ocean views

There are currently 58 blog entries related to this category.

Who doesn't love a battle of the titans?

The two priciest properties in Manhattan Beach now are both listed over $28 million. And both are (meant to be) priced at land value.

One, 1000 The Strand, is about a 5000 sqft. corner lot right near the pier. In its 5th month on market, the list price remains the same as on Day 1: $28.900M. (See "$29M? Can We Talk?")

For all this time, 1000 The Strand has occupied the field alone. If you want a prime, oversized waterfront lot, this has been your only choice.

Enter the challenger.

2722 The Strand is a true double lot.

Measuring in at 6925 sqft., it's actually a trifle more than the size of two 3300 sqft. Strand lots.

The mid-town location is just past Bruce's Beach Park.

Start price: $28.500M.

Oh, you can…

You want to sell, or maybe have to sell quickly to make something else happen.

So you want to get it done, but not leave money on the table.

Maybe try underpricing. They just did at 881 3rd St. in the Hill Section, and closed a sale in less than a month.

List price: $4.000M.

Sold price: $4.500M.

The tactic might sound scary.

How will you ever know how much money you could have made if you don't put a big, fat price tag on it?

So here's the question: Do you trust the market to work?

Experience seems to show that competition brings you to market level quickly.

We'll often counsel sellers that if we can get 2 or more bidders, we'll find the right price quickly. But that's the goal for pricing near market level.

Price way under market, and it's like…

Take a half lot in sight of downtown and featuring plenty of traffic... what's that worth?

In the case of 209 15th, the answer is $2.401M.

That's a $102K overbid over the list price of $2.299M.

We went looking for comps. Uh-oh, the market seems to have found a way to carve out a new category-specific high with this sale. 

Half lot, west of Highland: $2.4M.

The smallish, 2-story house here (3br/2ba, 1275) is dated and you have to say the bulk of the value is in the land, all 1345 sqft. of that plot.

We can't find a like sale that's even close. $1.7? $1.9? $2.1? Nothing.

There is one very big number from last year that arguably beats the sale at 209 15th: 2401 Manhattan Ave. has a walkstreet frontage and the feel of a 100-block house, albeit with one

The received wisdom is: It's good to be the third agent.

The idea is that if there's a problem listing, a seller's resistance will be weakened and they might finally be ready for some cold advice by the time the third agent comes in to list the property.

At 501 Manhattan Ave., the least that can be said is that the third agent has benefited by having the seller make the biggest price cut on the property in 2015.

The property was first listed in November 2014 for a total of 11 days, asking $7.000M.

That wasn't going to happen. The smallish, original duplex is fine but the land value wasn't $7M, and the rental calculations certainly didn't pencil out at that number.

A new agent launched a new listing in 2015, $1M lighter at $5.999M and at a more optimal