price cuts

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Maybe we are in for a long Summer.

Inventory hit 129 on Tuesday, just another new high, but people are still bringing homes to market looking to sell.

527 14th Street Manhattan Beach CAThis, while we enter a season that is typically heavy with tourists but lighter with buyers. That's just Summer for you.

So how will you sell in this environment?

Pricing and patience.

And if you need to, cuts. (Fixing the pricing if the market doesn't respond.)

A word to the wise: If you don't sell at once, and start cutting, buyers who do come are in a mood to negotiate further still. That's how the wind's blowing.

Here's a partial list of recent price cuts (pictured here is 527 14th, noted below) :

Hill Section 

934 Duncan Avenue Manhattan Beach CA934 Duncan (5br/5ba, 4050 sqft.) (pictured) is a custom early-90s home with updates

There has been no doubting the pricing trend on Sand Section townhomes: Up.

They've just pre-sold one new construction townhome on Manhattan Ave. south of the pier for a reported $5M, and now the back unit of that complex-to-be is looking for nearly 6.

Early this year you had 611 Bayview (3br/4ba, 2720 sqft.) setting the tone, coming in with a closed sale price of $4.650M – a case where the prior sale on the same unit was just 2 full years prior at $3.250M, or 43% less.

428 23rd Street Manhattan Beach CAIn context, then, the Feb. 2016 sale price on the brand new, large townhome at 428 23rd (4br/5ba, 2735 sqft.) at $3.745M might not have been too much of a shock.

Even if it was a bit of a shock.

The 400 block of 23rd is a nice location. We've got clients right nearby. This unit was…

1304 Lynngrove Drive Manhattan Beach CAIt was somewhat more than a year ago when we expressed surprise at how 1304 Lynngrove was being listed.

The start price: $3.199M.

This, in the "affordable" Manhattan Beach neighborhood of Liberty Village, was a serious shocker.

With respect, on the blog here we said that that's the kind of pricing that can "make markets" and/or "could reshuffle all thinking about the area." (See "Pushing $3M in Liberty Village?")

To date then, there had never been a home sold in Liberty Village over $2M, and here they were shooting past $3M. Wow.

(In October 2015, 1805 Faymont [5br/4ba, 3500 sqft.] became the highest-ever Liberty Village sale east of Redondo Ave., at $2.060M.)

1304 Lynngrove Drive Manhattan Beach CA1304 Lynngrove was only in framing stages at the time of its first listing at $3.2M, so

Over the past 7 days, we've seen 11 Manhattan Beach listings cut their prices. (The day's not through yet!)

Meanwhile 18 new listings have come to market, and inventory is up to 104 as we write – a new, recent high that may well be broken by Friday. [Update: Inventory was at 105 by Friday morning.]

Each of the price-cutters has a bit of a different story to them. Let's take a look at those.

The newest cuts at the time of this post were both made on a new TH development in East Manhattan. 

1408 15th Street Manhattan Beach CA 1408 15th (4br/4ba, 2600 sqft.) is now priced at $1.997M, a total of 10% below the $2.229M start price.

Its companion unit, 1406 15th (4br/4ba, 2500 sqft.), is down 7% from start, at $1.880M.

An El Porto duplex (we're shorthanding it here) at 4016 The Strand made