MB Market Update for 11/15/15

By Dave Fratello | November 18th, 2015

It's time for one of our twice-monthly updates on the Manhattan Beach real estate market.

We'll focus here on a couple newly posted sales.

Just off Sepulveda to the east, two new homes were built, each ambitious in their own ways.

1120 6th Street Manhattan Beach CAMost recent was 1120 6th (5br/5ba, 3600 sqft.). This not-maxed-out "Planation-style home[] with a coastal vibe" launched in August this year (not so long ago) at $3.099M.

There was no way. Not for a home that's the first residence off of Sepulveda, with a large commercial building – specifically, a sports bar – as the next-door neighbor.

After one price cut, the listing quit and rebooted immediately (what's that called again? oh yeah, a bogus relist ) with a new price of $2.688M.

Miraculously, that "new" listing lasted only a week.

It's sold now for $2.550M.

That price is the cheapest least pricey for full-sized new construction east of Sepulveda since July 2014, when the location-challenged 1701 Nelson (5br/5ba, 3620 sqft.) went for $2.450M.

1135 18th Street Manhattan Beach CAThe most recent similarly sized new homes to sell both went $200K over the sports-bar house.

And both were on 5000 sqft. lots, not 7500 sqft. lots. They were 1135 18th (pictured; 4br/5ba, 3450 sqft. at $2.750M) and 1631 19th (5br/4ba, 3475 sqft. at $2.725M).

In this case, that $2.550M for 1120 6th has what you call a "location discount" built in.

Then, what to say about 1131 6th Street Manhattan Beach CA1131 6th (5br/5ba, 5025 sq. ft.) coming in at $3.600M?

As we already noted in "Quick East MB New Construx Catchup," this oversized house with the undersized yard and its proximity to Sepulveda just came in as the highest-priced new construction ever east of the highway. (On typical-size lots.)

The only "discount" for that $3.6M sale was the reduction from asking price: The stratospheric start price of $4.499M.

Good news for the rest of the block, then.

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

  • 75 active listings as of 11/15/15 (-1 from 11/1)
  • 65 SFRs (-2)
  • 10 THs (+1)

See the inventory list as of 11/15 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section16 actives (-1)
  • Sand Section29 actives (same)
  • Hill Section: 11 actives (+2)
  • East MB20 actives (-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 11/15/15."

Please see our blog disclaimer.

Latest Listings Among
Manhattan Beach Homes For Sale