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Summer is coming to an end and it is time to see what is going on in Manhattan Beach west of PCH. After the traditionally busy spring season and slow summer months, we can see how the year is shaping up and what can be expected in the coming fall season. Sand Section The Sand Section represents two thirds of the available inventory west of PCH today. The theme of higher inventory levels has continued since 2016. Although inventory might be a bit concerning if you are a seller, there have actually been 73 sales to date for 2017 versus the 61 sales in same period last year. My blog (The South Bay is Crowded at
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Lot sales in Manhattan Beach are always a favorite research topic of mine. These sales can be an indication of an area’s next price driver or sometimes it is just an aggressive homeowner trying to build their dream home. With accelerated Manhattan Beach real estate growth over the past five years, it has been difficult to make a bad buy on lot purchase. On today’s blog, I plan to explore these lot sales in an attempt to guess what comes next and how the dollars and cents work out. Sand Section Sale In March of this year 316 32nd Street sold to an LLC for $2,926,500. The property is a standard full lot at 2,700 sq. ft. zoned to support town
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This week a new construction townhome on 815 Crest Drive closed at $3,425,000. If you recall our October blog post (A Manhattan Beach Deal or Rip-Off), I compared this townhome to its attached counterpart on 814 Highland Avenue that sold for $3,800,000. Both townhomes are gorgeous plantation style with virtually the same square footage, so why the discount? Well, if you are a local then you know that this lot runs east to west so the unit on Crest doesn’t have the views, natural light, and general good feeling that Highland possesses, thus the almost $400k discount. By re-examining the new construction attached complex at 428 23rd Street and 429 Marine Place that I touched on in the
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Buying new construction versus existing homes has become a hot topic here at Manhattan Pacific Realty. For my clients, I almost always default to recommending existing homes as they offer the best bang for your buck when compared to new construction on a price per square foot basis. So is new construction or existing better than another? Like in all things real estate, it depends… North Redondo 2-on-a-lots North Redondo is the perfect example for comparing new construction to existing. There are two-on-a-lots built in the 1990s and there are two-on-a lots being built today. It is classic urban infill and a fabulous case study. Let’s take a typical two-on-a-lot that is 4-beds/3-baths and around 2,500
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The South Bay has become a mixed bag of micro-markets. A few years ago, everything was going up but now each micro-market has its own story. Some areas are still on fire while others are cooling off! Who’s Hot Hermosa Beach  Seriously, Hermosa Beach condos are HOT. If you read my blog back in December (Hermosa Beach Condos are on Fire!) then you know the market was strong. This strength continues and is probably even stronger than it was during the holidays. Today, only two condos are currently on the market. With average days on market and current supply below 30 days, sellers have all the advantages. Surprisingly, the high-end market in Hermosa Beach has begun
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With the holidays in the rear view mirror we begin to take inventory of what has happened during real estate’s traditionally slow season. Normally, the best deals are made between Thanksgiving and New Year’s Day when retail buyers are home for the holidays and all-cash investors are skiing in The Alps. If you are a seller and want to make a deal in December, then you need to understand that less demand equals a lower price. The investor-grade lots (on the MLS) sell at “holiday prices” and set the tone for the market in the coming New Year. Manhattan Beach Tree Section There is no better place to examine and easily understand than the Manhattan Beach Tree
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Cut it, cut it, cut it, cut it… As the South Bay begins to transition to a seasonally slower time in the market, we have documented areas receiving price cuts by owners looking to seriously sell before the holidays. Our main focus tends to be new construction because it is easier to compare property in larger quantity throughout South Bay sub-markets to see if it can shed some light on where the real estate market is trending as a whole. New construction can drive a market to new highs; if newly built homes are breaking records, then old tear down homes go up in value as well as existing homes. If developers can pay more for
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Freshly minted sale at 429 Marine Place in Manhattan Beach for $3,065,000 made headlines in the office last week after a long, drawn out listing period. This brand new construction attached townhome sits on a rare 40-foot wide lot allowing for two over-sized 2,700 sq ft homes extending between Marine Place and 23rd Street. The reason we took note was that this 2-on-a-lot property was built by a developer on spec, and the neighboring attached townhome with the address of 428 23rd Street had closed seven months earlier at a price of$3,849,000. See the difference? Maybe you do maybe you don’t. That $784,000 price disparity is large, and we figure it has to be attributed to something. And if not, was Marine Place a
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This past week brought a large number of fresh home listings to Manhattan Beach. Now that the spring selling season is under way, we expect more listings and more buyers gobbling up that inventory. We noticed that of the new to newer construction, there was a nice supply of contemporary style homes to hit the market from the Sand Section to the Trees, and even to East Manhattan Beach. So if you like contemporary, then you are in luck…take a look at these four beautiful contemporary listings: Sand Section 216 9th Place This brand new contemporary spec home was featured on the cover of Digs Magazine and  “commands unobstructed Strand-like views, without the Strand-like price” to quote JocLene Davey
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