You've replaced the spiders and ghosts with Christmas decorations (almost), real Fall weather is upon us, and – traditionally – this is the time of year when the real estate market begins to cool as well.
Oh but there are a few tricks (and treats) left before we flip the calendar to 2016, for sure.
As we…
You've replaced the spiders and ghosts with Christmas decorations (almost), real Fall weather is upon us, and – traditionally – this is the time of year when the real estate market begins to cool as well.
Oh but there are a few tricks (and treats) left before we flip the calendar to 2016, for sure.
As we see in our twice-monthly Manhattan Beach Market Update, inventory remains stable in the mid-to-high 70s. Look within the numbers, and there seem to be an unusual number of listings just hanging around – no hurry.
During this 2-week period, there was a rush of closings for Sand Section lots (and lot-value sales), including:
112 Morningside Dr. (3333 sqft. lot) at $2.815M (pictured)
316 18th (Dave's listing, 2700 sqft. lot) at $3.575M
424 20th (5120 sqft. lot) at $4.600M
501 Manhattan Ave. (2700 sqft. lot) at $5.100M.
Among those, we had noted that 501 Manhattan was starting to look serious for the first time with a price cut trend that took hold in August. We titled our post "Down 22% and Counting," and it wound up down 27% from its lofty $7.000M start.
The sale at 316 18th was relatively straightforward, as there were several neighborhood comps – walkstreets east of Highland – around the $3.3-$3.5M range. The nearby property at 424 20th was a different case, with quite nearly a double-size lot, for which buyers paid "only" $1M more. Can't you call it a bargain to pay less for a (near) double lot than you'd pay for two singles?
We're also looking a few South End Sand Section listings, none of which has sold despite a whole month or more of market exposure. (OK, no panic.) And now it's November... is there a trend of "buyer choices" developing for the holidays? Those 3 in the South End are:
541 4th (4br/4ba, 3600 sqft.), a modernized Southwestern, now on its second listing of the year, 40+ DOM and asking $3.700M (pictured)
537 5th (4br/3ba, 3000 sqft.), a completely remodeled early-90s house that runs long along the walkstreet, asking $3.395M
509 5th (3br/3ba, 2500 sqft.), by far the most conventional of these, cozy Nantucket asking $3.599M.
We'll see how the South End shakes out as Turkey Day nears.
Here's the rest of our local real estate market update report for the period ending 11/1/15:
- 76 active listings as of 11/1/15 (-1 from 10/15)
- 67 SFRs (same)
- 9 THs (-1)
See the inventory list as of 11/1 here, or see the MB Dashboard for up-to-the-minute data.
Active listings by region of Manhattan Beach in this report:
- Tree Section: 17 actives (+4)
- Sand Section: 29 actives (-1)
- Hill Section: 9 actives (-3)
- East MB: 22 actives (same)
We're also providing a report on closed sales by region of MB.
Sales data, including PPSF for all properties, are organized by sub-region of Manhattan Beach.
Here's a link to the spreadsheet: "MB Pending/Sold as of 11/1/15."
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.