MB Market Update for 5/1/17

By Dave Fratello | May 2nd, 2017

 It's harder to get news out of the Hill Section sometimes, but we'll devote a chunk of this market update to it.

There are always fewer listings and typically slower turnover, so it can be hard to see what's up.

But, oh, it was hard to miss that $22M sale recently at 814 Pacific. (Well, list price was $22.500M, and it's "only" in escrow now, not closed yet, but still... wow. Wow.)

629 6th Street Manhattan Beach CAJust a bit more recently, it was the splendid modern at 629 6th finding a buyer. We wrote up an appreciation of that one in "A Home to Write Home About" back in November last year. Between then and now, the price was adjusted down by $1M to $9.995M. It went into escrow in late April.

Meantime, it's been interesting to see what $2.7M or so will get you away from the prime ocean-view parts of the Hill Section:

939 1st (4br/4ba, 2950 sqft.), a refreshed but still notably early-90s house on a small lot (~4000 sqft.): closed for $2.730M in late April after just a week on market.

712 Poinsettia (4br/3ba, 2700 sqft.), a 60s rancher that the Brady Bunch would have found familiar, updated more toward current tastes. (Do the kids these days even know what the Brady Bunch is/was/were?) Listed at $2.599M and in escrow for its second time.

401 N Dianthus Street Manhattan Beach CA401 Dianthus (3br/3ba, 1900 sqft.), a boxy 60s house on a favorable upsloping lot on a bump up in the hill, offering city views to the north and east. The existing, original home is described as "for the most part unaltered," and it's undersized for the 6500 sqft. lot, so let's see what they do there. Asking $2.699M and went into escrow pretty quickly.

Maybe the biggest eye-opener among fairly recent land sales is the lot-value resale at 407 N. Poinsettia.

At a time when land values have been escalating quickly (if a bit under the radar), this one is a weather vane.

407 N Poinsettia Avenue Manhattan Beach CAListed in Feb. 2016 at $3.495M, this one did not appear to pencil out. The location on a busy street and with a fully built neighbor blocking potential views directly to the west, it seemed to be ambitiously priced... until it wasn't, and multiple offers led to its sale right at $3.495M to a developer. (A developer paying what seemed more than retail is unusual, to say the least.)

Fast forward a year, and once they had plans and approvals to build new, the developer took a little profit instead by selling for $3.800M. It's "just" $300K above the 2016 sale, but that's essentially 9% over a number that seemed pretty full last year.

Shows you what a glimpse of blue will get you on the western side of the hill.

Neighbors probably can't wait for the long-abandoned, overgrown plot to be cleared and built up... even though that process, too, will affect everyone for months to come.

OK Hill Section, you've had your due now till you make some more news.  

In the broader market, we saw a steep uptick in inventory over this 2-week period. Sure, sales are happening, but not quite fast enough.

And Sand Section... what's happening? 59 listings now! That 55% higher than 2016's already-high 38 listings at this time of year. Inventory was in the 20s all 3 previous years. Is this any way to greet the coming Summer?

Here's the rest of our local real estate market update report for the period ending 5/1/17:

  • 106 active listings as of 5/1/17 (+15 from 4/15/17)
  • 92 SFRs (+14)
  • 14 THs (+1)

See the inventory list as of 5/1/17  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 (+5)
  • Sand Section: 59 actives (+10)
  • Hill Section: 11 actives (flat)
  • East MB: 19 actives (flat)

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 5/1/17."

Please see our blog disclaimer.

Latest Listings Among
Manhattan Beach Homes For Sale