MB Market Update for 12/15/17

By Dave Fratello | December 19th, 2017

We're getting ready to wrap up the year with our next-to-last market update here.

The first half of December featured quite a few interesting new closings, so we'll focus there.

222 John Street Manhattan Beach CAIn the Hill Section, there are 3 closings of note. First up is 222 John (4br/4ba, 3850 sqft.), a 90s contemporary with updates and very pleasing views over rooftops/treetops toward the South End and the ocean.

Asking: $4.999M. Closing: $4.600M.

There's also a land-value sale at 919 1st (8600 sqft. lot) that has come in at $4.650M.

Meantime, a 2005 Mediterranean home that has often seemed to have hard luck at 701 N. Dianthus (5br/4ba, 3600 sqft.) finally had some good luck, selling and closing off-market for $3.190M, basically right where the list price was last year after a 5-month listing turned to a rental.

In East Manhattan, the Village has been hopping all year.

11 Nantucket Place Manhattan Beach CADave's clients got 11 Nantucket (3br/3ba, 2050 sqft.), a mostly original Plan 8 (master suite downstairs), for $1.470M. There was an off-market bidding war in which they prevailed.

Another largely original Plan 8 over on the golf course at 47 Sausalito (3br/3ba, 1970 sqft.) came in at $1.705M, which was almost $200K under the ambitious start, but still very strong for the area.

Finally an SFR ("estate home" ) at 23 Village Circle (4br/4ba, 3200 sqft.) came in at an MLS-posted price of $2.600M.

That's higher than the previous high for an estate home in the Village, an off-market sale from a year ago at 10 Westport (4br/3ba, 3300 sqft.) at $2.550M. That one needed updating.

23 Village Circle actually got some updating before market, with a new kitchen, flooring and baths, all of reasonable quality, intended to boost its sale price.

In the Sand Section, new construction at 316 27th (4br/6ba, 4200 sqft.) was a special kind of inspired project.

The location is fairly high up a sweeping upslope up behind Bruce's Beach Park. The views from the top level are considerable, and the home style is a unique blend of modern and coastal.

When this listing first emerged in August at $6.599M, at first we thought "there's no way at all of knowing what that's worth," since there seemed to be no on-point comps.

A client had us run the numbers, though, and that actually seemed to be just about exactly right.

While our clients didn't move on 316 27th, when a buyer came, they decided to go almost all the way, taking just $99K off the top for a close at $6.500M.

The sale backs up the recent new escrow at new construction on a more conventional SFR with arguably better views at 2201 Alma (4br/5ba, 4300 sqft.), which has sold pretty quickly with a list price of $7.300M. They may close that one up soon at a price right between 316 27th and the start price.

One thing that's been consistent in a year that has seen a wobble to the Sand Section: New/newer construction homes with inspirational features have performed best, often surging while the middle languishes. These are just two examples.

552 3rd Street Manhattan Beach CAAlso notable in the Sand this period: A little cottage with add-ons and an inspired remodel at 552 3rd (3br/3ba, 2100 sqft.) got $2.900M.

While that's $225K under asking, it's notable that the sale price is also $70K higher than a somewhat nearby sale at 520 2nd, a newer & larger home (4br/3ba, 2500 sqft.) that's further in off of Valley Drive than 552 3rd. The cute factor played a role here.

Finally, a unique 2br modern remodel condo at 214 15th Place (2br/2ba, 1750 sqft.) came in at $2.200M, a full $300K and 12% off the start, but still a solid number. The 1970s original is hard to detect under the Euro modern re-do, which features good ocean views. As we said in an earlier review:

"The tight spaces available for the 2br on the main level have led to a redesign of each space to feature open bathrooms with tub shower in one and spa shower in the other, incorporated right into the bedroom space. The secondary bedroom has extremely limited closet space, while the master features walls almost entirely made of closets."

Yep, the bathrooms are right in the bedrooms. Efficiency!

Here's the rest of our local real estate market update report for the period ending 12/15/17:

  • 62 active listings as of 12/15/17 (-7) 
  • 52 SFRs (-4)
  • 10 THs (-3)

See the inventory list as of 12/15/17  here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 13 actives (-4)
  • Sand Section: 30 actives (-4)
  • Hill Section: 6 actives (flat)
  • East MB: 13 actives (+1)

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 12/15/17."

Please see our blog disclaimer.

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