MB Market Update for 8/15/18

By Dave Fratello | August 16th, 2018

If you've been away for part of August, what have you missed?

We'll try to catch you up on some of it.

612 John Street Manhattan Beach CAIn the first half of the month, the Hill Section saw its second-largest public-market sale ever: 612 John closing at $12.850M.

The large 6br/8ba, 7400 sqft. home was built in 2000 and updated somewhat since. Its views from the crest of the hill are considerable, and by luck, a corner-lot home to its west was recently remodeled... at one-story height. Views are protected for a long while.

This one sold not so long ago, in April 2015 for $9.400M. That's a jump in overall value near $3.5M and 37%, and it's more attributable to the Hill Section market than to any radical reworking of the house since that sale.

Nothing may ever touch the $20.000M sale of 814 Pacific last year (are you sure, Dave?), but for now #2 is a very good position indeed.

332 1st Place Manhattan Beach CADown in the South End of the Sand Section, we took special note of two sales. One was 332 1st Place, a townhouse that really looks like a standalone SFR because it's been remodeled over the years, while its twin on 1st St. really hasn't.

Offered last year for $2.000M, the listing was canceled, but now it has sold for $1.900M in an off-market sale.

We've also just seen one of the very lowest-priced flat walkstreet lot sales in recent memory.

420 5th (with an original cottage) began at $3.699M in February, and even raised its price later when another cottage sold for more.

Eventually, DOM piled up and the price came down to $3.499M.

But the sale (to a builder) comes in now at $3.250M, well below all of its prior prices, and below the $3.5-ish number you might have expected.

747 33rd Street Manhattan Beach CAIn the Tree Section, a late-90s Mediterranean with a street-to-alley lot and some remodeling at 747 33rd (5br/5ba, 3800 sqft.) closed for $3.450M.

It's a very healthy number for a pleasant home on a nice block. Look closer, though, and it's really a new-construction number. Pretty impressive. That the sale price fell $300K short of the start price seems almost an afterthought.

Another sale that makes you say Hmmmm comes in at 719 19th, a vastly oversized house (6br/8ba, 5870 sqft.) that was a surprise to the upside last year when it sold new (yes, last year, March 2017) for $6.500M

$6.5M for a non-view house? Well, it was new. People are paying for new. Definitely a solid, stylish place...

This year, "new" was gone. The home was "almost new." But they bet on a market uptick and asked $7M (ok, $6.995M) at first.

It didn't get near to $7M, but the closed price at $6.625M was still above last year's sale.

Did any notable sales happen east of Sepulveda? Why, yes.

2105 N Meadows Avenue Manhattan Beach CA2105 Meadows is a 4br/3ba, 2270 sqft. house with recent remodeling. We've watched this house go through stages of remodeling over the years, but it's never looked better.

Still, Meadows is a factor, carrying significant local traffic to the school and with lights at both Marine and MB Blvd.

They tried to price the house cautiously at $1.899M, a good number for a midsized house with a location people might hesitate over.

Turns out, that was a magic number, almost too good to be true. Multiple offers drove the price up 12% to $2.125M.

Here's the rest of our local real estate market update report for the period ending 8/15/18:

  • 103 active listings as of 8/15/18 (+11 from 7/31/18) 
  • 76 SFRs (+8)
  • 27 THs (+3)

See the Inventory list as of 8/15/18 here, or see the MB Dashboard for up-to-the-minute data.

Worth noting: Inventory at the same time last year was 114.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 13 actives (+4)
  • Sand Section: 50 actives (+1)
  • Hill Section: 11 actives (+2)
  • East MB: 25 (+4)

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 8/15/18."

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