Only 25 Homes for Sale in All of Manhattan Beach

While the market is always slow over the holidays and homeowners often take their homes off of the market for a few weeks, the inventory in 1740 2ndManhattan Beach has reached a new low.  As of January 5th there are only 28 homes for sale in all of Manhattan Beach.

Compare that with a high of 189 homes for sale in May of 2010 and you can see just how drastic the market changes have been.  Even the summer months (with traditionally the highest inventory as it’s a peak buying season) had 68 homes for sale during the months of July and August.

So what does this mean?…..well that depends on which side of the market you’re on

For sellers the demand is incredible.  Prices are at peak levels, sellers are receiving multiple offers on homes priced at market value, buyers are willing to overlook the usual challenges such as busy streets, homes needing updates, and homes with ideal locations or potential are having some amazing bidding wars.  See our recent post on the walkstreet, half lot home that sold for almost $600K over list price.  If homeowners have given any thought to selling their home, regardless of area, condition and location, it’s an ideal time to sell.

For buyers the market has been incredibly challenging with some buyers simply taking a break from the madness. Builders are buying any home in Manhattan Beach that hasn’t been built in the past 25 years at big numbers, buyers are lined up in certain neighborhoods waiting for the next listing to hit the market (if the home even hits the market as pocket listings are becoming more common in this market) and entry level homes no longer exist.

In this market buyers have to be aggressive if they really want to own a home in Manhattan and need to be even more aggressive for premier properties.  Knowing about homes the minute they hit the market, or even before is critical and understanding pricing can make all the difference.

Contact us if you are an eager seller, or frustrated buyer, as we have a deep understanding of the market and can certainly help.

Beachfront Home Values Skyrocketing In Manhattan and Hermosa Beach

Manhattan-Beach-Strand 2014-11-02 17.03.53 2014-11-02 16.59.01 Beachfront homes in Hermosa Beach on The Strand Manhattan Beach Strand Sunset on The Strand

Real estate in Manhattan Beach and Hermosa Beach is always valuable as there is a finite number of homes and lots and the demand for these coastal communities is always high.  The most sought after properties are on The Strand, offering luxury buyers endless beach and ocean views and the best of coastal living.  There aren’t many places where you can walk out your back door and be on the sand.  Prices have always been relatively high for these limited, and very rare pieces of property but values have skyrocketed in the past 18 months.  Whereas there were occasional deals to be had not long ago, now even lot value sales are well into 7 figures.

View the current beachfront homes for sale on The Strand

Listings, pending escrows and homes sales in the past 5 months.

The_Strand_Homes

 

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.

5 Oceanfront Homes for Sale in Manhattan Beach

By Keith KyleManhattan Beach Strand

It’s rare to see more than one oceanfront home on the market in Manhattan Beach at the same time, but as of August 15th there are 5 homes for sale. They range from a townhome at 4404 The Strand priced at just under $6.0M to 2 different homes (one at 104 The Strand the other at 1140 The Strand) that are both priced just under $14.0M. Believe it or not the home at 104 is actually a tear down. Ironically in our eyes, this listing states “Price includes plans for a mega multi million dollar contemporary estate.” If you ask us…..$13.9M sounds like it’s already in the multi million range.

The latest offering is located at 516 The Strand, which is a fairly prime south sand section location. It features 4 bedrooms and 4 baths and is priced at $10,000,000. That certainly seems above value to us, but as these are such premium locations it only take one buyer to fall in love. As most oceanfront purchases these days seem to be all cash, appraisal value rarely comes into play.

Current Beachfront Homes for Sale on The Strand

 

California’s Most Popular Town for Luxury Homes: Video – Bloomberg

California’s Most Popular Town for Luxury Homes: Video – Bloomberg.  Bloomberg gives a great representation of Manhattan Beach and the current real estate environment in this luxury coastal community near Los Angeles.

See the current homes for sale in Manhattan Beach as well as recent home sales.

Demand for New Construction Luxury Homes Grows in Manhattan Beach

By Keith KyleNew construction homes in manhattan beach

While builders took significant losses during the downturn that started in 2006 and 2007, things have certainly turned around since then.  Builders are clamoring for A+ locations in Manhattan Beach and have once again even started purchasing lots or tear down homes in less desirable locations.  Almost regardless of location and lot size, two long term deterents, buyers are clamoring for new construction and builders can barely keep up.

Of the 16 homes built in 2014 or scheduled to be completed in 2014 that have sold or are in escrow they averaged only 20 days on market which is truly incredible.  With a median price of just under $2.7M it’s not hard to see why builders are making every effort to tap into this incredible demand.   These statistics are based only on the homes that went to market and many have been sold before even making it to the MLS as pocket listings and exclusive offerings.

The 5 current new construction homes come in with a median price of $4.7M.

With the coastal charm, proximity to downtown LA and Hollywood,  almost perfect weather, and nationally ranked schools, Manhattan Beach has become an even higher demand market for the luxury home buyer.

If you are looking for both on market and off market new construction homes in Manhattan and Hermosa Beach contact us at any point.

  1. 5 beds, 6 baths
    Home size: 4,273 sq ft
    Lot size: 2,707 sqft
  2. 6 beds, 8 baths
    Home size: 5,967 sq ft
    Lot size: 6,490 sqft
  3. 4 beds, 3 baths
    Home size: 3,180 sq ft
    Lot size: 4,482 sqft
  4. 5 beds, 6 baths
    Home size: 4,600 sq ft
    Lot size: 4,987 sqft
  5. 5 beds, 5 baths
    Home size: 3,573 sq ft
    Lot size: 5,161 sqft

See all Current homes for sale in city of Manhattan Beach.
(all data current as of 11/21/2018)

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

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, 6 baths
    Home size: 4,273 sq ft
    Lot size: 2,707 sqft
  2. 6 beds, 8 baths
    Home size: 5,967 sq ft
    Lot size: 6,490 sqft
  3. 4 beds, 3 baths
    Home size: 3,180 sq ft
    Lot size: 4,482 sqft
  4. 5 beds, 6 baths
    Home size: 4,600 sq ft
    Lot size: 4,987 sqft
  5. 5 beds, 5 baths
    Home size: 3,573 sq ft
    Lot size: 5,161 sqft

See all Current homes for sale in city of Manhattan Beach.
(all data current as of 11/21/2018)

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

Manhattan Beach Sand Section Micro Market Update

By Keith KyleManhattan Beach sand section homes

The sand section of Manhattan Beach is the epitome of luxury coastal living with spectacular beachfront “Strand” homes, walkstreet homes with stunning views and all within walking distance from the beach.  Here’s a quick recap of what’s going on in the Manhattan Beach sand section real estate market:

  • Active homes for sale – 14
  • Lowest list price – $1,325,000  –   420 29th Place
  • Highest list price – $9,999,999  –  4108 The Strand
  • Average list price – $3,379,786
  • Average price per square foot   –  $1,219.87
  • Average Days on Market   –  63
  • In escrow – 14
  • Total homes sold in 2014 YTD – 43
  • Average sales price – $3,057,174
  • Average price per square foot – $1,288.95

Why is El Porto More Affordable than the rest of the Sand Section?

By Keith Kyle Sand-Section

The northernmost tip of the Manhattan Beach sand section was always known as El Porto and has always been the most affordable way to live in this ultra luxury section of Manhattan Beach.  The sand section is generally the area just west of the greenbelt recreation path in between the streets of Valley and Ardmore.   Other than some of the true luxury estates in the Hill Section (see best of all worlds – real estate in the hill section), the sand section is the most highly sought after land in this luxury coastal community.  With townhomes now reaching and exceeding $2.0M, newer walkstreet homes topping $5.0M finding a more affordable option generally means looking east.

The best option for those feeling priced out of the neighborhood is the area of El Porto which is the northernmost section.  In an attempt to shed the El Porto moniker the area has been renamed North Manhattan but to most in the area it’s still known as El Porto.

So why is El Porto so much more affordable?

As with everything in real estate, lower prices involve tradeoffs and compromises.  In the case of El Porto it generally comes down to lot sizes and all of the differences those smaller lots create.  While many lots in the sand section are 30×90 most El Porto lots were split long ago and are “half lots” at 30×45 (with some variations)  This doesn’t just mean twice as many homes, but impacts the layout and feel as well.   One of the appeals to the sand section are the pedestrian only walkstreets that most homes face.  The back of the homes are on, what feel to be, smaller alleys with all of the garages, but homes are all built with the primary open areas facing the the walkstreets and the ocean.  El Porto doesn’t have walkstreets so all of the homes face the streets or alleys so the front of all homes consists of garages (or in some really original bungalows simply a space for one car).  In addition smaller lots generally limit the square footage that a new home can offer.  The good news for buyers is that the limited size of new construction homes greatly limits the appeal to builders who focus on larger lots.  This limits the competition and helps keep prices from skyrocketing during building booms.

Pros of El Porto:

  • Much more affordable prices
  • Proximity to the beach
  • Many homes feature great views due to the steepness of the streets
  • Ideal for commuters as it can take 15 minutes off of a drive compared with other areas

Cons of El Porto:

  • Smaller homes with little to no outdoor areas (roofdecks are not allowed in Manhattan Beach)
  • Very narrow streets (numbered streets are generally wider than named streets but all are narrow)
  • Homes face garages so curb appeal less than other sand section areas.
  • Smaller lots means more homes and has a more congested feel
  • Very little parking.  At best homes have 2 car garage with many older homes having no garages

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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