In the thick of downtown, there's a modern-style townhome that has been up and down.
Most recently, up.
It's 1211 Bayview (4br/4ba, 2350 sqft.).
Built in 2006 in a warm-modern style, the product disappointed in its first sale, fetching $2.345M after starting out at $2.850M (-$505K / -18%).
But that was…
In the thick of downtown, there's a modern-style townhome that has been up and down.
Most recently, up.
It's 1211 Bayview (4br/4ba, 2350 sqft.).
Built in 2006 in a warm-modern style, the product disappointed in its first sale, fetching $2.345M after starting out at $2.850M (-$505K / -18%).
But that was in 2007-08, a strange time, to be sure, in this market.
The sale actually closed in June 2008, right before the market tumbled, and this property probably lost 10% or more in value quickly afterward.
But hang on, and you shall be rewarded.
The owners stuck around for 7 years.
Upon resale, the sellers scored.
In Sept. 2015, only 5 DOM were counted before the property was in escrow. The sale at $3.600M showed the modern townhome, already 9 years old (9 years new?), as a "must have." The buyer paid $105K over asking.
For 1211 Bayview, it was an impressive level of appreciation, $1.255M and 53% over those 7 years.
But just 2 years later, the buyer was a seller, and things didn't go well.
They started out asking $3.795M in June 2017, enough to cover most of the costs of ownership and pay some fees.
But it didn't settle there. In Nov. 2017, the resale closed at $3.430M (-$170K from acquisition, -$365K from start price).
Was the style wearing thin? Did the home need upgrades? Had downtown become busy and unlivable? (Well, no to the last one.)
While the new owners enjoyed the place for a while, they needed to convert it to a rental during COVID times. Once the tenants were out, it was time to resell.
They tried at $3.995M, a markup of $565K, in June this year, but it didn't sell.
Then the property came back in August just a bit lighter, $3.945M, with a later $100K cut to $3.845M.
That was the magic number.
Multiple offers ensued, and the home has now closed at its highest price ever, $15K over (last) asking at $3.860M.
The home itself had appreciated only 7% over its Sept. 2015 "must have" sale, its prior peak at $3.600M, but the latest sellers saw a value gain of $430K, or 12%, over their 2017 acquisition.
Upon sale, the sellers probably cleared something near $250K, and they did have that rental income during some of their ownership term.
So, as the third owners, they did better than the second, not quite as well as the first ones, but it's all clear now.
Meantime, downtown Manhattan Beach has a new owner.
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.