What's Up in East MB Near $2M?

By Dave Fratello | April 23rd, 2014

If you've got around $2M budgeted and are looking west of Sepulveda, good luck. Values for single-family homes there continue to rise, and a family home with 4+ bedrooms and 3000 sq. ft., which once may have been available near $1.9M, is now creeping toward $2.2-$2.3M.

You may be tempted to look east, as some of Dave's clients have. Here's the state of play east of the highway.

So far this year, there have been 13 SFR listings and/or sales in East Manhattan Beach priced between $1.8M-$2.2M. (Here we're excluding the Village, which is its own universe.) The stats to date:

  • 6 Closed Sales
  • 2 Pending Escrows
  • 4 Active Listings
  • 1 listing "on hold" (was on market, now suspended)

The 5 closed sales, priced lowest to highest, are:

1617 Mathews (5br/4ba, 3380 sq. ft.), a dated early-90s Mediterranean near the high school, listed and sold quickly early this year, closing in March for $1.850M.

1525 3rd (5br/5ba, 4475 sq. ft.) is 1000 sq. ft. larger, a split level with a big yard, that launched last October at $2.025M and sold in January for $1.900M.

1411 8th (4br/5ba, 4250 sq. ft.) is a very nicely remodeled 1980s original, but there are questions about the actual square footage – tax records say 3225, sellers said it was taped it at 4252; whatever the fact is, it matters when using the $1.965M sale price as a comp for anything.

1605 Wendy (5br/5ba, 3570 sq. ft.) came in at $1.965M also, making it one of the biggest sales in Liberty Village; it's also the newest home on this list, a clean, 2006-built Mediterranean.

1466 23rd (4br/4ba, 4100 sq. ft.) is a remodeled corner-lot home with a pool that closed earlier this month at $2.070M.

1632 Curtis (5br/5ba, 3400 sq. ft.) is a rare, newer single-level Cape Cod with a big open floorplan; they listed at $1.995M and drew immediate offers

1632 Curtis closed just after this post first went up at $2.150M. (We had to revise the post quickly.)

Among the 2 pending sales, there's a real charmer:

1540 Nelson (5br/5ba, 3600 sq. ft.) is the jewel of the bunch here, an exquisitely remodeled mid-90s house with attractive pool and landscaped backyard; listed at $2.150M, it made an immediate deal.

1505 2nd (5br/5ba, 3950 sq. ft.) is a big 90s house on a busy street that almost could not be closer to school; it listed at $2.100M and made a deal within two weeks.

The 4 active listings are:

1220 2nd (4br/3ba, 3550 sq. ft.), a mid-90s home with the same floorplan as both 1540 Nelson and 1411 8th (mentioned above), and some remodeling done, deep on a "flag lot" up and off of 2nd St., asking $1.995M and in its second month.

1617 23rd (5br/5ba, 3635 sq. ft.) is a pretty modern Mediterranean (2006 build) with little yard in the area of Liberty Village; asking $1.969M, this one had posted a deal but came back to fully "active" status today.

1740 Voorhees (5br/3ba, 3525 sq. ft.) is a remodeled home with the same basic floorplan as 1220 2nd, 1540 Nelson and 1411 8th, new to market this past week, asking $2.025M.

1613 Nelson (5br/3ba, 3535 sq. ft.) is a nicely redone home that boasts an extra 2500 sq. ft. patch in back, now hosting a pool, for a total lot size of 10,000 sq. ft.; we're surprised no deal has posted yet since they cut the price to $1.999M.

Meantime, the listing that went on hold was at 1161 2nd (5br/5ba, 3600 sq. ft.), a newer Craftsman that came out in January at $1.980M, ran for a month and then went off. (Our link there is to Zillow, where the photos are still showing.)

So, if you're looking to pay around $2M, and are willing to go east, evidence suggests that you should get 4-5 bedrooms, 3500 sq. ft. or more, pretty likely a bigger lot (7500 sq. ft.) and, odds are, a remodeled version of an 80s or 90s house.

These days, you're going to get a lot more for the money on "the other side" of Sepulveda.

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