Who's Re-Listed Recently?

By Dave Fratello | July 26th, 2016

Listings are running longer these days in Manhattan Beach. Even prime properties seem to linger for a few weeks before offers come in. 

Plus, it's Summer now, a time when it often feels like nothing is happening in local real estate.

What is happening a lot now is that sellers are having their properties re-listed to "refresh" them... to knock down those public "Days on Market" numbers and, achem, re-introduce the property to the market.

Here at MBC, we've said our piece on the subject. We don't like it.

Out of 133 active listings late Monday, we counted 20 listings that have re-listed with the same agent at some point: 15% of active inventory.

(Is 15% a lot? Discuss.)

Possible mitigating factor: Some listings may have changed companies/brokerages recently, even while sticking with the same listing agent.

To explain: As you may know, there are public reports of the bankruptcy of a longtime major player in South Bay real estate. Several agents have switched companies recently. If a listing goes to a new brokerage, the old version of the listing might be canceled in favor of a new one written with the new brokerage.

There are many examples on the market today in which an agent changed companies and "kept" the listing, and the MLS simply updated to their new brokerage affiliation. So this doesn't seem to be a common, or any kind of new, grand explanation of re-lists. 

Here are the most recent re-lists:

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

It came to market in mid-February asking $2.499M. (Whoa.)

No traction. A couple cuts, getting down to $2.150M.

Saturday, the listing quit.

Monday, the listing was back, sporting another cut to $1.875M. And 0 DOM instead of 158.

516 Marine Avenue Manhattan Beach CA516 Marine Ave. (3br/2ba, 1600 sqft.) Just. Keeps. Re-listing.

We kid you not, this week's version is now the 5th version of this listing since mid-June. 

They make a cut. They get a new MLS#. The average shelf-life of a listing of 516 Marine is about 2 weeks, but one lasted only 7 days.

Maybe you can feel a little sympathy here. The owner paid $2.150M a little over 1 year ago. Now, after all the weeks of price chops and gimmickry, they're offering to sell for $2.150M, which would mean the seller loses money on the carry and costs of sale. 

1033 8th (4br/4ba, 3600 sqft.) is new construction in the Hill Section near Sepulveda (one of three). They listed in May for a couple weeks, then went "on hold" for quite a while.

With Friday's re-debut, they cut $50K and decided to begin with 0 DOM. Now at $3.599M.

860 27th Street Manhattan Beach CA860 27th (5br/5ba, 3500 sqft.) is new construction in the Tree Section, built with a combination of styles, roughly mixing modern and the "Plantation" style that's been the rage for a while.

It ran 56 DOM at $3.495M, but didn't make a sale.

Back now "new" at $3.385M – a reluctant-looking cut.

3617 Elm Avenue Manhattan Beach CA3617 Elm (3br/2ba, 1200 sqft.) is a smallish house we called "rental caliber" on Rosecrans that first debuted in December last year. Incredibly, they launched at $1.699M.

After 6+ months, the listing was down to about $1.4M, but still lingering.

Last week: A new MLS # came with a new price: $1.199M, fully $500K below the start (-29%). And of course they got 0 DOM to reboot.

Here is a selection of the other recent re-lists:

1155 Magnolia Avenue Manhattan Beach CA1155 Magnolia (2br/1ba, 1000 sqft.) came out at $1.299M in May, and re-priced to $1.999M then $1.175M in mid-July with a new MLS #. The official "Combined Days on Market (CDOM)" figure showed 67 CDOM as of Monday.

210 S. Poinsettia (2br/1ba, 1250 sqft., 6250 sqft. lot) is a lot sale that first came out near $3.5M in late March, but which has gone on and off market for long stretches since then. The newest listing at $3.079M began last Weds., with CDOM at 73 on Monday.

2906 Pine (4br/3ba, 3300 sqft.) is a custom contemporary on a quiet block of the Tree Section with surprising views from its vantage point up above it all. One re-list coincided with the first price cut. They've now re-staged and re-priced it, so you see 11 DOM with $2.699M instead of 130 CDOM. Start price was $2.950M.

422 21st Place Manhattan Beach CA422 21st Place (4br/4ba, 1920 sqft.) is a tall SFR on an alley purchased for $2.250M only last year. It came up at $2.449M in April and, after a recent re-list, is down to $2.399M now.

1800 N. Ardmore (6700 sqft. lot) was bought in Oct. 2014 for $2.225M, scraped and then listed for sale in mid-June at $2.749M, untouched – a hole in the ground. It got a new price and MLS # early this month at $2.595M. (Update: Early Tuesday, this listing canceled.)

516 Manhattan Beach Blvd. (3br/3ba, 1925 sqft.) ran for just a week at $1.988M, then switched gears, prices and MLS #s to $1.899M.

Now, these are just the properties re-listing in the dead of Summer.

If you're the betting type, you'll project many more at the end of August/first of September, a time when the market typically heats up for a bit before the holiday season.

Gotta be fresh for Labor Day!


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