MB Market Update for 11/15/18

By Dave Fratello | November 20th, 2018

2613 Crest Drive Manhattan Beach CAWith Thanksgiving near, you do see inventory locally dropping.

Mostly, that's due to sales happening (new escrows opening) and not yet to a wave of expirations and cancellations.

In the one-week period before this post (11/20), for instance, we saw 4 new listings come out and 9 go into escrow. Only one quit the market in this span.

After Turkey Day, we might expect inventory to begin a month-long drop from the 90s into the 60s or even 50s. TBD. (We had just 41 active listings on 1/1/18.)

On the occasion of market updates like this, we like to look at notable closings for each 2-week period, and we start this time with a biggie.

2613 Crest Drive Manhattan Beach CAHow many years have you passed by that gaping, empty lot on Highland right above Bruce's Beach, wondering... when are they going to sell that thing?

The lot is officially 2613 Crest, and the answer is, finally, now.

That's a prime lot with unblockable views, a bit larger than your typical Sand Section lot at 3500 sqft.

Asking $5.499M, they finally settled at $4.530M.

We often comment here that new construction seems to be its own market in Manhattan Beach. Demand for new seems to be bottomless and not terribly budget-sensitive.

856 14th Street Manhattan Beach CAIn the Tree Section near Pacific Elementary, a new one at 856 14th (5br/6ba, 3500 sqft.) tolled just 6 DOM before making a deal, and has now closed $12K over asking at $3.707M.

The lots in this home's 2-block radius are on 5000 sqft. lots, the unusual size/shape being 50' wide by 100' deep. This makes for a different floorplan than you can find on a typical 40' wide home in the Trees, although a smallish backyard.

The lot sale closed barely more than a year ago, in Sept. 2017, at $1.600M.

Right at the same time as 856 14th hit the market, Dave's listing at 848 12th Ct. (4br/4ba, 3250 sqft.) also came out. We also got our listing into escrow at 6 DOM (list price: $2.899M) and it should close soon.

12 CAyman Court Manhattan Beach CAIf you're hoping to find something around $1M in Manhattan Beach these days, that's tough. But we did see 3 closings of townhomes in the very lowest 1's during the first part of November.

12 Cayman Ct. is a Village Plan 2 (2br/3ba, 1550 sqft.) with some very custom remodeling. It has just closed for $1.065M, but actually began way back in March much higher ($1.389M) while sporting a daring palette of super bold colors - deep red, hot yellow, purple, dark blue, and so on. They made this sale only after letting go the out-of-area agent who had first run the listing and painting pretty much the whole interior white.

Another Village unit, a custom remodeled Plan 1 at 3 Catalina Ct. (2br/2ba, 1465 sqft.) closed for $1.095M.

The last sale near $1M was at 229 Aviation Place (3br/3ba, 1750 sqft.), selling for $1.080M after a start in Spring at $1.170M. (See "A Pullback in 'Manhattan Pointe' Prices?")

Here's the rest of our local real estate market update report for the period ending 11/15/18:

  • 99 active listings as of 11/15/18 (-8 from 10/31/18) 
  • 69 SFRs (-7)
  • 30 THs (-1)

See the Inventory list as of 11/15/18 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 23 actives (-2)
  • Sand Section: 45 actives (-5)
  • Hill Section: actives (+1)
  • East MB: 25 (-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 11/15/18."

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