MB Market Update for 8/31/18

By Dave Fratello | September 7th, 2018

The Labor Day holiday snuck up on us when we were due to discuss the 8/31 market update, so, while the data here are accurate, they might feel "old."

Call it the risk of blogging on a schedule. But we'll quickly hit some high points among sales in the latter part of August 2018.

1510 Mathews Avenue Manhattan Beach CAFor instance, 1510 Mathews (5br/6ba, 4500 sqft.) is notable at $2.800M, very healthy for a modern-feeling, 2008-built Spanish-inspired home very near to the high school.

The standout feature of the home, beyond its being presented as sleek and reasonably modern, was the huge outdoor room in back. There's not much "yard" left, just a wonderland of outdoor living room, kitchen and bar. For 10 months out of the year, that's a nifty retreat.

You might observe that this is a dropoff from the price on another recent East Manhattan resale that we just wrote about, 1544 Voorhees (6br/6ba, 5200 sqft.) at $3.175M. The home is almost equivalently close to the high school, although the extra half block's distance may limit any impacts somewhat.

On balance, even though it sold under $3M and under asking ($2.850M), Mathews did a little better on the price per square foot ($623/PSF) compared to Voorhees ($611/PSF), assuming you don't count the outdoor room in the square footage. (Note: You don't.)

Two Hill Section closings around $4M also deserve mention.

We've already discussed in some detail (with photos) the designer remodel at 1016 John, which sold for the asking price of $4.189M. (See "Total Transformation, Quick Sale.")

200 S Dianthus Street Manhattan Beach CAThe sale at 200 S. Dianthus (5br/5ba, 4000 sqft.) came in at $4.000M, exactly $1,000/PSF.

That fully remodeled home, built in 2002 on a corner along Boundary Place and with ocean views from the top floor, was always a bit of a head-scratcher. With the garage in back, yard space is crimped. But then, the views are good and there's no "garage face."

This year it looked its best, and eventually sold for a number many would call a deal for the Hill Section.

Two Sand Section SFRs on the plateau ("the flats") in the North End seem to have underperformed notably against the sellers' initial expectations.

472 29th Street Manhattan Beach CAOne was 472 29th (5br/6ba, 4600 sqft.), an oversized 2003-built Mediterranean with some glam updates.

They tried for 3 months of Summer 2017 at $4.100M down to $3.995M.

With a different agent, they tried at $3.799M down to $3.749M in Spring 2018.

When that didn't work, they hired a third agent - they say it's always good to be the third agent - who helped them find the market right away, listing at $3.399M and closing near that at $3.361M.

The falloff from $4.100M to $3.361M is $739K, or 18% of the "wish" number they began at last year.

That PPSF was just $730/PSF. With one exception, there hadn't been a Sand Section sale with a $700-ish PPSF since April, when a nearby neighbor, 452 27th (5br/4ba, 3850 sqft.) closed for $2.988M. Hmmm, is something up (or down?) on the plateau?

Then came 424 33rd (5br/5ba, 4350 sqft.), a custom 1990s modern, closing at $3.300M late in August, after 3 months on market. That was a notable step down from the start price of $3.789M (-13%).

We've been concerned about some evident softness in the Sand Section TH market for several months, but this trio of sales on the plateau raises some questions about prices for SFRs as well, at least in the immediate area.

Of course, what matters isn't where these listings started. Anyone can ask any price for anything, and they do.

But if these sales all undershot reasonable expectations, you have to consider what else might be up. Fire up those calculators, MBC readers! (Or we will...)

Here's the rest of our local real estate market update report for the period ending 8/31/18:

  • 98 active listings as of 8/31/18 (-5 from 8/15/18) 
  • 71 SFRs (-5)
  • 27 THs (flat)

See the Inventory list as of 8/31/18 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 15 actives (+2)
  • Sand Section: 46 actives (-4)
  • Hill Section: 12 actives (+1)
  • East MB: 25 (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 8/31/18."

Please see our blog disclaimer.

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