price cuts

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In these go-go times in the Manhattan Beach real estate market, it's no big surprise to see sellers overreach.

After all, it sometimes seems that list prices are merely the starting point for the inevitable bidding war. (See our post, "Always Over Asking?")

But there are also cases like at 1622 Gates (5bd/7ba, 5,500 sq. ft.), where sellers quickly realize that there isn't a buyer at the initial price, and make adjustments.

Gates stands out as a particularly nice, custom house. And it once did sell for $3.100M (in 2007).

This year's list price was $3.175M, but they swiftly changed that to $2.999M just 2 weeks into the listing (-$176K/-5%).

So if they began a bit ahead of the market, they saw it and made the needed changes before the listing got "old."…

If you want to get a little extra juice for your listing while it's gotten slow, what do you need to do? Chop the price.

Do that, and it pops up on all the local agents' MLS hot sheets as a price reduction. Websites like MB Confidential and Redfin will feature the price cut. Buyers may take a second look.

And if you're the seller, here's the great news: There's no minimum price cut to get all the benefits of extra attention from agents, buyers and the Internets.

As is proved by the new $1.00 price cut at 1208 Oak (5br/4ba, 3125 sq. ft.).

Yes, $1.00 and no cents.

From the nice, round figure of $2,000,000 to $1,999,999.

Our morning email from Redfin was even confused: "Price Change to $2M on 1208 Oak," it was headlined.

Nope, sorry robot. You've been…

Oh, it seems like such an easy year for sellers again. Huge gains last year, big deals already this year. We're on a rocket to the moon!

But what if you've had your house on the market a while already, haven't drawn good offers, and the Super Bowl kickoff of our Spring selling season actually seems threatening?

You chop.

We saw that on a couple of Tree Section listings this week.

The most notable was at 3005 Maple (pictured).

As to the home itself, we like what the sellers did with the place after acquiring it in 2011. That's clear in our review from mid-month. (See "Sunday Opens (1/15/15).")

But entering the 7th week of the listing, the sellers seem to have had no action.

What's holding them back? Maybe the upside-down floorplan in a non-view…

It has been a heck of a year for townhome prices in Manhattan Beach. Suddenly the 3's are not at all out of the question for a unit with a view.

Down on Highland in the South End, two 90s townhomes figured to be a part of the party. But both saw the market adjust from their initial hopes and aspirations.

The most extreme overreach was at 512 Highland (3br/3ba, 2135 sq. ft.) which debuted in the depths of August asking, achem, $2.789M.

We had several reservations about the place, including its layout (2br share the master bath for a feature we had to call a "jack-and-jill master bath") and its overall condition – not too much updated from the '97 build.

In terms of pricing, this one soon had a bigger problem: Competition nearby.

That was 616 Highland