MB Market Update for 10/1/15

By Dave Fratello | October 2nd, 2015

You can just about taste the cotton candy on your fingertips (or fresh brews on your lips, whatever you prefer) as the MB Hometown Fair gears up this weekend. (This photo's from last year's fair, deemed "cutest" photo in a DigMB.com competition.)

The fair's always in October, and it's always hotter than you'd think.

Which is something like how you would describe the local real estate market now, too. (Nice transition, Dave!)

No bumps in the road for this market, no pauses, plenty of quick deals and multiple offers still. After a mellow real estate Summer, we're having the post-Labor-Day rush that we hope and expect to see.

1440 12th Street D Manhattan Beach CAOne thing that has happened quickly recently is condos selling. Here are the condo deals from the second half of September alone:

1440 12th St. Unit D (3br/3ba, 1670 sqft.), asking $849K, drew multiple offers and will sell higher (pictured);

1466 MB Blvd. Unit 1 (2br/2ba, 900 sqft.) drew multiples, asking $549K; and

1315 MB Blvd. Unit A (2br/3ba, 1175 sqft.) sought $735K and made a quick deal.

That's quite a run on East Manhattan options under $1M. 

1900 John Street Manhattan Beach CAWe were just a tad surprised at the corner lot sale at 1900 John

Maybe $2.200M for a Tree Section lot (5025 sqft. in this case) seems like a bunch of dough.

But they listed higher, at $2.250M, and there was the recent sale of a roughly comparable lot at 719 19th for way, way more ($2.775M). 

So we grabbed the price per square foot for the dirt at 719 19th (bigger 6425 sqft. lot), which was $432/PSF for land alone, and multiplied by the lot size for 1900 John. The value: $2.170M.

So a $2.200M sale price is basically right on. (Go ahead, try to resist finding your Tree Section lot value by multiplying by $432/PSF.)

Here's the rest of our local real estate market update report for the period ending 10/1/15:

  • 69 active listings as of 10/1/15 (-5 from 9/15)
  • 60 SFRs (-1)
  • 9 THs (-4)

See the inventory list as of 10/1 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section13 actives (+2)
  • Sand Section27 actives (-1)
  • Hill Section: 9 actives (-1)
  • East MB20 actives (-5)

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

Sales data, including PPSF for all properties, are organized by sub-region of Manhattan Beach.

Here's a link to the spreadsheet: "MB Pending/Sold as of 9/15/15."

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