MB Market Update for 12/1/15

By Dave Fratello | December 3rd, 2015

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

You love how Summer seems to linger. But don't the late-in-the-year holidays seem to jump in out of nowhere?

A few days ago, you were racing pumpkins at the pier. Now, Santa's carrying on all around the neighborhoods. (Have you used the "Santa Tracker" yet?)

With the onset of "the season," local real estate inventory dwindles, new escrows become occasional, and the closings all seem to be from a long time ago.

When we closed the books on the last half of November, inventory was in the mid-60s. It's all downhill from there, ordinarily.

Among the interesting sales in this recent period, we saw two Sand Section townhomes:

508 Manhattan Avenue Manhattan Beach CA508 Manhattan Ave. (3br/4ba, 2500 sqft.) at $2.800M. The start at $3.100M was ambitious for a very dated property like this. Nearly 6 months elapsed before a buyer took it for 10% off. On balance, the deal compares favorably against 305 3rd (3br/4ba, 2320 sqft.) at $2.881M in May. The 3rd St. unit wants updates but is higher up on Highland, while 508 Manhattan wants a more complete reboot.

Meantime, 301 2nd (3br/4ba, 2100 sqft.) lasted about 6 1/2 minutes on the market after a debut in late October, closing for a tad under its asking price at $2.725M. This one looks better in person than the two units mentioned above, but also would love to see a thorough updating. Track the last 5 sales of 301 2nd in our post, "Easy to Appreciate."

In other notable market action, in recent days, two big East MB lots sold:

1155 Longfellow (a pie-shaped, somewhat sloping, half-acre lot [21K sqft]) for $3.550M

1156 6th (15,300+ sqft., mostly flat on a corner) for $3.300M

And one other market note: We've had a couple people ask what happened to 665 33rd?

The challenged, partly remodeled home was listed twice this year as an REO (foreclosed in 2012 actually), going into escrow each time, but never quite getting to the finish line.

The most recent listing quit midway through escrow and it's simply off market again. There is a veritable basket of issues associated with the property – and we're not saying anything that most everyone hasn't already heard – but we don't know what we'd really like to know: What's next?

Our guess is, they're still just stuck. Also, someone could rescue it one day and get a good deal, but that could be a long time still.

Here's the rest of our local real estate market update report for the period ending 11/30/15:

  • 66 active listings as of 12/1/15 (-9 from 11/15)
  • 56 SFRs (-9)
  • 10 THs (flat)

See the inventory list as of 12/1 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section14 actives (-2)
  • Sand Section28 actives (-1)
  • Hill Section: 8 actives (-3)
  • East MB: 17 actives (-3)

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 12/1/15."

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