If you're looking to live by the water in Manhattan Beach, odds are you're going to need to take a look at townhomes.
The density of development by the beach all but requires it. But the good news is that sharing a lot with a neighbor can mean a lower price, overall, for a well-located property.
Not that we should call these options cheap, of course – townhomes have moved from sub-$2M options to $2.5M-$4.0M options in just the past few years, and one big sale has gone even higher recently.
There's some inventory now. Let's take a look:
2416 Highland (3br/4ba, 2350 sqft.) is a boldly designed, yet functional modern with some really great views.
Yes, like roughly half the view townhomes in Manhattan Beach, it's on a street that gets serious car traffic. But the top levels pull you away from the noise and toward the views.
This property is listed at $2.599M.
This one looks something like a deal, considering some recent comps, including 2804 Highland (3br/4ba, 2400 sqft.), now in escrow with a list price of $2.800M.
Between the two, 2416 is the more warm and conventional and easier on the eyes, in one blogger's opinion, but asking $200K less than 2804.
2215 Bayview (4br/4ba, 2625 sqft.) is pretty spacious for a beach townhome and gets good views.
Most of the neighbors are at maximum height, so what you see is what you get. (Puzzling over real or possible view blockages is the not-fun part of hunting for Sand Section view homes.)
This newer (2007) Spanish-style unit is part of a 4-plex.
In pricing this one, they were apparently thinking of a similarly located, similarly sized modern TH at 2305 Bayview (3br/4ba, 2570 sqft.), which blew socks off when it sold at $3.399M in January 2015.
If the neighbor could get that much, why couldn't this one get more?
This property came out asking $3.699M, and is now still at that number but with 78 DOM.
Disclosure: Dave has clients who have toured 2215 Bayview.
512 Bayview (2br/3ba, 1500 sqft.) is a pretty complete fixer – creaking so much from its 1970s original condition that you might just knock it down. But that'd be wrong.
This unit wants to be updated massively within the same basic building envelope, preserving its views over its townhome neighbor to the front. (Remodeling is the far easier prospect when dealing with townhomes.)
This property is listed at $1.950M, almost like a land-value price, but someone seems very likely to keep the structure before modernizing it.
UPDATE: As we went to post this, 512 Bayview went into escrow. No big surprise.
225 Rosecrans Place (3br/3ba, 1850 sqft.) is a modestly sized, 90s townhome with updates and views (albeit over the cris-crossing power lines).
This one snuck onto the market in early February and seemed not to make too much of a splash.
But give it time. The year is young.
Inside, the listing boasts of all kinds of extras, including Italian porcelain tile floors, brushed granite counters from the Baltic Sea and view decks. There's also a reference to a "pass-thru fireplace" in the master suite, which we're assuming means one of those units where the fire is visible from the bedroom or bathroom – though we don't imagine you'd be passing anything through.
This townhome is listed at $2.449M.
95 Crest (3br/4ba, 2450 sqft.) banked a bunch of time on market in mid-to-late 2015, took a break, and came back.
Still listed at $2.800M, this slightly oversized townhome in the quiet South End of the Sand Section seemingly should be drawing interest. It just makes sense.
For its first stretch of time on the market, it may have been overpriced at $2.999M, but where's the action now that they've cut?
This is arguably the best location among the active townhomes in Manhattan Beach.
333 21st Place (3br/4ba, 1850 sqft.) is in its second run on the market already, having begun at $2.499M but finding no traction last August-October.
It's a newer unit with some views down the alley. Plenty finely appointed, perhaps a bit snug. Maybe the market isn't being kind to 2006 Mediterraneans?
After a couple of cuts, this property is now asking $2.245M and perhaps wondering, like some others, where the buyers are.
3602 Manhattan Ave. (3br/4ba, 1600 sqft.) is about to complete its 5th month on market.
For an ocean-view townhome priced near $2M, that's saying something.
Sure, the 1980s design is a little too unusual now, and may become a project for the next person.
Views are OK – if they were killer, we wouldn't be talking here.
This property is listed at $2.100M, same as the start price.
3105 Vista (3br/4ba, 2400 sqft.)
This property was listed at $2.300M to begin and is all the way down to... $2.295M.
The listing has posted quite nearly 300 DOM now. Time has mostly meant prices are rising around Manhattan Beach. Where is this one supposed to go to find its level?
UPDATE: A couple of days after this post went up, 2909 Highland (3br/4ba, 2030 sqft.) hit the market at $2.499M. This contemporary view TH is comparable to the first TH mentioned in the post, 2416 Highland, although on the west side of the street.
Recent Deals & Sales
There's no question what the headline is for townhomes so far in 2016.
It's 611 Bayview (3br/4ba, 2725 sqft.).
This luxury modern TH gets terrific and, seemingly, unblockable 180-degree views from a rear location up above its Manhattan Ave. twin. Location is close to town without being too much in town.
Purchased new for $3.250M in January 2014, this one was quite nearly the first Manhattan Beach Sand Section townhome to ever sell for more than $3M. (Off The Strand.)
This property came out listed at $4.650M in January and made an almost immediate deal. It's in escrow now and could close later this month.
There's nothing wrong with observing (as you might) that this is a big number for even a single-family home. But it's where the trends were pointing, and do you know how many buyers it takes to agree and reset the market? One.
Brand-new construction along Manhattan Ave., Bayview and Highland will be coming and prices will be set in part by this sale.
508 Manhattan Ave. (3br/4ba, 2500 sqft.) is a different case, where the value was all in the upside for a major remodel.
The existing home was only lightly upgraded from its original 80s build. The kitchen was strangely dark. The master featured glass block. The exterior shows off a design that must have once seemed bold and refreshing.
This TH recently sold for $2.800M, a chunk of change to be sure. But once they get to work and transform this sizable ocean-view property that's just a couple minutes to the sand or downtown, what do you think it might be worth?
301 2nd (3br/4ba, 2100 sqft.) offers ocean views and a partly updated property. The top floor could use a total modernization some day.
This one simply keeps trading. It never stays in one family for long.
It sold for $2.725M in October last year, 20% higher than the 2013 acquisition price. With that kind of appreciation, why bother with upgrades?
This sale would seem to argue, by the way, that nearby 95 Crest is already in just about the right territory at $2.800M, with its greater size and partial views compared to 301 2nd's serious views. Right! say the sellers, but buyers so far seem not to have made a move.
2803 Alma (3br/4ba, 2000 sqft.) is a 2005 Mediterreanean TH with some views down the 28th Place alley. It was listed at $2.549M recently and is in escrow now.
The floorplan is absolutely typical – enter on the middle level with a small foyer and two bedrooms (including master). Go down for one more bedroom, and common areas are up top – wide open, newer, nice.
A decent, recent comp is a neighbor at 319 28th Place (3br/4ba, 2000 sqft.) at $2.380M in March 2015; a dragging comp would be another Mediterranean corner TH at 3101 Alma (3br/4ba, 1870 sqft.) at $2.150M in April 2015.
Looks like buyers weren't too worried about the low comp.
"Low" is not really the price trend right now for Sand Section townhomes overall.
