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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

Until 2013, only one Manhattan Beach home with a Rosecrans address had ever sold for $1.3M or more.

That home was 640 Rosecrans, with 5br/3ba, 2250 sqft., on a typical 3650 sqft. lot.

It sold for a nudge over $1.3M at $1.314M in Sept. 2005, before the last bubble was even finished inflating.

Along came 2013, though, and 640 Rosecrans was finally displaced from its perch as the priciest-ever Rosecrans property. Several sales beat it:

Those three, and of course, the much higher-priced world-beater at the time, 610 Rosecrans (4br/4ba, 1800 sq. ft.) at $1.635M.

That one was an epic achievement for the…

At today's prices, you see sellers asking - and buyers paying – as much, or more, for little lots than you would expect to see for an actual livable house.

Look at just a few half lots on the market recently:

209 15th just made a deal with a list price of $2.299M.

The smallish, 2-story house is dated and you have to say the bulk of the value is in the land, all 1345 sqft. of that plot. Despite a busy intersection nearby, they've pulled in a deal fast.

We noted last week that the back unit, the companion half lot to 209 15th, known as 210 15th Place, is pushing for a ton more, listing for $2.889M.

317 11th is new to market, a half lot right on the periphery of downtown Manhattan Beach.

The 1350 sqft. lot sports a small, 2br. house with very decent…

Temps hitting the 80s and Manhattan Beach listing inventory... also almost in the 80s.

Must be Summer.

If you get a chance to talk to Parks & Rec, or one of our various rotating mayors or city councilpersons, don't forget to say something like: "Hey, the 6-man was pretty successful here this year. Looks like we're ready to go all the way back to the weekends."

The juniors – successful, too – they can have the weekdays to themselves.

You say you want to make a difference? Try it.

Here's our local real estate market update report for the period ending 7/31/15:

  • 76 active listings as of 7/31/15 (+5 from 7/15)
  • 65 SFRs (+2)
  • 11 THs (+3)

See the inventory list as of 7/31/15 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by…