price increases

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A new listing at 1308 Ardmore shows the power of real estate appreciation over time.

But maybe first and foremost, the staying power of this home is what impresses.

An original cottage was built at 1308 Ardmore way back in 1905.

The city of Manhattan Beach was not even formally founded for another 7 years.

There weren't so many residents in the area then, but MB was becoming a tourist destination. Most folks came to splash around at the beach by way of the Red Car electric trains, on tracks running along the sand, right about where volleyball courts predominate now.

The little cottage soon had neighbors as Manhattan Beach was built out. Fast forward a great deal, and we see in tax records the last time this property changed hands: 1973, for the…

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…