MB Market Update for 4/15/16

By Dave Fratello | April 19th, 2016

We'll start our April 15 update with today's news. It's about the "battle" that never was.

You would probably agree: There's enough conflict in the world already. Now, what was shaping up to be a battle between oversized Manhattan Beach Strand lots trolling for high-dollar buyers has ended – without a shot being fired.

2722 The Strand was listed for 6 months, always at $28.500M.

When it came to market, it was under-selling the prime lot at 1000 The Strand, a 5000 sqft. corner lot right near the pier, which was listed for $28.900M at the time. 2722 is a true double-plus lot at 6925 sqft., so its land PPSF was even lower.

We announced the "Battle of the Big Strand Lots" in late October 2015, and settled in to see which of these "Titans" would find a buyer. A month later, 1000 The Strand cut $1.000M, and in February this year, they cut another $1.400M to "only" $26.500M.

Neither Strand lot has sold, and now 2722 The Strand – which also has been offered as a rental for some time – has simply expired and quit the market.

Here's hoping that any embarrassment felt by Manhattan Beach residents over the failure of our oceanfront property to sell for $20M+ is mitigated, somewhat, by the new $21.000M listing at 1804 The Strand. (There, you get an actual, built house for your $21M.)

As to our actual twice-monthly market update...

With 111 active listings on 4/15/16, we had quite nearly double the inventory from one year before. There were 57 active as of our 4/15/15 report.

Last update (4/1/16), we shared various opinions about why inventory is growing, what it all means, etc.

So far, the one projection that hasn't yet borne out is one "rebel" opinion we've heard tossed around: "Inventory could actually drop, fast & soon. The current inventory bulge is misleading, as many listings are either quietly under contract or just about to be snapped up."

Well, not yet.

Here's the rest of our local real estate market update report for the period ending 4/15/16:

  • 111 active listings as of 4/15/16 (+10 from 4/1/16)
  • 91 SFRs (+6)
  • 20 THs (+4)

See the inventory list as of 4/15/16 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 32 actives (-2 over 4/1/16)
  • Sand Section36 actives (+2)
  • Hill Section16 actives (+4)
  • East MB: 27 actives (+6)

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 4/15/16."


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