What Didn't Sell Now Did

By Dave Fratello | April 13th, 2017

People love to preach persistence.

Try, try again, they say.

We tell the Little Leaguers after a strikeout: "Shake it off. You've got another at-bat coming up!"

Home sellers sometimes need to heed such advice, too.

Sometimes you are on the market for a spell, but it just doesn't work. Maybe it was timing, or price, or buyers en masse getting cautious or picky.

But try, try again, and you just may succeed.

Here are a few, well actually 14, recent sales in 2017 from homes that previously tried on the market in 2016. 

2417 Crest Drive Manhattan Beach CA2417 Crest (3br/4ba, 2300 sqft.) is a modern style TH with a very favorable high position and low front unit. That means ocean views called "drop dead" in the listing (don't die, we like you!).

It's a classy and unique place, no big surprise to see it go into escrow this week.

But why not last year?

It began in June 2016 at $3.595M, and cut over 4 months to $3.399M. They quit with 5 months on market.

Returning April 7 this year at $3.399M, they had a deal within 5 days.

917 Highview Avenue Manhattan Beach CA917 Highview (5br/5ba, 6350 sqft.) is an extra large Hill Section estate with pool and more.

It launched in March 2016 at $8.350M and cut a little, then re-listed in late November at $7.550M, where it sat until February this year. All at once, multiple offers.

The sale has just closed for $7.250M.

516 Marine (3br/2ba, 1600 sqft.) began the first of 8 recent listings (many short-lived) in June 2016 at $2.299M. By September it was at a $2.150M.

It went into escrow in early April with 68 combined DOM for 2017 listings. Last at $2.150M.

1820 John Street Manhattan Beach CA1820 John (4br/5ba, 4125 sqft.) is a custom contemporary on a great block.

It was listed from Aug. 2016-Jan. 2017, from $3.500M down to $3.100M.

When it re-emerged in late March at $2.899M, buyers got off their chairs and competed for it. It's in escrow now.

2509 Walnut (5br/5ba, 3150 sqft.) is a 2007 Tree Section Mediterranean.

It listed Aug.-Dec. 2016 at $2.799M down to $2.699M.

They had a deal off-market before a planned return to market in Spring 2017, but that didn't work out.

After coming back in late Feb. 2017 at $2.650M, they had a deal within a month. Now in escrow.

934 Duncan Avenue Manhattan Beach CA934 Duncan (5br/5ba, 4050 sqft.) is an unusually designed, ocean view Hill Section home with some recent remodeling.

This one actually tried in 2015 from $4.3M down to $4.0M, then tried anew in 2016, from February to September, at prices from $3.799M down to $3.350M.

When 934 Duncan re-emerged in early 2017, it was at "only" $2.960M, fully 31% lower than the first listing, and 12% below the last 2016 price.

Sold for $2.960M early this year.

1813 Oak (3br/1ba, 1000 sqft.) is a little cottage with nice kitchen appliances, but no major upgrades, that was purchase for $1.400M in Feb. 2016.

The buyer changed course and tried to re-sell just a few months later for $100K more ($1.499M).

That didn't work, but in 2017, asking the same number, they got a bite.

Close this week for $1.450M.

120 9th Street Manhattan Beach CA120 9th (6br/5ba, 2400 sqft. quadraplex) is a lot sale that began rather bullishly in July 2016 asking $6.800M.

Whoa whoa whoa. Within 5 weeks, the price was down to "only" $5.999M, but the listing quit in October with interest, but no offers.

Buyers who had seen it and were aware of it from the 2016 listing continued to show interest. 

A developer purchased it for $5.600M off-market, a sale that posted in late March this year.

1601 Nelson Avenue Manhattan Beach CA1601 Nelson (6br/7ba, 5800 sqft.) is a self-described "superhouse" (well, as described by the agents), and for good reason. It's an enormous home, even without a basement. We've been to smaller hotels.

The modern style is slick and easy to appreciate. The wide-open feeling is awesome.

Listed in Sept. 2016 at $3.999M, this one took a break unsold from November till February this year.

After a cut to $3.599M, low by the PPSF for recent East MB new construx, they accepted an offer in late March. In escrow now.

1506 Gates Avenue Manhattan Beach CA1506 Gates (5br/6ba, 4650 sqft.) is an East MB Mediterranean that tried at $2.999M in late 2015, ran through 2016 at prices from $2.799M down to $2.699M.

They tried with a new agent in 2017 at $2.599M and drew offers. In escrow now.

3008 Elm (5br/6ba, 3230 sqft.) is a Tree Section Mediterranean that tried in 2015 at $2.750M, in 2016 at $2.699M, and just sold recently for $2.473M.

228 11th Place Manhattan Beach CA228 11th Place (2br/2ba, 1000 sqft.) is a little 1930s half lot cottage near downtown.

It began in Feb. 2016 for $2.499M, dropping over the year to $1.850M. No sale.

Back in Feb. 2017, the listing came out at $1.750M, 30% lower than the original start price. 

This time, they overshot to the low side. This week, it sold $100K higher at $1.850M.

1401 11th (3br/2ba, 1800 sqft.) is a ranch house in East Manhattan backing up to the fire station. As such, it's no easy sale.

They tried in 2015 at $1.499M, again in 2016 higher at $1.575M. No deal.

How about the "underpricing" trick? That worked.

Listed in March 2017 for $1.349M, it sold $100K higher at $1.450M.

3608 Manhattan Avenue Manhattan Beach CA3608 Manhattan Ave. (4br/4ba, 2630 sqft.) is new construction that was first listed pre-completion in April 2016 at $4.699M. Later in the year, it was down to $4.285M.

Alas, they went higher in early 2017, asking $4.385M. But when a buyer came, they took a discount.

Closed sale: $4.150M in March.

1240 5th Street Manhattan Beach CA1240 5th (6br/7ba, 10,000 sqft.) is a supersized estate in East Manhattan on the little private street (5th) one block east of Sepulveda, but seemingly in its own little world.

They've tried to sell off and on from 2012-14 and again in 2016 with list prices usually around $8.000M.

The 2017 listing came out lighter at $7.500M, and the final sale, posted in mid-March, was $7.200M.

 

 

 

 

 

 

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