MB Market Update for 11/1/15

By Dave Fratello | November 3rd, 2015

You've replaced the spiders and ghosts with Christmas decorations (almost), real Fall weather is upon us, and – traditionally – this is the time of year when the real estate market begins to cool as well.

Oh but there are a few tricks (and treats) left before we flip the calendar to 2016, for sure. 

As we see in our twice-monthly Manhattan Beach Market Update, inventory remains stable in the mid-to-high 70s. Look within the numbers, and there seem to be an unusual number of listings just hanging around – no hurry.

112 Morningside Drive Manhattan Beach CADuring this 2-week period, there was a rush of closings for Sand Section lots (and lot-value sales), including:

112 Morningside Dr. (3333 sqft. lot) at $2.815M (pictured)

316 18th (Dave's listing, 2700 sqft. lot) at $3.575M

424 20th (5120 sqft. lot) at $4.600M

501 Manhattan Ave. (2700 sqft. lot) at $5.100M.

Among those, we had noted that 501 Manhattan was starting to look serious for the first time with a price cut trend that took hold in August. We titled our post "Down 22% and Counting," and it wound up down 27% from its lofty $7.000M start.

The sale at 316 18th was relatively straightforward, as there were several neighborhood comps – walkstreets east of Highland – around the $3.3-$3.5M range. The nearby property at 424 20th was a different case, with quite nearly a double-size lot, for which buyers paid "only" $1M more. Can't you call it a bargain to pay less for a (near) double lot than you'd pay for two singles?

We're also looking a few South End Sand Section listings, none of which has sold despite a whole month or more of market exposure. (OK, no panic.) And now it's November... is there a trend of "buyer choices" developing for the holidays? Those 3 in the South End are:

541 4th (4br/4ba, 3600 sqft.), a modernized Southwestern, now on its second listing of the year, 40+ DOM and asking $3.700M (pictured)

537 5th (4br/3ba, 3000 sqft.), a completely remodeled early-90s house that runs long along the walkstreet, asking $3.395M

509 5th (3br/3ba, 2500 sqft.), by far the most conventional of these, cozy Nantucket asking $3.599M.

We'll see how the South End shakes out as Turkey Day nears.

Here's the rest of our local real estate market update report for the period ending 11/1/15:

  • 76 active listings as of 11/1/15 (-1 from 10/15)
  • 67 SFRs (same)
  • 9 THs (-1)

See the inventory list as of 11/1 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section17 actives (+4)
  • Sand Section: 29 actives (-1)
  • Hill Section: 9 actives (-3)
  • East MB22 actives (same)

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 11/1/15."

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