price cuts

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Sometimes, sellers make mistakes.

Especially in a market like this one, where sellers can look back at a few years' worth of upward pricing momentum, see underlying strength in the market and the buyer pool, and get fixated on nabbing that big number that they always hoped their home might be worth.

Then reality intervenes. If there are no buyers at your dream price, the question becomes: Are we really sellers?

200 38th Street Manhattan Beach CAAt 200 38th St. (3br/4ba, 1800 sqft.), a modern-style TH with nice views in El Porto, it looks like the sellers are answering, "Yes, actually, we'd like to be sellers."

You'll see in the property details here on MBC that the CDOM ("combined days on market") count is 89 as of this morning, even while this is a "new" listing as of Friday.

But…

Inventory in the Tree Section is 50% higher than last year now, 30 listings versus 19 in mid-August 2015, and sales have been a bit sluggish.

But we wanted to call attention to a couple that have made deals recently.

747 18th Street Manhattan Beach CA747 18th (5br/4ba, 3625 sqft.) is one that was surely compelling, and was surely going to be selling. It would be only a matter of time and price.

This Spanish-inspired mid-80s house is at least adjacent to a great location, within sight of American Martyrs school and just one block off of leafy Laurel Ave. (The garage and 2br are on Pacific at stretch that can get busy around school and commuter times.)

The sellers moved out and commenced a quick refresher/remodel, meant to somewhat update the house – new master bath, new carpet and other…

At all price points, you notice that buyers aren't necessarily paying what sellers are asking these days.

Indeed, some sellers shot so high, it took a long time and deep cuts to get their homes sold. Here's a selection of closed sales where the final toll was much lower than the start price:

1201 Oak Avenue Manhattan Beach CA1201 Oak (2br/4ba, 2170 sqft.) is something of a duplex in a challenged location near MB Blvd. and across from commercial properties.

That's not to say that the inspired Craftsman-style home lacked charm, but it's hardly a "down the middle" mainstream house. It was owned by singer-songwriter Graham Nash (as famously noted in this LA Times story, among other media).

The listing began in March at $2.350M, and you could reasonably say: Why?

There were 2 sizable price…

Listings are running longer these days in Manhattan Beach. Even prime properties seem to linger for a few weeks before offers come in. 

Plus, it's Summer now, a time when it often feels like nothing is happening in local real estate.

What is happening a lot now is that sellers are having their properties re-listed to "refresh" them... to knock down those public "Days on Market" numbers and, achem, re-introduce the property to the market.

Here at MBC, we've said our piece on the subject. We don't like it.

Out of 133 active listings late Monday, we counted 20 listings that have re-listed with the same agent at some point: 15% of active inventory.

(Is 15% a lot? Discuss.)

Possible mitigating factor: Some listings may have changed companies/brokerages