MB Market Update for 4/30/18

By Dave Fratello | May 1st, 2018

233 Anderson Street Manhattan Beach CAThe story of the second part of April in the Manhattan Beach real estate market is going to include a lot of eyebrow raises, so be ready.

First, the Hill Section has seemed slow at times this year. Little inventory, little action on what's out there.

But when things happen, they happen big.

Not one, but two properties in the Hill Section priced over $6M found buyers in this period. And they were both new listings.

One was a corner lot at 233 Anderson featuring a large (5br/6ba, 6780 sqft.) Southwestern style home (yes, one of the "forgotten" home styles here in MB).

Listed at $6.495M, this one needed just a couple weeks for the sellers to accept an offer.

617 Anderson Street Manhattan Beach CAAnd if you love houses (hey, you there!), it's impossible not to see the joy, beauty and craftsmanship that make 617 Anderson (6br/7ba, 6450 sqft.) a special property, even if it's not in a view location.

The photos online are good, but there aren't enough, and the only way to really sense this property is in person. List: $6.999M and... gone. (This photo here is of a living room.)

There are still 5 more homes in the Hill Section near or above $6M, if that's your territory.

Let's come back to Earth a moment and check in at the beach.

You might find yourself looking at an all-brick house (not adobe), construction from another age, saying, "here's a nifty little remodeled cottage, but you could do so much more here." The ocean-view location would mean you're right.

429 Marine Avenue Manhattan Beach CAThat was the case at 429 Marine Ave. (4br/3ba, 1950 sqft.), where a single-level remodel with a rental unit over the garage came to market asking $2.295M.

The modest little home is nestled among much larger, and in some cases very new, homes and townhomes enjoying views down Marine. In the parlance of real estate - not to be judgmental - it's an obsolete structure. Get the land for $2.3M, build a couple of new townhomes, and you could have a profitable venture.

But no. The buyer won't build. This is a case where the single-level structure suits a party just fine. Let future generations redevelop if they want to. The brick house stays. And for the privilege, the buyer had to go higher than anyone else in a bidding war to $2.465M (+$170K/+7%).

333 7th Street Manhattan Beach CASimilarly, to see a prime flat walkstreet 1-story cottage at 333 7th (3br/2ba, 1350 sqft.) close above asking at $3.825M, you might assume this is a case of an elite buyer preparing to build new. Not so, not now. Sometimes a cottage is better as a cottage.

Either way, that seems to be the peak price paid to date in a land-value sale on the flat family walkstreets, by just a little.

Before we wrap up our wrapup, join us for a moment in Liberty Village.

This pocket east of Polliwog Park is often the most affordable part of Manhattan Beach. So place a finger in the wind...

2104 Lynngrove Drive Manhattan Beach CA2104 Lynngrove is an original 2br house that profiles as a home to be expanded and thoroughly updated.

They priced it to sell, and did.

Start: $1.360M.

Sold: $1.450M.

Time between listing and closing: 11 days.

Maybe you thought nearby 1809 Lynngrove, in every way a comparable property (size, age, condition), got out ahead with a much higher start price of $1.475M.

But that one's in escrow, too. It needed only 6 DOM to get under contract.

Liberty Village, you're not looking "cheap" these days.

Last note: You'll see inventory is down a bit from mid-month. It's also down from 106 at this moment last year.

Here's the rest of our local real estate market update report for the period ending 4/30/18:

  • 97 active listings as of 4/30/18 (-5) 
  • 76 SFRs (-3)
  • 21 THs (-2)

See the Inventory list as of 4/30/18 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 18 actives (-1)
  • Sand Section: 50 actives (-2)
  • Hill Section: 10 actives (-2)
  • 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 4/30/18."

Please see our blog disclaimer.

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