This Asking Price Was a Bit High (42%)

461 Chabela Drive, Manhattan Beach, CA

Back in June, a somewhat dated East Manhattan home came to market at 461 Chabela Drive (3br/4ba, 2848 sqft.).

Little did anyone know at the time that the listing would be destined for the record books.

The unassuming 1950s-vintage home with additions is on a large corner lot (~6900 sqft.), just one block east of Sepulveda, with commercial properties all around. Right in front is Keats St., an artery that connects Sepulveda straight down to Meadows in front of Mira Costa High School – which is to say, a busy street.

Every home has its price, and in June, they thought maybe it was $2.695M for this one.

After a failed escrow in August, they cut to $2.200M (-$495K).

There was so much more to go.

A new deal was inked in mid-August, but only just closed all these months later – $650K lower, at $1.550M.

At the end, that's a remarkable 42% drop from the start price, fully $1.145M less than the initial price.

That dramatic cutback from start to finish was the greatest, percentage-wise, in all of 2023 (so far!).

In other words, it's #1 for percentage drop in price. (This is not always one of the trophies we see a lot of competition for.)

Two Hill Section listings led the way with the biggest dollar cuts from start: 319 S. Dianthus got $9.800M, but that was $3.2M below start; 235 N. Dianthus got $5.000M after seeking $8.000M (-$3.0M).

319's drop from start was a comparatively modest 25%, while 235's drop was 38%, just behind Chabela.

The overall price for Chabela was the 5th-lowest for an SFR in Manhattan Beach all year. You can check it against some of the 32 SFRs to sell under $2M listed in our mid-November post.

Please see our blog disclaimer.

Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.

Based on information from California Regional Multiple Listing Service, Inc. as of February 24th, 2024 at 4:40am PST. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.