MB Market Update for 5/15/18

By Dave Fratello | May 15th, 2018

Spring's so springy nowadays, you can almost feel Summer around the corner.

The weather isn't hot yet, but our real estate market is providing plenty of heat.

There's been a little rush recently in Liberty Village.

This formerly-most-affordable neighborhood of Manhattan Beach has seen 4 recent sales (one is pending) just along Lynngrove.

1159 Lynngrove Drive Manhattan Beach CAA midsized 2br with some updates (and a bit busy inside, too) at 1159 Lynngrove (2br/2ba, 1450 sqft.) came to market in March at $1.499M, got an immediate deal.

When that didn't work, a new buyer came in soon after. It has just closed for $1.475M.

Opinions vary about homes on the west side of Lynngrove. This home and others have garages in back along busy Redondo Ave., but views over the street to Polliwog Park. Do the plus and negative cancel out?

For about the same money, we saw a home on much more interior location at 2104 Lynngrove (2br/1ba, 1125 sqft.) sell for a bit less: $1.450M.

That one is smaller and needs more, more quickly, and doesn't have the benefit/negative of backing up to Redondo.

And you still have 1809 Lynngrove (2br/2ba, 1275 sqft.), in perhaps the roughest condition of all 3 original cottages we are mentioning here, still in escrow after a list price of $1.475M.

That's pretty consistent overall: All are 2br cottages, all want some degree of work, and all look to close in the mid-to-high 1.4s.

1401 Lynngrove Drive Manhattan Beach CAHere and there in Liberty Village, you see not just remodeled/expanded cottages, but sometimes new construction maxing out on the lots.

They're rare and arguably out of proportion, but who's going to go stand in front of the bulldozers and stop the new homes from being built?

Big 1401 Lynngrove (5br/5ba, 3600 sqft.) is a new home that recently closed for $2.680M.

That's the biggest number ever in Liberty Village, cresting just past two other new construction homes that sold relatively recently. Both, again, are on Lynngrove:

Ultra-modern 1304 Lynngrove (5br/6ba, 3750 sqft.) at $2.599M in July 2016.

Contemporary Plantation 1901 Lynngrove (5br/4ba, 3400 sqft.) at $2.570M in Sept. 2016.

Maybe this is not a story about Liberty Village, it's about Lynngrove Drive!

1300 Harkness Street Manhattan Beach CAOh wait, there is one more Liberty Village sale: Very nicely remodeled 1300 Harkness (3br/2ba, 1615 sqft.) has just sold for $1.665M.

That's more of the classic case of an original that's been refreshed and revived for modern living, without being built to the edges of the lot. These kinds of homes keep the character that people love about the LV.

But if people are getting 2br homes and major fixers for just $200K less, Harkness looks like a steal.

We have to go over the Tree Section to call out one notable sale.

2507 N Valley Drive Manhattan Beach CAMany people know 2507 N. Valley (4br/4ba, 2825 sqft.).

If you drive through town, it's hard to miss that corner-lot home elevated up off of Valley, with its huge Italian pine out front, gated entry and so forth. It's a unique presence.

The home was featured in one of the first-ever posts on MB Confidential. It was struggling to sell, didn't sell, foreclosed and got bought from a foreclosure mogul by a savvy local for quite the deal at the time.

Dave later helped sell the home (in 2013) and we're familiar with (but did not represent) the buyers who picked up this unique home this time.

It has always been a lot for the money:

Sale in 2013: $1.885M.

Sale in 2018: $2.250M.

We'll make one more stop on our tour in the Hill Section.

The Hill Section is small and there are fewer closings than in other parts of town.

Indeed, it's been almost 6 weeks since the last Hill Section sale.

621 8th Street Manhattan Beach CABut then came a biggie: 621 8th (4br/5ba, 4850 sqft.) at $7.100M.

There are also 4 pending escrows in the Hill Section, from $4.650M up to $7.000M.

Here's the rest of our local real estate market update report for the period ending 5/15/18:

  • 100 active listings as of 5/15/18 (+3) 
  • 73 SFRs (-3)
  • 27 THs (+6)

See the Inventory list as of 5/15/18 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 16 actives (-2)
  • Sand Section: 56 actives (+6)
  • Hill Section: actives (-1)
  • 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 5/15/18."

Please see our blog disclaimer.

Latest Listings Among
Manhattan Beach Homes For Sale