MB Market Update: 10/31/14

By Dave Fratello | November 3rd, 2014

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

First, let's talk about the number 3.

During the 2-week period just closed, we just saw not one, but two, sales of new construction in the Tree Section exceeding $3 million.

This rendering is of 717 25th St., a spec project that has been informally marketed for months and is now nearing completion. The closed sale price: $3.245M.

The home's got 5br/6ba, and 3570 sq. ft. on a slightly bigger-than-normal 5120 sq. ft. lot. The buried garage helps with the floorplan. (However, the neighboring "parkland" in the rendering is pure CAD fantasy.)

The number of times previously that a comparably sized new home (under 4400 sq. ft.), with a mostly standard lot in the Tree Section had ever sold for $3M+?

It was 3 times. All 3 sales were in 2007 on a prime part of 31st St. (600-700 blocks).

So, 7 years passed without a sale like 717 25th St. coming along eclipsing $3M, and then it happened again.

Just 4 days later, 3313 Walnut (5br/7ba, 3600 sq. ft.) closed for $3.151M. (Asking had been $3.299M.)

And since things seem to occur in 3's, take note of this...

Just 2 days later, the twin of 3313 Walnut posted in escrow. That's 3309 Walnut (5br/6ba, 3600 sq. ft.), listed at $3.399M, the highest of all. We'll see where it closes, but we know it would not be flying alone up there in the stratosphere with a $3M+ sale price.

As to the balance of our market update, here's the quick overview on active inventory (click here for the list as of 10/31):

  • 53 active listings as of 10/31/14 (+1 from 10/15/14)
  • 37 SFRs
  • 16 THs

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

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 9 actives (+1 over 10/15)
  • Sand Section: 17 actives (-1)
  • Hill Section: 5 actives (+1)
  • East MB: 22 actives (flat)

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 10/31/14."

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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