In a market that is continuing to inflate as we speak, it seems uncommon to see homes sell under asking.
East Manhattan Beach has been on fire in its own way, with resales constantly resetting the market. (See "Wrapping Up 3 East MB 1990s Homes" and "Rapid Inflation for East MB 5K Lot Homes.")
But there are…
In a market that is continuing to inflate as we speak, it seems uncommon to see homes sell under asking.
East Manhattan Beach has been on fire in its own way, with resales constantly resetting the market. (See "Wrapping Up 3 East MB 1990s Homes" and "Rapid Inflation for East MB 5K Lot Homes.")
But there are exceptions to every rule.
1511 2nd (4br/4ba, 4650 sqft.) recently closed for $3.675M.
It's a healthy number, but 8% under the start price of $3.999M.
It's also $75K less than 1307 Voorhees (5br/5ba, 3650 sqft.), even though 2nd St. is more than 1000 sqft. larger.
1511 2nd is a lovingly designed, custom Spanish with a unique family room opening to a well designed garden area.
But it hung around and went lower.
Then there's a recent remodel.
1657 Gates (4br/5ba, 4200 sqft.) was purchased 2 years ago by a flipper/remodeler concern.
They made the home nearly like new, adding an ample master suite in some largely undefined "living room" space.
It's got a bonus of a basement den that was built years ago.
It's a lot of space with modern finishes, but it got stuck this year.
Launched in March at $3.695M, the listing hung around and hung around. Surely, people toured it and thought "must have," but if there was no bidding war, maybe they should wait?
Ultimately, our clients came in and recently closed for $3.150M.
That's a fairly incredible $750/PSF, what appears to be, by our measure, the 3rd-lowest PPSF for move-in-ready homes with comparable lot sizes for all of East Manhattan this year.
Sometimes, you move in feeling like you have equity right away, because you got a great deal.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of December 1st, 2023 at 8:45pm PST. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
