MB Market Update for 4/30/19

By Dave Fratello | May 3rd, 2019

Big picture, as we ended April, the local market seems stable, with the distribution of inventory around the city much like it was last year. (Although we do have 20 more active listings than at the end of April 2018.)

What's really caught our attention is some recent Tree Section sales.

There were two new construction projects that have sold now with a $2.8 in front, in the same year that the lowest-priced new construction project in 7+ years sold.

The low point was 3208 Pacific (4br/3ba, 3180 sqft.) which went for $2.400M in mid-March after a troubled run on the market. Ordinarily, it's hard to eat dinner for less downtown. (Ba-dum dum!)

3401 Maple Avenue Manhattan Beach CANow you see 3401 Maple (5br/4ba, 3230 sqft.) closing for $2.827M.

This is after 8 months on market and a start, last July, at $3.400M, more than $500K and 17% higher.

You've just got to be careful listening to opinions you hear. We recall at the first brokers' open, overhearing a conversation about the start price in which it was agreed, "that's about right."

This one came in lower than another Tree Section modern with split garages, 1501 Elm (4br/5ba, 3160 sqft.), which closed for $3.125M in May 2018.

3604 Walnut Avenue Manhattan Beach CAAlso with a $2.8 in front:

3604 Walnut (5br/5ba, 3250 sqft.), which began at $3.250M in Sept. 2018 but re-listed at $2.895M in February.

Sold price now: $2.815M.

That's low for new homes in the Trees, it's low for what it started out at, and it's low for new homes with the same floorplan by the same builder.

3513 Elm (5br/5ba, 3250 sqft.) sold just 2 weeks before Walnut for $3.101M.

As noted, Elm had the same floorplan as 3604 Walnut, and aesthetically Elm was the lesser of the two homes. There was a little more designer touch and flair to Walnut.

Why did Walnut sell for almost $300K less? Location near Rosecrans and views of the refinery, no doubt. (The views are epic if you have, say, a civil engineer's eye for industrial development. Otherwise...)

Going back up to 3401 Maple, the reasons why it had to sell low are not quite as simple to discern, though its location far north and east were certainly factors, plus the unique style and time on market.

You can understand why spec builders are reluctant to innovate.

2104 N Poinsettia Avenue Manhattan Beach CAY'know, for not very much less than these challenged new homes, we recently sold a Tree Section remodel (2104 Poinsettia, 4br/3ba, 3000 sqft.) for $2.755M.

And that was a fair number for the property, though it did take some work to get it there.

It's interesting to see how buyers value different combinations of factors in the Trees.

Another interesting closing during this period came over in the Martyrs neighborhood.

2101 Agnes Road Manhattan Beach CASuper-custom, labor-of-love ultra-modern 2101 Agnes (4br/5ba, 4300 sqft.) has finally sold for $3.931M, after almost 6 months on market.

That was a little more than $300K and 7% under the start price.

2105 Agnes Road Manhattan Beach CAHowever, it was drastically less than the next-door-neighbor spec modern at 2105 Agnes.

Look at the numbers: It's a comparable 5br/6ba, 4600 sqft., so just a tad larger. And next door. And modern.

But 2105 was built for market, not highly individual tastes, and came roaring out of the box asking $5.450M.

It sold for most of that: $5.400M.

That's almost $1.5M more, +37%. Both newer moderns on the same block. Wow.

(Disclosure: Dave had clients engaged in discussions for 2101 Agnes in months past.)

Meantime, here's the rest of our local real estate market update report for the period ending 4/30/19:

  • 117 active listings as of 4/30/19 (-2 from 4/15/19) 
  • 92 SFRs (-3)
  • 25 THs (+1)

See the Inventory list as of 4/30/19 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 25 actives (-1)
  • Sand Section: 52 actives (+1)
  • Hill Section:16 actives (+1)
  • East MB: 24 (-3)

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 4/30/19."

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