So Many Fixers and Lot Sales

If you are looking to buy in Manhattan Beach now, here's hoping that you know a good contractor.

The share of move-in-ready homes among the listings that come out seems to be at a historic low. And even if we can't prove it's "historic" with data, you can definitely feel it and see it.

For instance, as we write, there are 56 active listings – about 50-75 too few for what might feel like normal inventory. 

Out of those 56, we count 24 which are either obviously, or subjectively, major fixers, lot sales or at least homes that will need a lot of reworking. That's not quite half the inventory, but it's a lot.

We had commented on this more generally when talking about the very few (5) new listings last weekend, only one of which was remodeled:

Two others are super dated, one has been ripped open for a remodel that the seller didn't finish, and the last home is so degraded that the listing suggests that traditional financing wouldn't be possible – call it a land sale.

That trend has continued this week, with 4 out of 6 new listings being either major fixers or lot-value sales.

Various listings have featured words and phrases that say "this home is old, dated and broken," like:

• "First time on the market"
• "Original home"
• "Family owned since 1965"
• "One of the few remaining 'starter' homes in Manhattan Beach"
• "Ready to be reimagined"

And there's always some nod to the "opportunity" and "potential." The sales are often declared to be "as is" with no repairs from the start.

Some of those lot sales come with plans, meaning they represent more or less abandoned building projects for investors or individual homeowners.

We have previously discussed how and why so many homes seem to be coming to market these days in this condition. Often, there was a death somewhere and the property must come to market. Either the absentee owner passed and the heirs have decided to sell, or sometimes the longtime owner lived out their days in the property. (See "Do You Care If Someone Died in the House?")

Below are just some of the 24 listings currently on market that we've identified as fixers, lot sales and homes that most buyers would choose to remodel.

Please note: All of these listings come from the MLS and are represented by a variety of brokers and agents, not Dave Fratello and Edge unless so stated in the listing.

For all listings linked below, please click the address for all information, including broker information. We are only required to state listing broker name and brokerage in this post if we provide more than a minimal amount of information.

Small and Dated

1905 Faymont (3br/1ba, 1111 sqft.) is a classic of the original crop of Liberty Village homes. While many cottages in the district have been expanded, upgraded or even rebuilt from scratch, 1905 Faymont has held on, until now.

Asking $1.550M. Listed by Colleen Mcguire, Re/Max Estate Properties.

Of course, any small/dated house could end up a lot sale, as could a very large and remodeled home on a super prime lot.

See also:

644 14th (3br/2ba, 1680 sqft.) at $2.599M.

1721 2nd (2br/1ba, 1062 sqft.) at $1.925M.

3529 Palm (2br/1ba, 1095 sqft.) at $2.200M.

Midsized and Dated

2416 Palm (5br/3ba, 2808 sqft.) has a split-level layout, lots of wood paneling, a pool, and a kitchen that is relatively more modern than the rest of the house. Location along Marine Ave. inevitably raises some concerns.

Asking $2.600M. Listed by Sue Murphy, Keller Williams South Bay.

See also:

461 Chabela (3br/4ba, 2848 sqft.) at $2.695M.

865 10th (5br/3ba, 3080 sqft.) at $3.195M.

1504 Mathews (4br/3ba, 2024 sqft.) at $2.590M.

1450 3rd (4br/3ba, 2816 sqft.) at $2.990M.

Most Buyers Would Remodel

845 11th (6br/5ba, 4315 sqft.) is a 1980s custom contemporary with a pool sprawling across a double-size lot (nearly 10,000 sqft.). It's too pricey for land, but a bit odd for most to see as move-in-ready. This is its second listing, and it sports a remarkable 448 combined days on market while everyone tries to figure out what it's worth.

Now asking $5.700M. Listed by Lauren Forbes, Compass.

See also:

1818 Flournoy (4br/4ba, 2891 sqft.) at $3.900M.

2116 Ardmore (4br/2ba, 2050 sqft.) at $2.450M.

Partially Completed Projects

600 8th (would be 6br/8ba, 6000 sqft.) comes with plans to complete an ultra modern house with views over the greenbelt, infinity pool and much, much more. The offering is for the project as it stands, plus plans and permits, etc. You still have to finish it at your expense.

Asking $6.500M. Listed by Jeremy Shelton, Pacifica Properties Group, Inc.

See also:

3100 The Strand (4br/3ba, 2399 sqft.) $13.800M

Lot Sales

518 24th (2694 sqft. lot) is plenty cute as a classic little beach cottage. But the current owner paid $2.300M for the land two years ago, got plans made and is now selling the whole package.

Asking $2.980M. Listed by Denis Denisov, General Realty Group, Inc.

See also:

1801 Pine (2br/1ba, 1003 sqft.) at $2.295M.

700 John (9982 sqft. lot) at $10.475M.

609 35th (5405 sqft.) at $2.699M.