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It's time for one of our twice-monthly updates on the Manhattan Beach real estate market.

We'll focus here on a couple newly posted sales.

Just off Sepulveda to the east, two new homes were built, each ambitious in their own ways.

Most recent was 1120 6th (5br/5ba, 3600 sqft.). This not-maxed-out "Planation-style home[] with a coastal vibe" launched in August this year (not so long ago) at $3.099M.

There was no way. Not for a home that's the first residence off of Sepulveda, with a large commercial building – specifically, a sports bar – as the next-door neighbor.

After one price cut, the listing quit and rebooted immediately (what's that called again? oh yeah, a bogus relist ) with a new price of $2.688M.

Miraculously, that "new" listing lasted only…

Three times now this year, East MB has seen new highs marked out – each higher than the last – for new homes on "standard" 7000-ish sqft. lots. (A typical 50 x 150 lot is 7500 sqft., but one of our examples here is 7000 sqft., close enough.)

The current champs, in descending order:

1131 6th (5br/5ba, 5025 sq. ft.) at $3.600M (Nov. 2015) (pictured)

1430 18th (6br/7ba, 4600 sqft.) at $3.300M (Oct. 2015)

1632 Voorhees (5br/5ba, 4500 sqft.) at $3.251M (June 2015)

Now, looking at each, it's worth noting that 1131 6th took the biggest haircut, but that may sound a bit unfair at the same time. The original list price was $4.499M in February this year. It sold for 20% less.

And yet, everyone knew that sky-high $4+ asking price was ridiculous, almost like a…

Temps hit 100 the other day and Manhattan Beach real estate inventory hit the 80s, temporarily at least.

At least one of those events was expected.

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

For all the (justifiable) talk of high prices, one sale stood out in this recent 2-week period.

It was little 966 Rosecrans (3br/1ba, 1050 sqft.), which sold for $1.170M, becoming just the 5th home to sell for under $1.200M west of Sepulveda all year.

Of the 5 sales under 1.2, there were 3 on Rosecrans like this one, one on a 2500 sqft. skinny lot on Valley, and one was almost a half lot on an alley at 440 35th Place.

You do know how much $1.2M will buy you outside MB, don't you?

You're accustomed to stories about enormous new sales, and we've…

In this rising market, it's pretty easy for sellers to dream of a huge payday. As often as not, they get all they want and more.

But there are a couple of old rules that still apply today:

1) Location matters, and

2) Overprice, and you may get less.

Our case study here is 3102 Blanche (5br/4ba, 3400 sqft.).

In the hot, hot Spring this year, 3102 Blanche came out of the gates asking $2.750M.

That was $809/PSF, which would have put this home on a par, by the square foot, with two better-located sales that had closed just before the listing launched:

2001 Agnes (5br/4ba, 3470 sqft.) at $2.811M and $811/PSF (pictured)

633 26th (5br/5ba, 3380 sqft.) at $2.637M – a "gross equivalent" price of $2.700M because the buyer took no buyer's agent