MB Market Update: 10/15/14

By Dave Fratello | October 20th, 2014

It's time for one of our twice-monthly updates on market activity, with updated spreadsheets on inventory and sales.

We'll lead in here with a quick look at some notable sales in this period.

First is the Sunset "Idea House" at 111 S. Meadows (5br/6ba, 4200 sq. ft.). (The builder says 4590 sq. ft.)

It's no disrespect to say that without all the dialed-up, extravagant extras, no one could have conceived of seeing a $4.000M pricetag for a house on Meadows. The project was all new in conception and design, so the price was able to reset the bar.

Great floorplan? Check. Comfortable modern design? Check. Huge yard with exquisite pool and custom hardscape? Check. (It's a 9500 sq. ft. lot.) Bonus décor and extras all around? Yes, yes, yes, check and check again.

That helped to blow past any sales that might have been brought in as comps – similarly sized East MB homes that you might look to for reference. Those might include new construction at 1200 10th (5br/6ba, 4600 sq. ft.) at $2.730M last year (a long time ago in this market), and another new one at 1626 1st (5br/5ba, 4950 sq. ft.) at $3.200M this January.

To get to 4, they needed to do just about everything bigger, better and different.

Someone had a really great idea to get the Sunset folks and all the others involved. Bravo.

Meantime, high prices for simple land in the Tree Section just continue to rocket higher.

The sale at 2001 John (to a builder) at $2.150M shoots about 7% over the last head-shaking high. And that wasn't so long ago. (More on Tree Section values soon.)

What do you think the new home at 2001 John is going to ask? It'll have to be deep into the 4's. (Maybe they should call Sunset.)

Finally take a look at 300 35th, an 80s townhome (4br/3ba, 2130 sq. ft.) with mega ocean views. 

There, Highland is a clear factor, with noise and views of traffic along the main corridor. But what a testament to the North End that the views and "downtown" lifestyle were seen as more important.

After a bidding war, it shot from $1.999M to $2.100M.

Here's the quick overview on active inventory (click here for the list as of 10/15):

  • 52 active listings as of 10/15/14 (-2 from 9/30/14)
  • 33 SFRs
  • 19 THs

See the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 8 actives (+1 over 9/30)
  • Sand Section: 18 actives (+2)
  • Hill Section: 4 actives (-1)
  • East MB: 22 actives (-4)

We're also providing a report on closed sales by region of MB.

Sales are organized by sub-region of Manhattan Beach.

Here's a link to the spreadsheet: "MB Pending/Sold as of 10/15/14."

In our report on closed sales, we provide the past 6 months' worth of sales by region. This is the typical window of time used by appraisers. The spreadsheets are useful to anyone tracking the market or trying to estimate the value of a home for purchase or sale.

Please see our blog disclaimer.

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