MB Market Update for 10/15/19

By Dave Fratello | October 16th, 2019

We're just a couple of weeks into the 4th quarter now, and so far we haven't seen the local market hit any bumps.

Last year around this time, a mortgage rate spike nearly stopped the market cold. (An event you try to forget.)

Inventory was at 129 listings citywide as of Oct. 15, 20 more than we had in each of the prior two years.

Let's take a look at a few notable sales from the first part of the month.

2904 Alma Avenue Manhattan Beach CA2904 Alma (4br/4ba, 2415 sqft.) is a 2001-built TH in the North End with some views that seem safe.

A balcony all along the south side allows you to see over the 2-story neighbor, and makes for a nice outdoor space just off the very open top floor.

Master suit in front is of good size, laundry's on the middle level with 3br, and a 4th br plus den are on the first floor. Could it be updated? Sure.

The sale at $2.375M is really compelling from the buy side.

The listing began $320K higher at $2.695M in May, but wound up at what looks like a "low" number for the combination of square footage and view. Two comps from earlier this year would be 300 28th (on Highland, with views) at $2.325M and 3305 Vista (4br/4ba, 2555 sqft.) at $2.400M (alley, no view). In years past, we do see comps well over $2.4M and into the $2.6M range.

2808 Oak Avenue Manhattan Beach CAIn the Tree Section, one of several sales along Oak this year has closed. 2808 Oak (3br/2ba, 1600 sqft.) is a 3br single-level major remodel, with living spaces up front and only the master bedroom opening to the yard.

This one's on the commercial side of Oak but still did well.

Asking $1.949M, it closed for $1.805M. That's $1,124/PSF on that side of Oak.

We have previously taken note of a new construction sale at 910 28th (formerly 2722 Ardmore), which closed for $4.125M in this period. (See "Results of New Builds on Ardmore" for more.)

And in East Manhattan, two Liberty Village sales in this period make for interesting contrasts.

1150 Manzanita Lane Manhattan Beach CA1150 Manzanita (3br/2ba, 1775 sqft.) is a recent remodel that has just closed for $1.925M.

Just 8 months ago, reflecting the corner location near MB Blvd., the original version of the home sold low for $1.275M.

The remodel fetched a pretty penny for that quick work.

Meantime, more original, and better located, 2004 Faymont (3br/2ba, 1500 sqft.) has just closed for $1.525M, or $74K below asking.

The Hill Section saw two sales of new construction: 304 N. Ardmore (5br/6ba, 6350 sqft.) at $6.650M and 861 8th (5br/7ba, 5650 sqft.) at $5.600M.

Here's the rest of our local real estate market update report for the period ending 10/15/19:

  • 129 active listings as of 10/15/19 (-1 from 9/30/19) 
  • 98 SFRs (-6)
  • 31 THs (+5)

See the Inventory list as of 10/15/19 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 23 actives (-3)
  • Sand Section: 66 actives (+3)
  • Hill Section:14 actives (flat)
  • East MB: 26 (-1)

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 10/15/19."

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