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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Liberty Village – Manhattan Beach’s Most Affordable Neighborhood

By Keith KyleEast Manhattan Beach homes

Located in the section of Manhattan Beach known as “East Manhattan”, Liberty Village remains the most affordable neighborhood in this luxury real estate market.  One of the primary reasons for this affordability is that, unlike many of the other neighborhoods or “sections” many original homes built in the 40s and 50s still remain. As proximity to the beach is one of the driving factors in price, Liberty Village is the furthest east that Manhattan reaches.  Lot sizes are often smaller than other areas of east Manhattan and are generally just a little below 5000 sq feet which is significant as the demand for land from builders is considerably less than the larger lots found to the south.  As with all neighborhoods in this prosperous city, the schools rank in the top of the country, streets are charming and the area has a very safe and family friendly feel.  Although the concept of $1,000,000+ starter homes is likely to raise eyebrows in most markets, prices generally hover around this mark and are the most affordable single family homes in Manhattan Beach.

The homes below include the Manhattan Heights area as well.   Click here to view only the Liberty Village homes for sale.

Current homes for sale in East Manhattan – Manhattan Heights and Liberty Village

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Inventory Down and Prices Up In East Manhattan Beach

By Keith KyleManhattan Beach Homes

The real estate market in Manhattan Beach continues to be dictated by record low inventory and there doesn’t seem to be any indication that will change in the near future. Historically inventory picks up mid to late January after the Superbowl when potential home buyers restart their searches and homeowners hope to take advantage of the increase in buyers. With the demand for homes in Manhattan Beach never waning, even through the traditional slowdown of the holidays, there’s been no reason for sellers to wait to list their homes…and no indication we’ll see any dramatic increase anytime soon. The chart below shows the combined areas that make up East Manhattan Beach with the light green line indicating active listings, the red bar pending home sales, and the dark green representing closed sales.

East Manhattan Real Estate Trends

No Single Homes For Sale in Manhattan Beach Under $1,000,000

“Starter” Homes in Manhattan Beach Harder and Harder to Find

By Keith Kyle

For the first time in quite a while there are no single family homes currently active for sale in any area of Manhattan Beach priced under $1,000,000.

Currently there are 5 single family homes in escrow that are priced under $1,000,000 with almost all exclusively in the Liberty Village area which is the most affordable neighborhood in Manhattan Beach.  Gone may be the days of homes in the sub $1,000,000 range.  Below are the current homes in escrow (as of 12/18/13) and below is a historical chart showing the past 3 years of homes below $1.0M.

Manhattan Homes Under $1M

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