Big Jump In Manhattan Beach Homes for Sale in March

By Keith Kyle

March 2016 saw a pretty significant increase in the number of active homes for sale in Manhattan Beach.  Whereas the prior 18 months had seen a high water mark of 77 homes for sale and had hovered between 50 and 70, the number of homes on the market took a fairly drastic upturn in March with over 100 homes active on the market.  As of this writing in late April, that number didn’t show signs of changing as there are currently 101 homes, townhomes and condos for sale in this coastal community.

Think you can’t have it all? Off Market Listing at 2104 Palm Ave in Manhattan Beach

One thing the Manhattan Beach homes don’t always offer the luxury home buyer is space.  There are the occasional oversized lots in the hill section but 2104 Palm Manhattan Beach other than that there just isn’t just much in the way of the great outdoors.

That’s certainly not the case with the rare opportunity offered at 2104 Palm Ave in the tree section of Manhattan Beach.  Currently off market and not on the MLS, this home sits on two adjacent lots offering a beautiful home and not only a yard, but a yard that most local soccer teams would be envious of.  The home itself offers almost 4500 square feet, 5 bedrooms, 6 baths and the combined lot size is almost 10,000 feet which is almost unheard of in this part of town.  Built in 2006, the home has been meticulously maintained and updated and offers a pool and spa in addition to the best sports court that you can imagine.  Not currently on the market, the home is for sale at $7,999,000 with listing agent Greg Maffei of Re/Max.

The home can be shown to qualified buyers.  Please contact us for a private showing and find out more about this very rare opportunity.  Contact us to see other Manhattan Beach pocket listings and off market homes before they hit the market.

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.

Luxury Ocean Front Home for Sale at 4020 Bluff Place

Located at 4020 Bluff Place on the Palos Verdes Peninsula in the city of San Pedro, this magnificent oceanfront home is perched on the bluffs high above the Pacific Ocean and Cabrillo Beach.  For the buyer priced out of the Strand in Manhattan Beach, or the cliffs of Palos Verdes this is an incredible opportunity at a fraction of the cost.  Compare this to oceanfront prices starting at $5.0M in Palos Verdes,  $4.5M price in Redondo Beach, and  $13.0M in Hermosa and Manhattan Beach.


The dynamic views are completely unobstructed and extend to Dana Point and even north San Diego on especially clear days. The surf is literally in your backyard where you’ll hear the crashing waves, watch as kite surfers an sailboats ply the waters and enjoy the harbor lights in the evening.    The beautiful custom home was built in 2000 and was extensively remodeled  in 2011. It is one of a kind and offers the feel of a luxury hotel….with unparalleled views.  Surrounded by mature landscaping and a very limited number of neighboring properties, the home affords a sense of privacy and seclusion not often found in the South Bay.  The ground floor offers a spacious and open floor plan with lovely new hardwood floors, marble fireplace, and spacious living and dining rooms…all with spectacular views. The open kitchen has all new stainless steel appliances, custom white wash cabinets, and new Italian marble countertops. The 30 foot wide floor to ceiling sliding glass doors open onto the expansive entertainment deck and the ocean beyond.  The ground floor also offers a sizable bedroom with it’s own bathroom which is perfect for guest or owners needing a ground floor bedroom.  The entire second floor is divided into two huge, finely appointed master suites with a kitchenette in between.   Imagine being greeted every morning with an ocean view that will leave you breathless.  The upper floor also enjoys an oversized balcony perfect for sitting and relaxing.  With over 1000 sq ft of decks enjoy one of the most beautiful stretches of So Cal coastline!  Cabrillo Beach is in full view and just a short walk from the house.  For additional photos visit www.OceanfrontExecutiveRetreat.com

Call or text listing agent Keith Kyle for information or a private showing.  310-251-2344 & Keith@KeithKyleHomes.com

North-Bedroom-Views 4020 Bluff Pl - Deck-Views Livingroom-East Home-From-Patio Livingroom-Wide Master-Bedroom Exterior-Gate Bedroom-Views Dining-Views Master-Wide Bedrooms-Wide Living-Harbor Dining-Living Kitchen Exterior-Gate-2

 

Home Details:

  • Priced at $2,000,000
  • 3 bedrooms, 3 baths
  • Built in 2000
  • 2,389 square feet
  • 8,912 foot lot
  • 2 car garage

stairs_pictureKeith Kyle – Realtor

South Bay Brokers Top Producer

310-251-2344, 310-546-7611 x366 (office)

Keith@KeithKyleHomes.com

2501 N Sepulveda, Manhattan Beach, CA 90266

Are Manhattan Beach Starter Homes a Thing of the Past?

By Keith Kyle

Without question, Manhattan Beach is a “hot” real estate market.  As if the number of homes selling over list price with multiple offers doesn’t pose enough of a challenge to entry level buyers, the competition with builders and developers makes it all but impossible.  Whenever the market heats up to this extent it seems that every builder, investor and developer wants a piece of the action.  Whether it’s flipping a larger but older home, or knocking down the original bungalow to build an estate property, the potential profits are just too enticing for builders…..and that all but eliminates the opportunities for entry level buyers.

These builders are looking for just about any well priced home or piece of property and many get sold before they’ve even gone on the market.   The problem is that what these builders consider “tear downs” are the very same homes that many buyers would consider starter homes…and their entry into this high demand community.   What might be an affordable original 3 bedroom, 1200 foot home built in the 1940s priced in the low $900s, gets knocked down, quickly developed and soon comes to market as a $3.0M+ mansion.  Unfortunately buyers looking to get into this neighborhood are often young professionals or young families interested in the award winning schools, but are priced right out of the market.

128 14th Street -  2012  Sold April 2012 for $1,950,000

128 14th Street – 2012 Sold April 2012 for $1,950,000

128 14th Street  - Currently listed at $6,399,000

128 14th Street – Currently listed at $6,399,000

221 23rd Street sold at 1,013,000 in 2012

221 23rd Street sold at 1,013,000 in 2012

Listed for $2,999,000 2014

221 23rd – Listed for $2,999,000 2014

This isn’t the first time that this has been the struggle and it won’t be the last.  Buyers either need to be very patient and wait for these dramatic price increases (and almost instantaneous profits for builders) to ease up, or be willing to overspend a bit to compete with the builders when the home actually does make it to market.

For sellers the time is most certainly right, but they need to be cautious as more often than not they could likely get more money by listing the home and putting it on the open market than selling to a builder without any competition.

Ocean View Off Market Opportunity at 220 35th St in the Manhattan Beach Sand Section

By Keith Kyle

We were recently notified about a spectacular home coming to market in September located at 220 35th Street in Manhattan Beach.  This is a modern masterpiece enjoying the best of all worlds including top of line finishes, fantastic ocean views, walk street location and inspired design.  The home will not be listed until September but according to the listing agent sellers will consider offers prior to listing.  The home is expected to be listed at $5,995,000 by Dave Fratello of Confidential Real Estate.  Contact us or call/text us at 310-251-2344 for more information or to set up a tour prior to the home going on the market.

Update:  This home sold off-market and is no longer available.

220 35th St. Manhattan Beach CA

Manhattan Beach Modern

This epic coastal modern home designed and built by Steve Lazar has everything for the luxury beach lifestyle: Ocean views and breezes, fabulous entertaining spaces and top-of-the-line everything.

Completed in 2008, this warm, custom-built property was elegantly upgraded post-purchase by the owners with designer finishes, custom lighting and audio systems, built-ins and a full-feature Crestron smart-home automation system (audiovisual,
HVAC, lighting, security and more).

Home Details:

Interior: 4br/5ba, approx. 4200 sq. ft.
Lot: 2700 sq. ft.
Built: 2008, upgraded by owners

Asking price: $5,995,000

Property on waiver. Sellers would review any offers before MLS listing.

 Information provided by Dave Fratello of Confidential Real Estate

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.

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, 8 baths
    Home size: 6,910 sq ft
    Lot size: 3,049 sqft
  2. 5 beds, 4 baths
    Home size: 3,250 sq ft
    Lot size: 4,356 sqft
  3. 3 beds, 4 baths
    Home size: 2,300 sq ft
    Lot size: 1,306 sqft
  4. 5 beds, 6 baths
    Home size: 3,451 sq ft
    Lot size: 4,791 sqft
  5. 7 beds, 6 baths
    Home size: 4,237 sq ft
    Lot size: 2,613 sqft

See all Real estate in the city of Manhattan Beach.
(all data current as of 6/26/2017)

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

Ultimate Luxury Living on Manhattan Beach’s Walk Streets

By Keith KyleManhattan Beach walk streets

For the ultimate in beach living that doesn’t involve living ocean front, the “walk streets” of Manhattan Beach offer it all.  These pedestrian only “streets” are only found in the sand section and almost always mean that the homes are within a few blocks of the beach.

What makes these streets so unique and so valuable?

Most sand section homes on full lots face the street in the front, homes on both sides and an alley in the back.  Fronting the street means the obvious challenges of car noise, parking challenges and a much higher level of traffic, especially in the summer.  Walkstreets front a sidewalk instead of a street making for a much quieter, safer, and community friendly situation.

Most homes on these streets are full 30×90 foot lots with some being half lots or partial lots.  There is great demand by builders for Luxury walkstreet homes in Manhattan Beacholder “fixers” or tear downs due to the premium location.  Homes generally start in the $3,000,000 for a lot value sale and most larger homes start in the mid $5,000,000s.  Views are often unprotected in this area and is an important consideration having great influence on values.  Future views are not guaranteed and should always be considered.  Due to the steepness of some of the streets there is almost always some type of ocean views looking down the walkstreet.  As there are still an abundance of smaller original homes, its’ not uncommon to have stunning west facing views from the entire top floor.

These fabulous homes are also a favorite of the rich and famous with numerous professional athletes and celebrities living in the neighborhood.

Unfortunately searching and finding homes only on walkstreets isn’t easy as there is no specific category on the local MLS to designate them.  If you would like to receive walkstreet listings please contact us or fill out our daily Manhattan Beach listing request and keep you notified anytime a new home comes on the market.

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.