Three Listings Hit the 400s in DOM, Now Have Deals

By Dave Fratello | September 21st, 2021

It is rare indeed to see a real estate listing in Manhattan Beach hang around so long that it reaches 400 Days on Market.

After all, the median DOM for homes that sell in MB is a ridiculously low 9 DOM right now. (As of Aug. 31, 6-mo. median.)

And among the (whopping) 57 active listings today, the average DOM is 68 and average CDOM is 79, well below 100, let alone 400. (CDOM combines DOM from consecutive listings, even if a property was pulled down and re-listed.)

Somehow, 5 properties on the market exceeded 400 DOM this year.

Now, 3 of those 5 current listings, all SFRs, have made deals:

429 31st Street Manhattan Beach CA429 31st (4br/5ba, 4250 sqft.) was the first to pop, finding a buyer in late July.

This is a 2002 Cape Cod up on the plateau that is very much of the period in terms of style and finishes. The top floor is a bit more broken up than you see in more modern construction, but a large den opening to the front yard is a plus. The block is very nice, and there are some ocean peeks.

The home has been lived in and will need some TLC, perhaps upgrades, from the next owner.

The listing had begun in June 2020 at $3.799M, making one cut to $3.699M in March this year. (MLS records show another cut to $3.199M in July that lasted only 43 seconds, obviously a clerical error that was quickly corrected.)

The sellers found the right buyer in late July, perhaps coincidentally just after that whoopsie! $500K price cut.

When the (digital) ink hit the (virtual) paper on the deal, the listing was at 398 DOM. So it hadn't quite hit 400 by that point.

However, today it's showing with 454 DOM, because the listing status is "Active Under Contract," and under MLS rules, that means days keep tolling until it closes, or moves to "pending" status. (For more about that status in "What the Heck is 'Active Under Contract?'")

592 30th Street Manhattan Beach CA592 30th (5br/7ba, 4650 sqft.) is far newer.

One can still call it "new construction," although it came to market in June 2020.

They made a deal today while at 444 DOM.

The price was always $4.699M. There was no effort to mark to market when the product wasn't selling.

"Everyone" wants new construction, and this location, down close to the Sand Dune, is nice... but 444 DOM would suggest that there were things that several rotations of buyers didn't like over 15 months. Meantime, market prices rose all around it. It will be very interesting to see where it settles.

428 Altura Way Manhattan Beach CA428 Altura Way (4br/2ba, 3000 sqft.) holds the highest DOM among these pending sales, at 466 DOM today.

They made a deal 2 weeks ago, but, like 429 31st, posted the pending sale as Active Under Contract, so it continues to accrue DOM daily.

The home is a curiosity for sure, gorgeous in its way, with a unique (in a good way) hilltop location that affords views of Mira Costa athletic fields and northwards to downtown L.A. from the rear. Amazingly, there are ocean views from this East Manhattan home's master suite at the southwestern corner (over the garage in this image).

But there were drawbacks and cause for hesitation, beyond price ($3.999M to begin in June 2020, $3.199M since July this year.)

Many surprising choices were made among the additions and remodeling, such that you wind up with just 2 baths serving what they call 4 bedrooms. (One is an open loft with a more traditional bedroom below.) You can take the 3D tour here to see more. And somehow, the 7900-plus sqft. lot doesn't actually offer a great deal of "yard" space, although what's there is full of attractive palms and outdoor living spaces.

Bottom line: The many draws of the house still had to attract a buyer willing to do some work to improve upon it, as we would presume this buyer would. It took time.

There are still two 400+ DOM listings in MB, and they could cross over to 500 DOM early next month.

200 15th Street Manhattan Beach CA200 15th ($4.299M) and 201 15th ($3.699M) both have the same owner, same agents and same basic configuration (both triplexes).

Both were listed on the same day last year early in the pandemic (4/20/20), and both sport 488 DOM now.

Both are also simultaneously listed as Residential properties and Residential Income properties in the MLS, when arguably they belong in only one of the feeds.

Remove these two income properties from the Residential listings, and average DOM and CDOM for our market are reduced from 68 and 79 to 53 (DOM) and 64 (CDOM).

As we write, no single-family or townhome listing in Manhattan Beach has more DOM than the new-construction listing at 509 Marine (6br/5ba, 4200 sqft., $4.399M, 155 DOM), helping to show what big outliers the few 400+ listings were and are.

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Bonus reading: One listing last year exceeded 500 DOM before quitting. That one and several others that got long in the tooth are referenced in our post "DOM Champs of 2020."

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