MB Market Update for 7/31/18

By Dave Fratello | August 9th, 2018

Oh how the week gets away sometimes. (Summer.)

We're going to do quick catchup here on highlights from the second half of July, with our market update spanning July 15-31.

It was a busy month for closings, as we entered a month that is typically slower for market action.

2413 Bayview Dr Manhattan Beach CANew construction stole a lot of the headlines. Take 2413 Bayview, for example. This oversized (3br/4ba, 2780 sqft.) rear-unit TH with protected views didn't even make it to market.

Let's see... big unit. Big views. All new. Could that be a record-breaker?

For midtown, 2413 Bayview does get the blue ribbon: $5.500M.

The only pricier townhome sale (non-Strand) in Manhattan Beach? 703 Bayview (4br/5ba, 2950 sqft.) last year (April 2017) at $5.575M.

The front unit companion to 2413 Bayview is 2412 Manhattan Ave. (4br/4ba, 2480 sqft.) asking $4.799M on the market now.

2600 Grandview Avenue Manhattan Beach CAThe saga of 2600 Grandview has come to a close, with a sale at $5.300M.

The large home (6br/8ba 4400 sqft.) on a truly unique, raised corner lot at the edge of the sand dune was ambitious in many ways.

Its first appearance here at MBC was in December 2016, when first listed for $6.975M. That was the MLS price also, for 3 months of early 2017.

The curious residence amassed 508 DOM between two listings, perhaps more if you were to count the simultaneous rental listing for the property as the builders looked for some revenue, any revenue.

Beautiful and open with amazing and unique views, the home seemed to be held back by its floorplan, among other choices. But every home has its price, even if, in this case, it was almost 25% lower than the start price. 

Had they put a tag on it in the low 5's in early 2017, there's no telling what might have happened.

660 19th Street Manhattan Beach CAIn the Martyrs neighborhood, a modern new construx at 660 19th (5br/7ba, 5000 sqft.) didn't fall quite as far from asking.

The start at $5.349M was a bit of a reach, compared with more conventional comps like 1901 Palm (5br/7ba, 4760 sqft.), which closed for $4.875M a few weeks after 660 19th hit the market.

The ultimate closing at 660 19th is impressive, though: $4.974M. They just didn't quite hit $5.000M.

In blog posts during July/August, we also discussed two sales that impressed us: 421 23rd for sticking to their start price and selling near it at $2.680M (see "Believe in Your Number, or Change Quick"), and 713 35th (new construx, $3.900M), for selling $105K over asking for a home in the most northern part of the Tree Section. (See "Big Number for North Tree Section.")

Just below the radar, there was "just another" big Hill Section lot sale: 630 8th at $6.000M (for 9950 sqft. on a hillside).

Here's the rest of our local real estate market update report for the period ending 7/31/18:

  • 92 active listings as of 7/31/18 (-12 from 7/15/18) 
  • 68 SFRs (-6)
  • 24 THs (-6)

See the Inventory list as of 7/31/18 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 13 actives (+2)
  • Sand Section: 49 actives (-9)
  • Hill Section: actives (+1)
  • East MB: 21 (-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 7/31/18."

Please see our blog disclaimer.

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