MB Market Update for 10/31/18

By Dave Fratello | November 1st, 2018

In the past few days, we've said goodbye to the Dodgers and hello to a million trick-or-treaters. (We actually saw some tricksters this year. Fancy that.)

In the second half of October, inventory began to dip slightly (down just 2 from Oct. 15) but the pace of new listings has begun to slow.

There were 34 new listings launched between Oct. 1-15 in MB, and 19 between Oct. 16-31. Things are even slower just this week.

That's all as it should be, as the market begins to cool for the holidays.

One of the recent sales this period (new escrows in this case) was Dave's listing at 848 12th Ct. (4br/4ba, 3250 sqft.), which was posted late on Oct. 11 and had a deal (with multiple offers) by Oct. 18. (Asking $2.899M.)

We did tell our sellers: If you're going to do this in October, let's do it right and do it quick. We did!

772 26th Street Manhattan Beach CAAmong notable closed sales in this period, we start with a landmark, oversized custom home at 772 26th (corner at Laurel).

Despite a big, big asking price of $6.700M, this one needed only a week-plus to get a buyer, and it closed in mid-October for $6.525M. That's a Martyrs area price, but it fit a super special custom home (2015 build) that was clearly motivational.

Also during this period, you saw two Tree Section sales of homes that had each had a rough go on the public market. They each sold after quitting the market:

3529 Pine (4br/3025 sqft.), $2.149M

624 30th (5br/3ba, 2600 sqft.), $2.625M

Both had price problems on the market, but made concessions to sell lower off-market. You see, there's always hope.

401 6th Street Manhattan Beach CADown in the Sand Section, there's "just another" mostly original flat family walkstreet cottage that has sold for $3.500M.

That's 401 6th (4br/2ba, 1885 sqft.).

We didn't make it all the way to 6th St. for Halloween, so we're just going to say we hope they were ready for the onslaught and had readied the requisite $400+ worth of candy to get through the first couple hours. (Y'all did know what was coming on the walkstreet on Halloween, right?)

401 6th was arguably more livable for potential buyers than a competing land-value sale at 424 7th, which also closed during this period, but for $100K less at $3.400M.

452 28th Place Manhattan Beach CAA couple of times, we showed a half-lot Sand Section SFR at 452 28th Place (3br/4ba, 1850 sqft.) and found it pleasant, though it didn't check enough boxes for our clients.

That one has now closed for $2.215M, only $60K below list after 90 days on market. During some of those 90 days while it wasn't selling, there may have been some inclination to cut and mark to market. However, they were confident in their number, stuck with it, and came close.

In East Manhattan, there had been a brand new record price for a typically sized new construction home earlier in October: $3.950M for 1721 8th (6br/6ba, 4480 sqft.). That deal was arranged pre-market.

1446 18th Street Manhattan Beach CANow an on-market new home at 1446 18th (5br/6ba, 4700 sqft.) has fetched $3.850M, which exceeded the previous record of $3.700M by $150K.

The twin prior record holders (both at $3.700M):

1350 23rd (5br/5ba, 4800 sqft.), June 2018

1400 23rd (6br/6ba, 4800 sqft.), back in October 2016

Whatever else happens in Manhattan Beach real estate, October 2018 will be known as the month when the bar truly was raised higher for East Manhattan new construction.

876 11th Street Manhattan Beach CAA glance at the Hill Section finds a new home at 876 11th (5br/6ba, 4145 sqft.) closing for $3.925M, quite a jump down from its start at $4.500M early in the year.

And a lot sale in the Hill Section at 837 9th posted at $3.200M.

That corner lot is 5575 sqft. in a location with just a little view, though it's on prestigious John St.

The sellers paid $2.700M for the lot 2 years ago, but evidently changed their minds about building there.

Here's the rest of our local real estate market update report for the period ending 10/31/18:

  • 107 active listings as of 10/31/18 (-2 from 10/15/18) 
  • 76 SFRs (-3)
  • 31 THs (+1)

See the Inventory list as of 10/31/18 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 25 actives (+1)
  • Sand Section: 50 actives (-2)
  • Hill Section: actives (-3)
  • East MB: 27 (+2)

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 10/31/18."

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