Why You May Not Want to Get Overly Excited About That Manhattan Beach Foreclosure

By Keith Kyle1410 Ardmore Manhattan Beach

Manhattan Beach is a tough market to buy a home in.  In a town where starter homes start in the $1.5M range and builders are buying everything they can get their hands on, you can’t blame buyers for getting a bit excited about that rare foreclosure “opportunity”.  The problem is that the market usually determines what something is worth and in this town, true below market “opportunities” are rare.

The home at 1410 Ardmore, located right near downtown Manhattan,  certainly is a good example of something that’s too good to be true.  Originally listed at $800,000 in early December, this was never a realistic price as it was more than 50% of what it should have been listed.  Unfortunately buyers often think that because it’s a short sale, they just may get it at that price.  In this case, it certainly didn’t take long for them to get an avalanche of offers and on January 6th the home not only went pending, but the price changed from $800,000 to $1,800,000.  That’s a 125% price increase.

While there were endless buyers thinking they might just get the deal of the century, eventually the market dictates what homes are actually worth.

That doesn’t mean that great deals aren’t occasionally out there, but if it seems too good to be true….it is.

 Price: $1,800,000      Original Price $800,000

BED / BATH:   4/3,0,0,0
SQFT(src):   1,605 (A)
PRICE PER SQFT:   $1,121.50
LOT(src):   0.093/4,068 (A)
GARAGE:  /Attached
YEAR BLT(src):  1958
SUB TYPE:   SFR
SALE TYPE:  Short Pay 

 

 

 

Foreclosures in Manhattan Beach?

By Keith Kyle

While Manhattan Beach was fairly well insulated from the market downturn and housing market collapse a few years ago, we have seen a few bank owned and preforeclosure properties lately.  Since July 1st there have been three “distressed” properties on the MLS.  These are not your usual foreclosures as prices are well over $1,500,000, but it’s still a very rare occurrence in this community of luxury homes and multi million dollar properties.

Manhattan_Beach_Foreclosures_2015

 

Currently there is only one short sale on the market located at 1127 5th St in East Manhattan beach.  Contact us if you would like to be updated with any of these rare foreclosure opportunities in the future.  To see a list of the foreclosures in other cities including Redondo Beach, Palos Verdes, Torrance and more.