MB Market Update for 6/15/17

By Dave Fratello June 16th, 2017.

You have to see the first half of June 2017 for what it is: A bullish time with an incredible swarm of top-dollar deals. Where to begin?

What about the (not one but) two deals on oversized corner-lot properties in the South End near Robinson?

401 2nd Street Manhattan Beach CA401 2nd (5br/6ba, 5400 sqft.) is 11 years old and a bit formal, but the attractions here are many.

Its corner lot of 3330 sqft. is almost 25% larger than a typical Sand Section lot, making possible an absolutely massive home without need for a basement. (The 3rd level is slightly set below grade.) The top floor is bright and offers several separate and defined spaces for living and entertaining. There's even a glimpse of ocean from the deck.

There are few quieter areas in the Sand, yet this one is still a quick walk to the beach and not far from town. Lastly, the lot size allows for a 3-car garage built 3-wide, no need for "tandem" parking for that third spot. Handy for sure. 

The listing launched at $6.150M and cut to $5.895M before finding a buyer. Maybe the buyers will keep it as is, maybe they will want to update it. It's a big number as a starting point, which reflects the inherent pluses.

100 Morningside Drive Manhattan Beach CAAnd they now have a comp at 100 Morningside (6br/6ba, 5000 sqft.), not quite as big, but still quite large (!), on an equivalent corner the next block over.

This one's also much newer (2015) and obviously in somewhat more of a current, beachy contemporary style, with a name builder whose role seems to enhance value.

Its purchase price new was $5.900M + the owners' costs for items like undergrounding the power along the south (sidewalk) side, designer finishes and more.

That was a jaw-dropper at the time, but now it's been re-sold for $6.510M.

In the Hill Section, this was a time of "just another $6M lot sale," a few times over.

828 Highview Avenue Manhattan Beach CAThere was 828 Highview, an 8900+ sqft. corner lot. It sold off-market for $5.800M and posted June 1.

The prior seller sought $6.3M in 2014 and sold for $5.400M in Aug. 2014.

Then there was the larger (10,800 sqft.) lot at the crest of 1st St., 923 1st, closing for $5.950M after years of drama surrounding the property. (There is an oversized, unusual 90s house on site; not sure their plans for it.)

Next-door neighbor 919 1st (8600 sqft.) listed opportunistically at $5.499M in mid-May and had a deal by the 1st of June.

512 Pacific Avenue Manhattan Beach CAAnd the folks who prevailed in a bidding war for 512 Pacific (11,400 sqft.) just last year (Feb. 2016), paying $5.500M, changed course and offered it back to the market June 1, making a deal a week later. The new list price: $5.999M (+$499K).

There was some private grumbling at the time of the 512 Pacific sale that the bidding war there had not resulted in a maximum value. As we posted in February last year, the listing radically undercut neighbor 500 Pacific, which was lingering, overpriced, at almost $6.3M, with a start price at 512 of $4.599M. The bidding for 512 was ended at $5.500M, before the spurned bidders moved immediately to 500 Pacific and got it for $5.700M.

Regardless of what you think about last year's price, 512 Pacific appreciated in the year-plus since, as Hill Section land has gotten very pricey in a series of trades.

1155 Ronda Drive Manhattan Beach CAYou like big lots? Then the sales at 1155 and 1165 Ronda may be your style.

As we posted on MBC already this month, this double lot sale (with structures) has now closed, with both lots sold together in one sale for $10.885M. (See "Double Huge East MB Lots Close.")

These titanic sales almost crowd out all the other possible news from the first part of the month. 

Like 3 new deals on Maple in the Trees: 3005 Maple ($2.450M), 2610 Maple ($2.699M) or the stunning, different new construx near Rosecrans at 3609 Maple ($3.089M).

308 20th Place Manhattan Beach CAOr what about Dave's walkstreet lot sale at 308 20th Place (aka 309 20th St.)?

We love the charming old Spanish on site, but this one won't last. It has to make way for new development. 

Our sale at $3.400M came in slightly better than the very most recent comp, 305 19th ($3.372M), which had drawn multiple offers and closed during the active listing period on 20th.

As we head into Summer now (and we know some of you are reading this at the airport or in the SUV driving north), we are supposed to expect a quieter market overall.

But the first half of the month suggests something different this year. We'll see how it plays out.

Here's the rest of our local real estate market update report for the period ending 6/15/17:

  • 103 active listings as of 6/15/17 (flat)
  • 84 SFRs (-4)
  • 19 THs (+4)

See the inventory list as of 6/15/17  here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 19 actives (+2)
  • Sand Section: 54 actives (-1)
  • Hill Section: 10 actives (-3)
  • East MB: 20 actives (+6)

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 6/15/17."

Please see our blog disclaimer.

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