MB Market Update for 7/1/15

By Dave Fratello | July 1st, 2015

It's time for one of our twice-monthly market updates. 

Inventory bounced up a little, but there have been plenty of sales – some quick and shocking.

This being Summer, it's natural to look at the beach and see what's up in the Sand Section.

2520 Manhattan Avenue Manhattan Beach CAOh, my, did $12M worth of lots just trade at Bruce's Beach?

2520 Manhattan Ave. and 2519 Bayview, neighboring 1750 sqft. lots on the south side of the park, both listed in late June at $4.000M each. Immediate deals were rung up. Wow.

The stage was set for these deals with a recent sale at 217 27th, on the north side of the park. A lot there traded for $4.100M, about $100K over asking, in late May. That seems to have been something of an inspiration to the owners of those two lots right across, on the south side of the park.

What's that, you prefer your homes already built? 

205 20th Street Manhattan Beach CAThe big sale of this period was a spec build on a prime ocean-view walkstreet.

That's 205 20th (4br/6ba, 4750 sqft.), a modern with great views and a fully equipped, spacious home theater.

They took the time to show this one off to brokers and buyers in mid-June, but they've posted a deal already.

List price: $8.999M.

If they can wrap it up near that number, what does that say about lot values on the teen streets west of Highland? (20th is an unofficial "Teen Street" as the last walkstreet from 16th-20th.) 

We also took note of how now both the front and back units of the new townhome development on Marine have sold for their seemingly high asking prices. 

316 Marine Place Manhattan Beach CA316 Marine Place (3br/4ba, 2170 sqft.) was the "back" unit up off of busy Marine Ave.

Like its front-unit companion, 315 Marine Ave. (3br/4ba, 2070 sqft.), this one was built in the "Contemporary Plantation" style. Neither of the units is especially large. Some of the first townhomes to hit $3M or exceed that level were on the scale of 2400-2700 sqft. But now it's the new normal for a more typical size.

315 Marine sold for $3.520M.

316 Marine Place sold for $3.499M.

Here's the balance of our market update report from the period ending 6/30/15:

  • 70 active listings as of 7/1/15 (+4 from 6/15)
  • 59 SFRs (+2)
  • 11 THs (+2)

See the inventory list as of 7/1/15 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section15 actives (flat)
  • Sand Section: 20 actives (+2)
  • Hill Section: 9 actives (-1)
  • East MB: 26 actives (+3)

We're also providing a report on closed sales by region of MB.

Sales are organized by sub-region of Manhattan Beach.

Here's a link to the spreadsheet: "MB Pending/Sold as of 7/1/15."

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