MB Market Update for 9/30/17

By Dave Fratello | October 3rd, 2017

We focused much of our last Manhattan Beach real estate market update on inventory, so we won't dwell too much now.

We'll just point out that the 122 listings active on Sept. 30 was the same as in mid-month, but 20 listings higher than this time in 2016.

What we did find kind of striking was that many of the newly closed sales in the second half of September were in not-so-super locations. 

What could that mean? Dial back a bit to typical escrow periods of 30-45 days, and perhaps what we're seeing here is the fruit of some Summer bargain-hunting by buyers. 

Dave, what do you mean by "not so super" after all? 

3619 N Poinsettia Avenue Manhattan Beach CAOne's easy: 3619 Poinsettia (3br/3ba, 1325 sqft.), which just closed $50K over asking at $1.550M

This one's a classic case of getting more for your money when you'll accept a lesser location. 

The home's effectively on Rosecrans and toward the "busy" end of both that street and the refinery. 

The charms of the home are easy to see. A terrific remodel, lots of front and back yard space. 

Getting that under $1.6M west of Sepulveda looks pretty good today.

You also saw the fixer/lot sale at 2704 Oak close quickly for $1.500M

That's on the commercial side of Oak and the home could be difficult to save.  

3400 N Poinsettia Avenue Manhattan Beach CAAlso in the Trees, new construction at 3400 Poinsettia (5br/6ba, 3250 sqft.) sold after a relatively brisk 85 DOM, and close to the asking price at $2.945M.

That was quicker than nearby spec homes. Neighboring new construx at 3308 Poinsettia (5br/4ba, 3600 sqft.) had taken 142 DOM to sell for $3.250M (last October).

The immediate neighbor, a twin of 3308 at 3312 Poinsettia (5br/4ba, 3600 sqft.), required 330+ DOM over 3 listings to sell for $3.087M in August this year.

All three high-Poinsettia speckies faced some buyer resistance over a feeling of being "too close" to the refinery - seeing it and/or hearing it. We had buyers who simply would not consider the location.

During this period, we also saw 1204 Elm (midblock, kind of near MBB and commercial) close for $1.825M

By the beach, a couple of Sand Section townhomes sold. 

413 15th Street Manhattan Beach CAOne was 413 15th (3br/4ba, 1775 sqft.), which sold for $2.050M, 9% under asking.

It's next door to the post office, right where cars drive into the back lot by Joslyn Center. 

Downtown location? Yes. Neighbor challenge? Yes, also. 

That $2.050M sale is the lowest of the year for a similar Sand Section townhome except one: 324 21st (3br/4ba, 1900 sqft.), a fixer in the midtown area with very limited views. 324 21st sold for $1.999M in March.

301 15th Place Manhattan Beach CAThe other downtown-adjacent townhome to sell was 301 15th Place (4br/4ba, 2200 sqft.). 

The address should be about 1512 Highland. It was both the Highland factor and a price problem that kept it on the market for more than 6 months this year. 

After giving up on ambitions toward $2.999M, the sellers changed agents, cut the price (to $2.850M) and took even less to finally get 'er done: $2.675M.

Finally, a decent half-lot SFR in the South End on an alley at 228 5th Place closed for $2.370M.

Nope, if you were looking for big-dollar headline sales or swanky properties in great locations, that last part of September wasn't the time for you.

Probably the headline sale of the period, though, was a new escrow. (We try to be careful not to call them "sales" until they close.)

712 John Street Manhattan Beach CAThat's the corner-lot property at 712 John in the Hill Section.

This custom modern with 7br/8ba, 6800 sqft. has been offered publicly since at least January 2016.

It's compiled an impressive 594 Combined Days on Market, per the MLS, spanning 3 listings. Rumor is that it was offered informally and had a deal even before that. 

The last list price was $10.995M, down from a $13.500M start. 

High sales in the immediate area of the Hill Section were 629 6th (modern new construx) at $9.400M in May, and a Cape Cod estate around the corner at 872 6th ($8.950M) in Spring 2016. 

Nothing, of course, will touch the $20.000M for triple-lot 814 Pacific any time soon.

Here's the rest of our local real estate market update report for the period ending 9/30/17:

  • 122 active listings as of 9/30/17 (flat)
  • 97 SFRs (+1)
  • 25 THs (-1)

See the inventory list as of 9/30/17  here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 27 actives (-1)
  • Sand Section: 63 actives (+2)
  • Hill Section: 9 actives (+1)
  • East MB: 23 actives (-2)

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 9/30/17."

Please see our blog disclaimer.

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