Luxury Home Flips Alive and Well in Manhattan Beach

By Keith Kyle1641-23rd-street-remodeled-kitchen

Although we’ve seen quite a slowdown in luxury home flips in Manhattan Beach, they are still out there and are still alive and well.  The reason for the slowdown is that the home prices for older, original condition homes has increased so much in the last two years that it’s been tougher for investors and flippers to find properties with a guaranteed return.  2014 and 2015 saw a number of luxury home flips in Manhattan Beach and many opportunities for 1641-23rd-st-manhattan-beachrehabbing and often expanding these original beach bungalows and many investors did very well.  While it’s slowed down the recent flip, listing and sale at 1641 23rd Street in East Manhattan Beach.  Purchased for $1,260,000 in November 2015, the reinvented (and expanded by about 400 feet it appears) home came on the market as a luxury flip for $1,799,000 in July of 2016.  While that price may have been a bit over valued, the recent price drop to $1,699,000 seems to have done it as it’s gone into escrow as of September 20th.  The sales price hasn’t been released but these are still big numbers for homes in the Liberty Village neighborhood of East Manhattan.

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Is Liberty Village – Manhattan Beach – Ready for $3.0M Homes?

By Keith Kyle

1631 19th Street sold at $2.725M

1631 19th Street sold at $2.725M

Liberty Village is a small area of East Manhattan Beach with primarily smaller, original homes built in the 1940s and 1950s.  This had always been the least expensive area or Manhattan and homes were often owned by engineers from nearby TRW (now Northrop Grumman).  Well times have changed and with lot values now over $1,000,000 even Liberty Village is a viable option for some big money buyers in Manhattan Beach priced out of the other areas.

Although still made up primarily of original homes, many of which have been extensively remodeled by owners or flippers, the area has seen a definite increase in new construction as builders have seen a much higher likelihood of yielding significant profits.  Lately numbers have skyrocketed and we’ve inched closer to the $3.0M mark which would have seemed unthinkable a year ago.

The highest sale was at 1631 19th Street which closed at $2,725,000 in June of 2015.

1304 Lynngrove Currently Listed at $2.99M

1304 Lynngrove Currently Listed at $2.99M

The listing at 1304 Lynngrove initially took that high water mark and then some.  Originally listed in February of 2015 for just under $3.2M the home has had a number of price reductions and is now listed at $2,999,900 which is still a huge number for Liberty Village.   It will be interesting to keep an eye on the ultimate sales price of this new construction home on a 5300 foot lot as it will likely set the bar for any and all upcoming new construction homes in the area.

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Recent Flip on Wendy Way Shows the Market Is Alive and Well

By Keith KyleMature trees and corner lot located in Liberty Village.

Luxury high-end flips have become fairly common in Manhattan Beach with prices skyrocketing and demand for “newer” feeling homes at an all time high.  Nowhere was this clearer than the recent sale at 1727 Curtis which sold in December 2014 for $1,050,000 and just resold in mid April for a whopping $1,749,000.  

There are still a number of original bungalow type homes in the area and most of the time they are sold to builders, torn down and a enormous new home is put in it’s place. There are some cases, however, where the square footage may make it worth more than a builder wants to pay, and makes for an attractive option for luxury remodels. That’s the case with the home at 2209 Wendy Way. Purchased in 2015-04-14 17.57.43November 2014 for $1,250,000 the home has gotten a beautiful makeover and hit the market several months later at $1,749,000. Unlike many of the past flipped homes in which the original purchase price was very low, this will be a good test as the builder purchased the home at a bit of a premium price for the location. They did a wonderful job of modernizing the home and layout, with high end finishes and a great feel, but the location is less than ideal and the asking price is certainly on the very high side in the Liberty Village neighborhood the home is in.   The home just went into escrow as April 21st but the sales price isn’t known as of this article.    Only time will tell but this may help determine just how eager flippers are to take on future projects.

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Manhattan Beach School Boundary Map

One of the most common reasons people want to live in Manhattan Beach is the quality of the schools.  One of the most frequent questions is what elementary school will a child attend depending on where they buy a home in Manhattan Beach.  Manhattan Beach Unified School District has 5 elementary schools, one middle school and one high school (Mira Costa).  See the map below to get a better sense of where the elementary schools are located and the boundaries of each.

Manhattan-Beach-Schools-Map

In general the hill section and south sand section neighborhoods attend Robinson Elementary, the north sand section and parts of the tree section attend Grand View, the eastern half of the tree section attends Pacific, the Manhattan Heights and Liberty Village areas (east of Sepulveda and north of MB Blvd) attend Meadows and the Mira Costa area of East Manhattan attend Pennekamp.  All are fantastic schools with incredible test scores and parent participation is second to none.

What’s shocking to some is commonplace in Manhattan Beach real estate

By Keith KyleManhattan Beach Strand

One of the more challenging aspects of selling homes in the luxury community of Manhattan Beach, is the “sticker shock” many out of town buyers have when we first start searching for a home.  As one of the more expensive markets in the country, buyers are often unprepared for the type, size or condition of the home that they can get for their money.  Buyers inevitably compare the home they are selling to the home they are buying and without taking location into consideration, they find that they can often purchase something not even similar to what they’re selling.  The greatest surprise comes to buyers from states such as Texas in which they owned a 5000 foot mansion on acres of land for example and the $1.5M that they sold it for translates to  a 3 bedroom, 2200 foot townhome in Manhattan Beach with a lot measured in feet and not acres.

The reason for all of this, of course, is that it’s all about location….and the demand for that location.  There is such demand for homes in Manhattan Beach which offers great neighborhoods, ocean views, award winning schools, almost perfect weather, proximity to a world class destination beach, and near enough but far enough from the hustle and bustle of Los Angeles, that prices just continue to rise at an often incredible pace.  As there is no additional land to build on, even “fixers” or tear downs sell above market value as builders are eager to cash in on the demand for new construction luxury homes.

So what can an out of state buyer do?  Research the recent home sales in Manhattan Beach and current listings.  Getting comfortable with the fact that, although the prices are dramatically higher than other cities and states, these are the prices and the costs to live in such a high demand area.  Southern California has always been one of the most sought after housing destinations in the country and nowhere is that demand greater than life on the coast in Manhattan Beach.  Buyers that research values, prices and trends,  may still have that initial shock but just having an understanding that these are not “inflated” prices but just the values of the area and down the road when it’s time to sell, they’ll be on the other side of this incredibly strong market.

The chart below represents the median sales prices in Manhattan Beach for the past 2 years with a median price edging ever closer to the $2.0M mark.

With Builders Buying Everything in Manhattan Beach…is there anything left for Buyers?

By Keith KyleEast Manhattan Beach homes

There is no question that due to the incredible rise in prices and the demand for new construction luxury homes, Manhattan Beach is definitely in a full blown building frenzy.  Any original bungalow or “starter” home is quickly bought by builders with all cash, non contingent offers  This was similar to the environment from 2005-2007 and it adds to the already challenging environment for home buyers.

So how is a buyer to compete?

The solution is to either be very patient, or very aggressive with offers and offer prices.    In a seller’s market it always poses a real challenge to buyers but when builders begin buying all of the lowest priced homes, it adds an entirely different pressure on the market.  Builders are generally fairly cautious with their numbers and unwilling to overpay, but in a market in which new home prices are beyond record levels, builders are willing to take risks on even marginal properties.

Home buyers do have the ability to come to the negotiating table with a different perspective, however.  This ability to consider long term aspects may be the one advantage that they have.  Home buyers in this luxury coastal community may need to overpay somewhat but can take confidence that even when the bubble burst several years ago, prices did not drop severely.

New Construction Homes in Manhattan Beach

New Construction Luxury Homes in Manhattan BeachMB-Construction

With building and new construction homes in full swing in the luxury coastal community of Manhattan Beach, there seems to always be a newly built home coming to market.  As values have increased so dramatically for new construction, builders, developers and architects are going the extra mile to entice buyers.  These new homes feature high end finishes, the latest trends in home building, luxury amenities and are often in A+ locations.  Contact us for lists of current or upcoming new construction homes or visit our daily home updates to have new listings emailed to you.

Current New Construction

  1. 5 beds, 4 baths
    Home size: 3,250 sq ft
    Lot size: 4,646 sqft
  2. 6 beds, 8 baths
    Home size: 4,410 sq ft
    Lot size: 2,700 sqft
  3. 5 beds, 6 baths
    Home size: 4,289 sq ft
    Lot size: 3,340 sqft
  4. 5 beds, 6 baths
    Home size: 4,302 sq ft
    Lot size: 2,698 sqft
  5. 4 beds, 5 baths
    Home size: 4,200 sq ft
    Lot size: 2,698 sqft

See all Real estate in the city of Manhattan Beach.
(all data current as of 12/17/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Manhattan Beach Award Winning Schools – 2013 API Test Scores

By Keith KyleRobinson Elementary Manhattan Beach

Good schools are the cornerstone of good communities, and nowhere is that more true than in the Beach Cities and South Bay.  One of the most common reasons I hear for buyers wanting specifically to be in Manhattan Beach is for their kids to be part of this nationally ranked award winning school system.  Manhattan Beach schools have ranked as one of the top districts in the country.  While any test scores in the 900 is a tremendous accomplishment, Manhattan Schools generally far exceed those numbers on a regular basis.

With many home buyers searching for specific school districts, and sometimes even specific schools, the list below should provide assistance as to how they rate and compare with one another.  Contact us to determine what neighborhoods attend what schools.

API – Academic Performance Index
2013 Growth 2012 Base 2012-13 Growth Target 2012-13
Growth
CENTINELA VALLEY UNION HIGH 680 698 D -18
High Schools
Hawthorne High 640 678 6 -38
Lawndale High 725 756 5 -31
Leuzinger High 669 696 5 -27
EL SEGUNDO UNIFIED 892 894 D -2
Elementary Schools
Center Street Elementary 901 922 A -21
Richmond Street Elementary 910 908 A 2
Middle Schools
El Segundo Middle 906 891 A 15
High Schools
El Segundo High 880 889 A -9
HAWTHORNE 799 797 D 2
Elementary Schools
Eucalyptus 821 801 A 20
Jefferson 801 793 5 8
Kornblum 789 772 5 17
Ramona 818 816 A 2
Washington 793 775 5 18
York 758 781 5 -23
Zela Davis 809 815 A -6
Middle Schools
Bud Carson Middle 779 791 5 -12
Hawthorne Middle 783 781 5 2
Prairie Vista Middle 771 775 5 -4
High Schools
HERMOSA BEACH 937 946 D -9
Elementary Schools
Hermosa Valley Elementary 939 944 A -5
Hermosa View Elementary 934 961 A -27
LAWNDALE ELEMENTARY 806 809 D -3
Elementary Schools
Billy Mitchell Elementary 802 811 A -9
F. D. Roosevelt Elementary 755 777 5 -22
Kit Carson Elementary 749 773 5 -24
Lucille J. Smith Elementary 834 848 A -14
Mark Twain Elementary 871 880 A -9
William Anderson Elementary 796 805 A -9
William Green Elementary 819 799 1 20
Middle Schools
Jane Addams Middle 825 824 A 1
Will Rogers Middle 786 787 5 -1
MANHATTAN BEACH UNIFIED 935 940 D -5
Elementary Schools
Pennekamp Elementary 946 942 A 4
Grand View Elementary 966 969 A -3
Meadows Elementary 961 951 A 10
Robinson Elementary 965 971 A -6
Pacific Elementary 968 965 A 3
Middle Schools
Manhattan Beach Middle 943 959 A -16
High Schools
Mira Costa High 912 916 A -4
PALOS VERDES PENINSULA UNIFIED 925 924 D 1
Elementary Schools
Cornerstone at Pedregal Elementary 977 974 A 3
Dapplegray Elementary 934 936 A -2
Lunada Bay Elementary 941 942 A -1
Mira Catalina Elementary 919 919 A 0
Montemalaga Elementary 947 951 A -4
Point Vicente Elementary 954 947 A 7
Rancho Vista Elementary 943 946 A -3
Silver Spur Elementary 968 969 A -1
Soleado Elementary 966 948 A 18
Valmonte Elementary
Vista Grande Elementary 936 936 A 0
Middle Schools
Miraleste Intermediate 932 914 A 18
Palos Verdes Intermediate 951 956 A -5
Ridgecrest Intermediate 955 960 A -5
High Schools
Palos Verdes High 884 896 A -12
Palos Verdes Peninsula High 909 906 A 3
REDONDO BEACH UNIFIED 887 892 D -5
Elementary Schools
Alta Vista Elementary 946 929 A 17
Beryl Heights Elementary 942 952 A -10
Birney Elementary 917 927 A -10
Jefferson Elementary 936 941 A -5
Lincoln Elementary 910 913 A -3
Madison Elementary 910 906 A 4
Tulita Elementary 912 929 A -17
Washington Elementary 893 906 A -13
Middle Schools
Adams Middle 872 B B B
Parras Middle 907 921 A -14
High Schools
Redondo Union High 856 858 A -2
TORRANCE UNIFIED 860 869 D -9
Elementary Schools
Anza Elementary 916 918 A -2
Arlington Elementary 885 887 A -2
Edison Elementary 860 876 A -16
Evelyn Carr Elementary 813 834 A -21
Fern Elementary 844 864 A -20
Hickory Elementary
Howard Wood Elementary 842 846 A -4
John Adams Elementary 850 853 A -3
Joseph Arnold Elementary 899 907 A -8
Lincoln Elementary 894 897 A -3
Riviera Elementary 907 918 A -11
Seaside Elementary 902 915 A -13
Torrance Elementary 821 837 A -16
Towers Elementary 908 916 A -8
Victor Elementary 899 916 A -17
Walteria Elementary 906 909 A -3
Yukon Elementary 838 859 A -21
Middle Schools
Bert M. Lynn Middle 910 936 A -26
Calle Mayor Middle 908 928 A -20
Casimir Middle 859 862 A -3
Edward J. Richardson Middle 907 921 A -14
J. H. Hull Middle 800 826 A -26
Jefferson Middle 858 887 A -29
Madrona Middle 882 891 A -9
Philip Magruder Middle 846 827 A 19
High Schools
North High 807 815 A -8
South High 875 876 A -1
Torrance High 811 822 A -11
West High 868 873 A -5
WISEBURN ELEMENTARY 869 883 D -14
Elementary Schools
Juan Cabrillo Elementary 888 906 A -18
Juan De Anza Elementary 872 882 A -10
Peter Burnett Elementary 879 871 A 8
Middle Schools
Dana Middle 863 885 A -22
High Schools
Da Vinci Design 762 746 5 16
Da Vinci Science 816 799 1 17

East Manhattan Home Prices Reaching New Levels

By Keith KyleEast-Manhattan-Craftsman

Nowhere have we seen prices skyrocket in the South Bay over the past 16 months more than the luxury market of  Manhattan Beach.  In some areas we’ve not only returned to peak prices but well surpassed previous the high water mark for luxury homes.  Manhattan Beach’s most affordable area, known as East Manhattan, is no exception with formerly unheard of prices starting to become the norm.

East Manhattan Beach is the area of town east of Sepulveda Blvd and west of Aviation.  Due to being further from the beach, values have historically been considerably lower than other areas of this coastal community.  Excluding the truly rare oversized lots, prior to January 2014 there had only ever been 8 homes that had listed and sold over the $3,000,000 mark.

Oh how times have changed

As of April 20th there are currently 5 homes active on the market priced over this rare price point as well as 2 recent sales.  Time will tell if this is the new normal or just a matter of a vast number of luxury home sellers attempting to take advantage of this very favorable market, but either way the pricing trend in East Manhattan is a great indicator of just how incredible the market has been and continues to be.

Current Luxury Homes in East Manhattan Beach 

Sorry, but we couldn't find any results in the MLS that match the specified search criteria.

Sorry, but we couldn't find any results in the MLS that match the specified search criteria.

Pocket and Off Market Listings in Manhattan Beach May Be Best Bet for Buyers

By Keith KyleLivingrom-View-small

It seems that in the luxury home market of Manhattan Beach, CA the only way to successfully buy a home may be to find out about it before it goes on the market.  With the record low inventory and pent up demand for housing in this upscale coastal community we are seeing many listings see many listings selling almost immediately with multiple offers, often all cash and well over the list price.  So how does a buyer compete?  It may come down to just how well connected your realtor is…

In a normal market knowing about listings immediately is critical, but in this market that may just be too late.  It pays to find a successful local realtor that may have the inside track into “pocket” listings, or listings that haven’t come on the market yet.  We strive to help our buyers find a home through the traditional home search on the MLS, to customized daily updates, to actively seeking out off market listings.  If you would like our help please fill out the brief form below and we can start helping you with your home search.

Send Me Off Market and Pocket Listings

  • Tell Us About Your Ideal Home

 

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