MB Market Update: 4/30/13

By Dave Fratello | May 3rd, 2013

Since our redesign here at MBC, we've been publishing spreadsheets of our market updates. But this time, we wanted to try one of our update posts like from the olden days, with a discussion of market action during this period, broken down by section of MB. It takes a little longer to produce these "Comings & Goings" reports, but here's hoping you enjoy.

First, here's the quick overview on active inventory:

  • 38 active listings as of 4/30/13 (+3 from mid-month)
  • 34 SFRs (+5 from mid-month)
  • 4 THs (-2)

Active listings by region of Manhattan Beach:

  • Tree Section: 8 actives
  • Sand Section: 16 actives
  • Hill Section: 0 actives (nothing, truly nothing)
  • East MB: 14 actives

You can see the complete report on active listings, with live links to every property, in this single post on our data blog: "MB Inventory as of 4/30/13."

We also offer a report on pending and closed sales by region of MB. Here's a link to the post: "MB Pending/Sold as of 4/30/13."

For closed sales, we provide the past 6 months' worth of sales by region. This is the typical window of time used by appraisers.

Tree Section - Comings & Goings

Three homes debuted and sold in this 2-week period in the Trees: Two project homes (1404 Elm at $1.279M and 524 13th at $1.550M, pictured), both of which drew multiple offers, and 2316 Elm, a distinctly 80s original that's been nicely updated (list: $1.879M).

This period also saw the debut of 2301 Laurel (5br/5ba, 3400 sq. ft.) at $3M and – at the other end of the spectrum – a very nicely updated little cottage with a guest house at 732 36th at $1.225M.

Returning to market after being in escrow were both the Cape Cod at 721 36th ($2.399M) and the modern at 700 27th (now $2.450M).

 

Closed sales in this period included Dave's listing at 2507 N. Valley (4br/4ba, 2825 sq. ft.) at $1.885M (quick close above asking), new construction at 585 31st at $2.800M and a notable overbid at the custom Spanish home at 1725 Oak ($2.085M).

Sand Section – Comings & Goings

Sand Section inventory has seemed to be sluggish to emerge these past several weeks, but one listing made a very quick splash in this 2-week period: 3405 Manhattan Ave. (5br/5ba, 4400 sq. ft.), a full-size, recognizably 90s build (with updates), which hit the market at $3.800M and lasted all of one day before signatures hit the bottom line.

Also making a deal during this period: a TH at 221 4th Place (3br/4ba, 2500 sq. ft.), a surprisingly large-feeling and fresh 2001 build with more of a "city" feel than ocean views – but, ah, yes, the South End going for it.

There was quite a mix of new offerings in this period, led by 2316 The Strand (pictured) at $11.0M. This is the perfect house for someone who is looking for exactly this house, but may be a tough fit for the typical Strand buyer. (Is there a "typical?") This is a 2-story, functionally 1br house (plus one spare), wide open and ultra modern. Huge "cool" factor.

Also new this period: 440 5th St. (4br/5ba, 3070 sq. ft.), a South End walkstreet home we've reviewed positively, listed at $3.350M, a nice remodel at 308 Manhattan Ave. (3br/3ba, 1700 sq. ft.) – hey, is it really 100 years old? – at $2.299M and a flat walkstreet new build that will be ready next year at 416 8th (will be 5br/5ba, 4200 sq. ft.) listed at $4.250M.

Closed sales in this period included the TH at 2311 Manhattan Ave., which started much too ambitiously at $2.199M last year and now closed for $1.920M (-13% off that high start), a quick cash sale at 516 21st (4br/4ba, 3540 sq. ft.) at $3.475M – that one raised some eyebrows – and 212 40th (3br/2ba, 1525 sq. ft.), a truly cute, extremely well remodeled "original beach cottage in El Porto" (per the listing) at the amazing price of $1.350M.

Hill Section – Comings & Goings

Inventory in the Hills is just nothin'.

200 S. Dianthus, which never had any traction at $3.7M, quit.

Meantime 3 other Hill Section listings made deals, none more surprising than 220 Larsson (pictured), a difficult house (4br/4ba, 3350 sq. ft.) in a poor location, listed at $1.399M – it just didn't seem a candidate for a quick deal, but there you go.

Also finding buyers: 514 N. Dianthus (6br/5ba, 3700 sq. ft.), listed (ambitiously) at $3.150M, and the major project/scraper at 1026 Pacific (list: $1.500M).

East MB – Comings & Goings

New listings that made deals within this 2-week period included the refreshed 60s house at 1250 Shelley (pictured), listed at $1.175M, 1713 Faymont (5br/3ba, 3430 sq. ft. at $1.849M) and a huge, upgraded 90s house at 1613 5th (5br/5ba, 4400 sq. ft., at $2.439M).

Did we just say a Liberty Village home listed over $1.8M had an immediate deal?

One of the Tennyson condos also found a buyer: 1208 Tennyson #7, listed at $849K. That one sold in April 2007 for $870K.

Among the new listings this period was 1200 10th, a new construction projected touted as "[r]aising the standard in East Manhattan Beach." They have also raised the price – just last year the same project was offered at $2.899M, now it's up to $3.199M.

As we discussed – in some detail – last July, the original price was scratching toward a record for East MB, including all the bubbly years that came before. (See "$2.9M for New Construx in East MB.") If they hit $3.199M, they really would have the new record. (Follow that link to our old post, you'll see $3.1M as the prior record.)

Back on Earth, the other new listings this period included a very difficult house/lot sale at 418 Chabela ($1.069M), a somewhat updated cottage at 1400 Magnolia (3br/2ba, 1320 sq. ft.) asking $1,000/PSF ($1.299M) and 1748 Voorhees (4br/4ba, 2900 sq. ft.), what looks like a FSBO of a home that sold one year ago for $1.430M, now seeking $1.585M.

The headliner among closed sales was clearly the newly remodeled 2105 N. Meadows (4br/3ba, 2270 sq. ft.), listed at $1.540M and sold for (gulp) $1.700M. For 2000-ish sq. ft. on a busy street. Some of these remodels truly generate "must have" buzz, don't they?

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