MB Market Update for 2/28/18

By Dave Fratello | March 2nd, 2018

Let's observe for now: The Spring market has gotten off to a good start in 2018.

Data show that we had the same number of new listings in February 2018 as in February 2017 (55), and we're seeing those selling at a reasonable pace.

Take a look at our page of pending sales, and very few listings have more than 30 DOM. (With the caveat that some listings tried, but failed, to sell last year, rebooted their DOM and now only look like they sold quickly.) This would suggest that new listings are selling quickly, a phenomenon you will see on the Ticker day by day as well. A couple of weeks on market seems typical.

Inventory of active listings is growing, as it always does this time of year, hitting 80 as we closed the report for Feb. 28 but at 86 by March 2.

That's a decent accumulation, but nothing like last year's 104 listings at this same time of year.

757 Manhattan Beach Boulevard Manhattan Beach CAOne of the headline stories of early 2018 comes from that new complex of 5 townhomes at the "gateway" to Manhattan Beach, along MB Blvd.

In fairly rapid succession, they've sold 4 of the 5 already:

760 Center Place (3br/3ba, 2265 sqft.), asking $2.395M

757 MB Blvd (2br/3ba, 1985 sqft.) listed at $2.025M

759 MB Blvd (2br/3ba, 1815 sqft.) listed at $1.925M

761 MB Blvd (2br/3ba, 1853 sqft.) listed at $2.145M

760 Center Place Manhattan Beach CAThe two 3br units are tucked off MB Bvld. a half block in, while the three 2br units all face MB Blvd.

The only one left is 756 Center Place (3br/3ba, 2180 sqft.) at $2.275M.

This took roughly 5 weeks overall.

So not only is the 5-townhome project "like a gift to the city" (as we opined in our first post about the development), it's also looking like a business success. Classic win-win.

"Gateway" flashback: Longtime MBC readers will recall that there was another "gateway" that we once discussed here, often.

That was 4419 Highland Ave., which MBC has called the "trapezoidal tower, the Gateway to MB, the town's most profoundly misconceived late-bubble speckie," and so forth - a building at 45th/Highland seen by daily commuters returning home along Vista Del Mar/Highland.

It was built on "one of Manhattan Beach's worst developable lots" (March 2007), but the enthusiasm of the first listing agent led him to call it the "Times Square of the South Bay" and to tout its "three levels of bliss!" We wrapped up some of the history in this post when the project went rental. It eventually sold in 2010 for $940K.

(This photo is from 2010. The building has seen better days; some of the stapled-on stone is currently crumbling from its corners.)

The New Gateway was different in every way from the Failed Gateway, and will soon have permanent residents.

A couple other notes from the market...

558 Rosecrans Avenue Manhattan Beach CADave's listing at 558 Rosecrans (3br/3ba, 1875 sqft.) sold before we could prep it for market. It's solidly in escrow now (list price: $1.750M).

This was actually the 4th of 5 straight off-market deals Dave has put together, some representing buyers and some sellers. There are unique circumstances to each one, and maybe we'll discuss those in a future blog post.

Suffice it to say, it's helpful to have a local broker watching out for you. We can do a lot with publicly listed properties, but we might find you something that you wouldn't learn about otherwise.

2512 Pine Avenue Manhattan Beach CAAlso, the phenomenon that was 2512 Pine (4br/4ba, 3150 sqft.) went into escrow during this period. With the property listed at $1.899M, there was a ton of interest and several offers/counter offers flooded in.

We discussed this one in "Rarity: Under $2M in the Tree Section," noting that a Tree Section sale at about $600/PSF basically does not happen.

Spoiler alert: It's not happening here, either. Expect closer to $700/PSF when this one wraps up.

Here's the rest of our local real estate market update report for the period ending 2/28/18:

  • 80 active listings as of 2/28/18 (+5) 
  • 59 SFRs (+5)
  • 20 THs (-1)

See the inventory list as of 2/28/18 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 17 actives (+1)
  • Sand Section: 43 actives (+6)
  • Hill Section: actives (-1)
  • 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 2/28/18."

Please see our blog disclaimer.

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