Start of 2019 Not So Slow

By Dave Fratello | January 23rd, 2019

Mortgage rates have ticked down, the slow holiday season is over, and buyers are getting to work.

That's the impression, anyway, from the first few weeks of January, before the traditional Super Bowl "kickoff" to the Spring market.

Below we'll look at all of the properties to find buyers in Manhattan Beach in the first 3 weeks or so.

Notable: None were priced over $3M. Most were quite a bit below.

More than half of all inventory in Manhattan Beach today (46 out of 86 listings) is priced over $3M.

East Manhattan Deals

We were intrigued to see that all 3 of the listings new to market in January that have already found buyers were all in East Manhattan Beach. (All of the other deals in this period were on listings carried over, or re-listed, from 2018.)

18 E Sausalito Circle Manhattan Beach CA18 Sausalito Circle (3br/3ba, 2045 sqft.) is a somewhat remodeled Manhattan Village "Plan 8" unit.

The 8 the only 3br townhome floorplan in the Village with a master bedroom on the first floor. This tends to be a buyer favorite.

Priced notably under comps at $1.549M, this one drew immediate, multiple offers.

1510 Voorhees Avenue Manhattan Beach CA1510 Voorhees (3br/2ba, 1375 sqft.) is a 1950s cottage on a full (7500 sqft.) lot in the Mira Costa area.

The home sports some remodeling, a bonus room in back and a pool.

Launched Jan. 10 at $1.749M, it went into escrow Jan. 23, within 2 weeks.

1300 18th (2br/1ba, 1350 sqft.) is a charming old cottage running long along Meadows Ave. fairly near the elementary.

1300 18th Street Manhattan Beach CAThis one had the distinction of being the first listing to both list and close within 2019.

That start price of $1.250M for a ~5500 sqft. lot was simply too attractive.

1551 Artesia #2 (3br/3ba, 1800 sqft.) is a newer (2008) condo in a Spanish style.

Launched in July last year at $1.099M, it came down $150K (14%) to $949K before finding a buyer. It went into escrow Jan. 2.

Tree Section Deals

646 Rosecrans Avenue Manhattan Beach CA646 Rosecrans (4br/3ba, 2535 sqft.) was the first home to go under contract in 2019.

It was a looooooooong time coming.

The house first hit the MLS in July 2017 at $2.160M.

That was fully $450K (26%) higher than any comp along Rosecrans on a typical/similarly sized lot.

Four months and 2 listings later, it was down to $1.899M, but that was not to be, either.

After a bogus re-list in August 2018, the price gradually came down to $1.725M. It was no longer the highest price on Rosecrans, but still had its challenges... until January 1 when they finally made a deal.

3529 Oak Avenue Manhattan Beach CA3529 Oak (3br/3ba, 2025 sqft.) is a custom SFR that's uniquely bright and has some nice upstairs spaces by the master.

It ran more than 6 months in 2018 and briefly had a deal.

Finally, early this month, they found a new one.

Price has always been $1.799M.

1 Arbolado Ct. (4br/3ba, 3050 sqft.) is a mostly original (1988) Spanish at the end of the cul-de-sac of the Arbolado Tract, a small community of homes built together across from Pacific Elementary.

This one first listed after Thanksgiving at $2.499M, but rebooted Jan. 10 at $2.399M. A week later: Deal!

The last home in the complex to sell was 9 Arbolado (4br/3ba, 3050 sqft.), with apparently the same floorplan and in very similar condition, at $2.325M in Oct. 2015.

UPDATE: A Tree Section 2br cottage at 2801 Valley made a deal within a week... a week within January... making it the 11th to qualify for this list. The deal posted shortly after this blog post first went live. List price was $1.349M. This also means there are 4 listings instead of 3 to have listed and made a deal within January.

Sand Section Deals

125 20th Place Manhattan Beach CA125 20th Place (3br/4ba, 1950 sqft.) is the highest-priced new deal in Manhattan Beach, 3 weeks into the year.

Although, as we noted above, it wasn't over $3M. It's just the closest to $3M in asking price.

The 2001-built ocean-view townhome is just a few doors up from the beach. It came out at $2.985M in early December. As we recently noted on the blog, listing in November/December mostly hasn't worked out for sellers hoping to capitalize on less competition during that quieter time of year.

These sellers made their deal 6 weeks after beginning, mid-way through January.

The most recent ocean-view TH to sell was 2816 Crest (3br/4ba, 1900 sqft.), much higher up the hill and east of Highland, at $2.475M, in late December 2018.

313 20th Place Manhattan Beach CA313 20th Place (3br/3ba, 1950 sqft.) is a half-lot ocean-view SFR east of Highland.

It was built in 2002. Some of its views appear to be protected. (An under-height neighbor helps now.)

Launched in August last year at $2.599M, this home had one deal, lost it, and came back to sell for $2.310M.

The property went pending on the MLS for the first time Jan. 3, and closed Jan. 17.

Hill Section Deal

1117 Pacific Avenue 6 Manhattan Beach CA1117 Pacific #6 (2br/2ba, 865 sqft.) is a remodeled condo in a multi-unit, late-1950s building near town.

They came out at $849K after Thanksgiving, and made a deal in mid-January.




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