MB Market Update for 2/15/16

By Dave Fratello | February 18th, 2016

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

Of course, at this time of year, it's hard to capture all that's going on. Just take a look at our latest MB Property Ticker. A dozen new items are there, but still, necessarily, we miss other action. (Although this is exactly the time of year you want to be checking in the Manhattan Beach Dashboard with regularity. That's what it's built for!)

569 33rd Street Manhattan Beach CALet's just quickly look at a few notable sales from the first part of the month.

One has to be 569 33rd (6br/5ba, 3650 sqft.), a new "Nantucket" inspired house in a cozy, nice location down by Sand Dune Park west of Blanche.

This one has the potential to reset the market for new and newer Tree Section homes. The 5400 sqft. lot is larger than many in the Trees, but typical of the area. A pre-completion listing of the home at $3.8M had no takers, but once they finished the house and change the asking to $3.695M, a crowd came.

Do not be surprised to see $3.900M when all is said and done.

As we see the data, the prior record for Tree Section homes under 4000 sqft. was last year's off-market resale at 594 33rd ($3.649M).

Of course, the Hill Section lot sale at 512 Pacific ($5.500M for 11,400 sqft.) made for big news early this month – and it was followed this week by the widely anticipated, perhaps overdue sale of the lot next door at 500 Pacific (listed for $6.280M, but it's not selling near that) – see "512 Pacific Gets $5.5M; Now, Neighbor?"

200 16th St Manhattan Beach CAAnother big number was also hit on the walkstreets west of Highland. 200 16th (4br/5ba, 4150 sqft.). This lower walkstreet new build, without a basement, was listed for $9.475M and rejected offers much lower. Now that there's a deal, do you think 9 is the new baseline for a well-done walkstreet home?

The precedent for that price came from a notably larger new home on a comparable walkstreet, 205 20th (4br/6ba, 4750 sqft.), a pretty stunning modern spec home that sold late last year for $9.475M.

Here's the rest of our local real estate market update report for the period ending 2/15/16:

  • 70 active listings as of 2/15/16 (+5 from 2/1)
  • 58 SFRs (+4)
  • 12 THs (+1)

See the inventory list as of 2/15/16 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 (+2)
  • Sand Section26 actives (-1)
  • Hill Section: 10 actives (+3)
  • East MB17 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 2/15/16."

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