sqft.), so the price was, too: $2.500M.
They made a deal within a week.
1320 Voorhees is listed by Robb Stroyke, Bayside.
1545 5th (4br/3ba, 3378 sqft.) is an early-90s house with modest upgrades and a full-size lot on a great street.
It was asking $3.279M and lasted only two weeks.
1545 5th is listed by Lizabeth Walker, Strand Hill Properties.
The other East Manhattan homes making deals:
1155 Chestnut (2br/1ba, 889 sqft.), last asking $1.685M. (Pictured.)
1140 MB Blvd. #D (2br/3ba, 1190 sqft.), asking $1.140M.
1633 2nd (3br/2ba, 1260 sqft., on a 6300+ sqft. lot), asking $1.899M.
March of every year is expected to be busy, and we're seeing something like that now, even with limited inventory.
Only a few of these listings were long in the tooth; most were on the market no more than 2-3 weeks, and some sold almost instantly.
Totaled up, these 12 new deals span properties asking $51.1M total.
Call it "a little bit normal."