Recent Escrows Had Fallen Out Before

By Dave Fratello | April 13th, 2020

In this fairly slow first half of April, let's take a look at which properties are making deals.

Turns out, at the time of this writing, 4 of the 6 new escrows starting up April 1-13 are on properties that have already experienced a broken deal this year.

2404 Laurel Avenue Manhattan Beach CA2404 Laurel (5br/4ba, 3375 sqft.) is a 1963-built mid-century modern that has benefited from recent upgrades.

Launched in February at $2.999M, it found a quick deal, but after 3 tough weeks, the escrow canceled at the end of March.

Back with a price cut to $2.899M, this one found a new buyer last week.

1776 Voorhees (3br/2ba, 1525 sqft.) is a flipper remodel on the corner at Aviation.

This one had a deal in early March, but lost it 10 days later as the financial markets went into turmoil.

A new buyer has now come after a cut to $1.449M in early April.

2509 Poinsettia Avenue Manhattan Beach CA2509 Poinsettia (5br/4ba, 3300 sqft.) is a 90s Mediterranean with fashionable upgrades.

Its marketing time goes way back to early November last year. A deal was reached at last on March 7th, but it didn't stick.

The new deal began a week ago. Last at $2.845M.

1148 N Poinsettia Avenue Manhattan Beach CAAnd just down the block in the Tree Section, we see that a flipper remodel at 1148 Poinsettia (3br/3ba, 1975 sqft.) has a second deal in place.

This one first had a buyer within 2 weeks after a mid-February launch, but that deal dissolved in late March.

Boldly, they raised the price from $1.995M to $2.100M after falling out of escrow on March 25.

Out of 144 listings in Manhattan Beach now, including those active, in escrow or on hold, 1148 Poinsettia is the only one to have actually raised its price.

It worked. A new deal was inked last week.

Only two more homes have gone into escrow since April 1, and they are almost at opposite ends of the price spectrum.

There's 1606 2nd (3br/2ba, 1500 sqft.), asking $1.375M. It's the lowest-priced SFR anywhere in Manhattan Beach, active, in escrow or on hold.

And there's 3004 The Strand (4br/4ba, 3350 sqft.), an actual landmark 1960s original that's all kinds of fun and funky. (Click the address to see the interior photos.)

This property has earned two unique awards: (1) it's a state historic landmark, and (2) it joined the first short list of city-designated "culturally significant landmark" homes in 2009. (Here's MBC's post from back then.) 

Asking $9.495M for parts of March and April, the listing quit just 4 days ago.

But it came back to the MLS on Monday in escrow. Someone just didn't want to see it go.

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We have just described the 6 new escrows of the first half of April so far.

Spoiler alert: Things are quite a bit slower than is typical at this time of year. There were 22 new escrows opened April 1-15 last year, 15 the year prior, and 26 in 2017.

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UPDATE: The day after this post went live, two new escrows opened on properties that recently fell out of escrow:

Both are new construction:

844 14th (5br/6ba, 3475 sqft.), asking $3.795M, and

1801 6th (4br/5ba, 3200 sqft.), last at $2.700M.

Both fell out of escrow and made new deals within the first half of April.

This makes 6 of the 8 new escrows for early April all examples of new deals made on properties that had recently experienced a failed escrow.

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