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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

New construction at 1817 Oak (5br/6ba, 3120 sqft.) has now completely smashed the prior record for prices on the street.

Oak ordinarily sees lower values because the street is the first block in off of Sepulveda. But sales activity on the street has been busy and values have reached new highs up and down the block.

The sale price on this bold, undersized and slightly different new construction was $2.699M.

You could note that the sale is $300K under asking, exactly 10%, but that's not the story.

The highest price ever for any home on Oak came 11 months ago at 1720 Oak (4br/4ba, 3470 sqft.), a spectacular remodel on the "wrong" side – backing up to commercial.

The sale price in October 2014: $2.227M. In that case, they got a ton more than the asking

We got a kick out of seeing this line in a recent Manhattan Beach listing: "DON'T LET THE PHOTOS FOOL YOU!"

Hey, isn't that the whole point?

Photos are supposed to put a home in its best light, aren't they? Make rooms look bigger, make dated features look fresh, and generally put a shine to even the darkest corners. Photos may not "fool" anyone, but they had better entice you to come see (and maybe buy) the house. Otherwise, someone's not doing their job.

In that one case (1510 23rd, pictured, just sold for $1.940M), the point of the "don't let the photos fool you" warning had something to do with persuading potential buyers that the home was not just one of many cookie-cutter "Roth built" homes with the same old/same old floorplan and features. No!

An electrical transformer meltdown and fire in the Hill Section on Sunday night triggered "brownouts" and blackouts in many parts of Manhattan Beach that ran into the morning hours Monday. (Here's our pic of the melted asphalt and lawn where a transformer ceased to be, at 11th/Poinsettia.)

If you were affected (as was MBC HQ), then you know what a rude wake-up call the loss of power can be. No one sleeps or awakens at the right time, odd alarms go off, breakfast is a mess, electronics aren't charged, school bells and street signals are in chaos. And don't even get us started about life without internet.

It's a wonder we ever hold it together.

Somehow, the vibe of the local real estate market as the week kicked off was also weird.

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