price increases

There are currently 40 blog entries related to this category.

To judge by the most recent closed sales come in, you'd think no one knows how to price a house anymore.

We've seen markets where nearly every listing price seemed to be an overreach. Today, start prices seem to be literally just the starting points. Consider these very recent closings:

510 23rd (4br/4ba, 3200 sq. ft.) is a 2009-built Spanish in the gaslamp district.

Start Price: $2.699M

Sold Price: $2.826M

Amount Over Asking: +$127K / +4%

Note: That result was different from when the same home debuted back in 2008-09. It ran 7 months on market and sold for 16% under the asking price way-back-when, the year your kindergartner was born.

1901 Lynngrove (3br/1ba, 1100 sq. ft.) is a mostly original corner-lot cottage in Liberty Village. The home has

We speculated just 5 short weeks ago that the freshly remodeled listing at 1720 Oak (4br/4ba, 3470 sq. ft.) stood "a good chance to set th[e] record" for a home price on the "wrong" side of Oak. (See "Why Not Another Record?")

Done. Record set. By a lot.

The list price of $1.999M turned out to be just the start. That price alone would have set the record for the east side of Oak Ave., which abuts commercial properties in back. 

The actual, newly closed sale price of $2.227M crushes the prior high of $1.899M, set 13 months ago in August 2013 at 2600 Oak. Yes, another bidding war.

And wouldn't you know it?

1720 Oak's sale price just reset the bar for all of Oak Ave. – yes, even the "right"/western side.

That record had belonged to the wondrous custom…

We're not always going to be in a market where reselling shortly after buying a house will get you out whole.

It's not always like that.

But in a rising market, people keep pulling it off.

The little remodel at 3612 Poinsettia (2b1/1ba, 865 sq. ft.) was purchased only last year for $935K (June 2013).

The resale now: $1.170M.

Neither is a big number for Manhattan Beach real estate, but the net jump in market value is 25% year-over-year. We'd guess that the sellers walked away with $180K (pre-tax).

This year was different for the property. It ran just 3 weeks before a buyer knocked.

Last year, the same house in the same condition had accumulated nearly 100 DOM before someone wrote an offer.

The notion of profit from a sale on this little, largely…

When you look at statistics from other real estate markets outside of Manhattan Beach, you don't see all the same trends as we see right here.

For instance, by one data-cruncher's reckoning, nationally, home values are now at March 2005 levels. For the LA area, prices are at May 2005 levels. After those moments in 2005, values still went up for 2+ years, but that extra froth in home values has not been recovered.

Meantime, here in MB, we're seeing new highs being hit all over. Bought in 2006-07 and want to resell now? You might get it all back. You might even set a record.

Here's a selection of top prices from different areas and categories of housing in Manhattan Beach this year:

Walkstreet West of Highland, Plus-Size Lot

201 18th (5br/7ba, 7900 sq.