sales data

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On the face of it, someone just drove a huge bargain at 612 John in the Hill Section.

The classic manse with epic views was publicly listed for $10.500M in early June.

Whoa, that was really something. Then a buyer knocked, just 2 weeks into the listing.

Did they really get $10M+?

With the closed sale now, the answer is: Not quite. But the final deal at $9.400M is nothing to sneeze at.

First, it's an extremely impressive $4M markup over acquisition just a bit over 3 1/2 years prior (Nov. 2011) at $5.400M.

Translate that to a monthly appreciation rate: The home rose in value by $91,000/mo., averaged out over the period of this most recent hold.

There had been some remodeling/updating to the home over this span, updating the look and feel from the…

We recently looked at the changing market for Manhattan Beach townhomes through the lens of just one recent deal. (See "How the Townhome Market Has Changed.")

That one deal was for 2301 Vista, a modern-style 3br TH with 2400+ interior square feet that's in escrow after listing about 75% higher than its 2011 purchase price.

But we also like to get away from anecdotes and look at a bit more data.

This time we're trying to get at two questions:

What's a typical price per square foot (PPSF) for a Sand Section townhome now?

What's are the recent trends?

To compare apples to apples, we looked at sales from the first half of each of the past 5 years. That is, Jan. 1-Jan. 30 of each year only (2011-2015).

As you'll see here in our chart, the uptrend is 3…

It's time for one of our twice-monthly market updates. 

Inventory bounced up a little, but there have been plenty of sales – some quick and shocking.

This being Summer, it's natural to look at the beach and see what's up in the Sand Section.

Oh, my, did $12M worth of lots just trade at Bruce's Beach?

2520 Manhattan Ave. and 2519 Bayview, neighboring 1750 sqft. lots on the south side of the park, both listed in late June at $4.000M each. Immediate deals were rung up. Wow.

The stage was set for these deals with a recent sale at 217 27th, on the north side of the park. A lot there traded for $4.100M, about $100K over asking, in late May. That seems to have been something of an inspiration to the owners of those two lots right across, on the south side of

Recently we got a somewhat desperate message from a buyer: Is there any chance we can get into Manhattan Beach west of Sepulveda under $1.5M?

This came near the culmination of a long and fruitless search for properties in that price range.

The reluctant reply: No, not really. You'll have to compromise on location or price.

As is so often the case in this market, those buyers wound up compromising on both.

But (the good news) they did make a deal west of the highway.

As we write today, there are only 2 SFRs west of Sepulveda active under $1.5M:

3601 N. Poinsettia (3br/1ba, 1070 sqft.), a small and largely original cottage with a few obvious liabilities, not least the shared driveway.

The location is way over by Rosecrans in the Tree Section.

Asking…