As the local housing bubble was threatening to pop 5 years ago today, a voice out in the online wilderness said:
"HOME PRICES ARE DROPPING IN MANHATTAN BEACH."
That voice was this voice, in the first post on Manhattan Beach Confidential, March 15, 2007.
A lot of things followed. There were more posts. There was…
As the local housing bubble was threatening to pop 5 years ago today, a voice out in the online wilderness said:
"HOME PRICES ARE DROPPING IN MANHATTAN BEACH."
That voice was this voice, in the first post on Manhattan Beach Confidential, March 15, 2007.
A lot of things followed. There were more posts. There was some news, even some controversy. Suddenly there were more readers. And more. And a raucous comments section.
The local housing market took the predicted dive, with transactions dropping sharply and prices dropping 18-25% through 2009-2010, depending on how you analyze things.
The gears shifted here at MBC in Year 4. The author, Dave Fratello, dropped his anonymity (ok, my anonymity!), started a newspaper column, got a real estate sales license and began representing buyer clients. (See "Hi, I'm Dave.")
The local market settled in MBC's Year 4 or so, too. MB had weathered the storm better than most markets, but still had suffered. Mostly, 2010 and 2011 were flat. The 2011 median price for single-family homes was actually the same as 2009's, and '09 was a bottom year. Through much of the past 2-3 years, buyers have often had an upper hand, and sellers were unsure what was next.
Having completed 5 years, we see a different market today, right now, anyway. Inventory is so tight that multiple-offer situations are becoming common. Tiny interest rates, low supply and high demand set the stage for – egads, Dave, are you going to say it? – rising prices. There are a few directions where things could go from here, but we feel we owe it to you to call it like we see it. One thing is for sure: The next steps in this market will make for interesting news and analysis throughout the year.
MBC remains fun to produce, so we'll keep it going. The blog author knows something about marathons, and 5 years of near-daily blogging on one subject definitely qualifies. The philosophy is basically this: If both the day-to-day work and the long-term results are fun and worthwhile, you keep running.
Keep coming back. We'll keep running, and keeping it real.
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.
Based on information from California Regional Multiple Listing Service, Inc. as of March 19th, 2024 at 12:50am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.