MB Market Update for 4/15/19

By Dave Fratello | April 16th, 2019

Now that the Spring market is rolling along, there are interesting types of sales coming through.

Did you expect a matched set of 3br Tree Section cottages to sell together?

They did, all emerging at about the same time and all closing within the first 2 weeks of April.

1212 Elm Avenue Manhattan Beach CAThe least pricey was 1212 Elm (3br/2ba, 1600 sqft.) at $1.799M, the asking price.

This is an original cottage that had been modified and nicely updated before selling a few years back. It's not often you find a true master suite like this one had in the older homes.

This one also has the kitchen and primary living spaces in back, opening nicely to the back patio. Again, not 1950s features.

Not nearly as updated was 3101 Walnut (3br/3ba, 2070 sqft.), which was expanded in the 1970s but not updated greatly since.

Location is in a nice, quiet pocket north of Valley. Sale price: $1.865M, just $34K under asking.

1609 Walnut Avenue Manhattan Beach CAThen there was 1609 Walnut (3br/2ba, 1850 sqft.), on another nice corner lot, although this time very walkable to school and even, arguably, downtown.

This one closed $1K over asking at $2.000M. And it could still use further updates. The photos looked good, but there were some rough edges and unimproved sections.

Here's a really interesting sign from the market as to demand for cottages under $2M: DOM for these listings was 8, 12 and 6, respectively.

That's basically an immediate sale in each case.

We saw a couple of East MB newer construction homes resell, with different results.

There was 1131 6th (5br/5ba, 5025 sqft.), new in 2015 and sold for $3.600M at the time, which went up for resale this year and closed recently for $3.800M.

All of that is a far cry from the over-the-top start price at the property way-back-when in Feb. 2015, when the builder was asking $4.499M.

But at least the seller got out of 1131 6th OK.

At typical 5.0% commissions, the seller would have netted $3.610M, a few pennies over purchase price. With some of the other costs of sale, maybe it was just a wash; the last 3+ years in the home really amounted to renting it from the bank.

2109 N Meadows Avenue Manhattan Beach CANot such good news, though, for the seller of 2109 Meadows (5br/5ba, 3450 sqft.).

That home sold new in May 2017 for $2.695M.

The new owners added a pool to the (small) backyard.

Less than 2 years later, they tried to sell for $2.995M - and even had it in escrow in January this year. But that wasn't going to be.

After a fashion, 2109 Meadows just closed last week for $2.650M, which, less the cost of the pool and costs of sale... well we don't want to do the numbers, but it's unfortunate.

It was just last week we were saying of another property, "If you buy a home and need to immediately turn it back around to the public market, it's probably not going to work out profitably." Here's another exhibit to that point.

At least, to the positive, we can make this point about these recently "new" construction homes which sold fairly soon after first purchases: New homes aren't like new cars, where you lose a big chunk of value the day you drive it off the lot...

Here's the rest of our local real estate market update report for the period ending 4/15/19:

  • 119 active listings as of 4/15/19 (+2 from 3/31/19) 
  • 95 SFRs (+5)
  • 24 THs (-3)

Inventory was up from 76 at this same time last year (+54%). Whoa.

See the Inventory list as of 4/15/19 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 26 actives (+2)
  • Sand Section: 51 actives (flat)
  • Hill Section:15 actives (+1)
  • East MB: 27 (-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 4/15/19."

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