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.

Pocket and Off Market Listings in Manhattan Beach CA

By Keith KyleManhattan Beach Pocket Listings

With inventory at near record lows and even overpriced homes seeming to sell quickly and with multiple offers, how are buyers supposed to find a home in the luxury market of Manhattan Beach?

In this day and age, with buyers searching online, and just about every bit of information being available on the home search sites the minute they come on the market, the answer may come down getting the information before others do…….so how do you get access to these off market homes, pocket listings, and upcoming listings?

The answer lies with finding the right local real estate expert…usually an agent that has worked in the specific market for some time with access to networks and information.  We generally hear of 5 – 10 “off market” or pocket listings a week through various channels, partners within our company and networks with agents throughout the area.   Other agents trust us with this information as they trust us and know that we often have buyers that may be looking for just what they’re selling.  In addition we will often share our upcoming listings with these same trusted agents and it’s often a win-win for all involved.

With so many homes selling off market or prior to being listed, it may be the only way to have an advantage in this market.  If you are interested let us know precisely what you are looking for fill in our Manhattan Beach pocket listing request, or contact us directly.  Unlike traditional home searches it’s critical to not only know just what you are looking for, but to be ready to act the moment the home hits the market so we highly recommend getting prequalified if there is a loan and having everything in order and ready to go.

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