Recent Home Sale Shows Just How Hot the Oceanview Market Is

By Keith Kyle2401 Manhattan Ave

There is no question that the real estate market in Manhattan Beach has been on fire since the beginning of 2013.  Record low inventory and intense demand for luxury homes and prime locations has created a building boom not seen in a long while.  Multiple offer situations seem to be the norm and the number of all cash buyers continues to drive this already competitive market.   This continued demand from buyers and builders alike has driven prices upward to record numbers and nowhere is the demand greater than in the sand section.

The most recent example was the walkstreet home located at 2401 Manhattan Ave.  Just a block to the beach and having fantastic corner lot ocean views this home was certainly going to interest both the owner/user looking for a great location and builders seeking the same.  The home was listed at $2,495,000 which is already a huge number for a half lot home but all indications appear that the home had at least 11 offers and sold over $3.0M* which is a staggering number for a home with the limitations that come along with a 1,352 square foot lot.   Any future build will be limited to around a max square footage of 2000 feet.  The last sale of a new construction half lot (not on a walkstreet which certainly adds value) closed at $3.3M at 124 23rd Street.   Over $3.0M for this likely tear down at 2401 Manhattan Ave is a very large number indeed and shows just how far values have come in the past 24 months.

We're sorry, but we couldn't find MLS # 314032829 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

*Sales price and number of offers is not verified information

Location, Location, Location…May Not Be As Much a Factor in This Market

By Keith KyleSand-Section

As a local Manhattan Beach agent, I represent many buyers in Manhattan and Hermosa Beach and have definitely noticed in the current market that the old standard “location, location, location” just doesn’t hold true at the moment.  In most markets buyers tend to be picky and don’t want certain streets, don’t want to be too close to commercial buildings, don’t like busier areas and are happy to wait until something better comes along.  While some of these factors still may be relevant, it’s certainly not the critical factor that it usually is.  Even “locationally challenged” homes seem to have little problem selling for top dollar.

Normally challenging streets such as Rosecrans, Pacific, Valley, Ardmore and Prospect don’t seem to be so “locationally challenged” at the moment.

Recent home sales and the prices they sold for have shown clearly that the demand for homes in Manhattan and Hermosa Beach is so high that people are willing to overlook sub A+ locations to live in the area.  Prices on these somewhat busy streets inlcude 2025 Prospect in Hermosa…a small 2 bedroom cottage for $870,000, 1929 Ava (fronting Ardmore) in Hermosa selling for $2.1M, 548 Marine in Manhattan Beach at $2.65M, 588 Rosecrans at $1,545,000.  All of these numbers would have been unheard of 18 months ago and many of these homes likely would have remained on the market for some time….but not these days.  Buyers should be somewhat cautious and remember that these market conditions won’t be around forever.  Sellers on the other hand likely will not see an opportunity like this again for quite a while and should take full advantage of the incredibly favorable market conditions.

 

 

The Luxury Market in Manhattan Beach is alive and well – 40 Homes Listed at Over $2.0M

By Keith Kyleinterior courtyard

The market in Manhattan Beach continues to be dominated by luxury homes an ever increasing median home prices.  Of the current 68 homes active on the Manhattan Beach MLS, 40 of them are priced at $2,000,000 or higher.   Only 7 of the 68 are priced below $1.0M which makes Manhattan Beach one of the pricier neighborhoods in Southern California.  Over the last 18 months we’ve seen an incredible influx of cash and high net worth buyers enter the market and prices have been driven up quickly.

Current Luxury Homes and Land for Sale in Manhattan Beach

  1. 5 beds, 4 baths
    Home size: 5,500 sq ft
    Lot size: 9,290 sqft
    Year built: 1981
    Days on market: 4
  2. 3 beds, 3 baths
    Home size: 1,589 sq ft
    Lot size: 5,392 sqft
    Year built: 1942
    Days on market: 5
  3. 5 beds, 6 baths
    Home size: 3,911 sq ft
    Lot size: 5,405 sqft
    Year built: 2000
    Days on market: 5
  4. 4 beds, 4 baths
    Home size: 2,756 sq ft
    Lot size: 1,794 sqft
    Year built: 2007
    Days on market: 7
  5. 4 beds, 4 baths
    Home size: 2,500 sq ft
    Lot size: 2,499 sqft
    Year built: 1960
    Days on market: 10
  6. 4 beds, 3 baths
    Home size: 2,676 sq ft
    Lot size: 7,501 sqft
    Year built: 1953
    Days on market: 12
  7. 5 beds, 4 baths
    Home size: 4,538 sq ft
    Lot size: 2,700 sqft
    Year built: 1988
    Days on market: 18
  8. 5 beds, 4 baths
    Home size: 3,409 sq ft
    Lot size: 4,641 sqft
    Year built: 2002
    Days on market: 24
  9. 5 beds, 6 baths
    Home size: 4,273 sq ft
    Lot size: 2,707 sqft
    Year built: 2018
    Days on market: 25
  10. 3 beds, 2 baths
    Home size: 2,024 sq ft
    Lot size: 7,502 sqft
    Year built: 1974
    Days on market: 27

See all Current homes for sale in city of Manhattan Beach.
(all data current as of 11/18/2018)

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

Plenty of Activity in the local Manhattan Village real estate market

By Keith KyleManhattan Village

While most areas of Manhattan Beach have seen fewer transactions in 2014 due to the record low inventory, that’s not the case in the micro real estate market of Manhattan Village.  Not only have there been an abundance of recent homes for sale, but many of them are the usually rare “estate homes”.  There are currently 5 homes for sale in this gated community in Manhattan Beach, as well as 4 homes currently in escrow.  Prices in Manhattan Beach’s only gated community have been on the rise for the past 18 months, especially when dealing with the larger floorplan townhomes.  See below for details on the current homes for sale in Manhattan Village.

Manhattan-Village-Update

 

Current Manhattan Village Homes for Sale

Sorry, but we couldn't find any results in the MLS that match the specified search criteria.

Manhattan Beach Real Estate Market Snapshot – May 2014

By Keith Kyle

Manhattan Beach real estate….by the numbers

May marks the 5th straight month with an increase in available homes for sale in Manhattan Beach with 65 current MLS listings as of May 5th, 2014.  See information below on the current market trends including current MLS listings, recent sales, pending home sales and home prices in this luxury coastal community in Southern California.

Active Homes for Sale:  Current Median Home Price $2,050,000

Active Homes for Sale – 65 homes
List Price DOM BR BA Year Built SqFt Lot SqFt
Min 557,000 3 2 1.00 1921 812 1,350
Max 7,999,900 370 7 7.00 2014 10,001 15,001
Avg 2,618,445 37 4 3.80 1984 2,990 5,227

Pending and Backup

Homes Currently in Escrow with Pending or Backup Status – 48 Homes
List Price ADOM Selling Price BR BA Year Built SqFt Lot SqFt
Min 905,000 1 1.00 1935 765 1,351
Max 12,875,000 355 6 7.00 2014 7,900 13,506
Avg 2,167,730 49 4 3.44 1980 2,799 5,025

Closed Home Sales in Past 30 Days (April 5th to May 4th)

47 Homes Sold/Closed Escrow 4/5 – 5/4
Single Family Residence – 44 total SFRs sold
List Price ADOM Selling Price BR BA Year Built SqFt Lot SqFt
Min 990,000 950,000 1 1.00 1925 699 1,286
Max 8,950,000 204 8,100,000 6 10.00 2014 8,500 14,368
Avg 2,235,316 38 2,166,045 4 3.20 1972 2,653 4,993
 Townhomes and Condos – 3 Total Sales
List Price ADOM Selling Price BR BA Year Built SqFt Lot SqFt
Min 1,299,000 8 1,450,000 2 3.00 1982 1,608 2,698
Max 2,299,000 33 2,100,000 3 4.00 2007 2,050 3,359
Avg 1,692,333 18 1,701,667 3 3.33 1992 1,878 2,921
All Home Sales – 47 Sold Homes
List Price ADOM Selling Price BR BA Year Built SqFt Lot SqFt
Min 990,000 950,000 1 1.00 1925 699 1,286
Max 8,950,000 204 8,100,000 6 10.00 2014 8,500 14,368
Avg 2,200,657 37 2,136,404 3 3.21 1974 2,604 4,860

Home Inventory On the Rise in Manhattan Beach

By Keith Kyle

We may be finally seeing some relief from record low inventory in the luxury market of Manhattan Beach CA.  Other than the peak summer months of 2013 we have seen record and near record lows for active homes for sale. As of May 5th there are currently 65 properties for sale in this coastal community which is a dramatic improvement over the record low 25 homes for sale in December. Although we’ve now seen 4 straight months of increases in the available homes on the market, inventory is still nowhere near recent year highs which saw over 300 homes for sale in 2009.  Due to the duration of this low inventory, pent up demand has driven prices to peak levels and in some premier locations well beyond peak prices prior to the bubble years.

  1. 2 beds, 1 bath
    Home size: 838 sq ft
    Lot size: 6,024 sqft
    Year built: 1948
    Days on market: 4
  2. 5 beds, 4 baths
    Home size: 5,500 sq ft
    Lot size: 9,290 sqft
    Year built: 1981
    Days on market: 4
  3. 3 beds, 3 baths
    Home size: 1,589 sq ft
    Lot size: 5,392 sqft
    Year built: 1942
    Days on market: 5
  4. 5 beds, 6 baths
    Home size: 3,911 sq ft
    Lot size: 5,405 sqft
    Year built: 2000
    Days on market: 5
  5. 4 beds, 4 baths
    Home size: 2,756 sq ft
    Lot size: 1,794 sqft
    Year built: 2007
    Days on market: 7
  6. 3 beds, 2 baths
    Home size: 1,678 sq ft
    Lot size: 4,477 sqft
    Year built: 1957
    Days on market: 10
  7. 4 beds, 4 baths
    Home size: 2,500 sq ft
    Lot size: 2,499 sqft
    Year built: 1960
    Days on market: 10
  8. 4 beds, 3 baths
    Home size: 2,676 sq ft
    Lot size: 7,501 sqft
    Year built: 1953
    Days on market: 12
  9. 3 beds, 2 baths
    Home size: 1,489 sq ft
    Lot size: 6,066 sqft
    Year built: 1950
    Days on market: 12
  10. 3 beds, 2 baths
    Home size: 1,518 sq ft
    Lot size: 5,098 sqft
    Year built: 1951
    Days on market: 13

See all Current homes for sale in city of Manhattan Beach.
(all data current as of 11/18/2018)

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

Just Like This Crazy Weather….The Manhattan Beach Real Estate Market is Hot!

By Keith KyleInteriors

The only thing hotter than the 80 degree days we’ve seen so often in January is the real estate market along the coast.  The market seemed to slow just a bit and appeared to finally be calming down, but recent listings and sales indicate that we’re quickly back in frenzy mode.  Of my last two sales, both buyers were willing and happy to pay a premium if it meant the difference in getting an accepted offer.  Many recent home sales have been at, or over list price, even with the inflated list prices and as another realtor recently said “price was not an issue for her buyer” which makes for a challenging market for buyers trying to stay within a budget.  The information below is a brief overview of real estate in Manhattan Beach in the past 30 days.  The key information is to not that there are far more homes in escrow then active on the MLS with an almost equal number of closed sales to current listings.

Status: Active (18 Listings) See current homes for sale in Manhattan Beach
List Price ADOM Selling Price BR BA SqFt Lot SqFt
Avg $1,752,778 15 4 3.06 2,346 5,924
Sum 31,550,000
Status: Pending Sale (8  Listings)
List Price ADOM Selling Price BR BA SqFt Lot SqFt
Avg $1,444,125 33 3 2.75 1,851 4,330
Sum 11,553,000
Status: Backup Offer (16  Listings)
List Price ADOM Selling Price BR BA SqFt Lot SqFt
Avg $3,030,375 66 4 3.69 2,976 5,474
Sum 48,486,000
Status: Closed Sale (17  Listings) View recent Manhattan Beach home sales
List Price ADOM Selling Price BR BA SqFt Lot SqFt
Avg $2,107,588 39 2,097,926 4 3.76 2,829 4,664
Sum 35,829,000 35,664,750
Status: All (59 Total Listings)
List Price ADOM Selling Price BR BA SqFt Lot SqFt
Avg $2,159,627 38 2,097,926 4 3.39 2,589 5,223

Median Home Prices Up in Manhattan Beach

Sand-Section-Walkstreet-HomeHome prices continue to rise in Manhattan Beach and October saw month over month increases in every South Bay city compared with October of the previous year.  Manhattan Beach saw 40 homes successfully close escrow with an increase of almost 22% compared with October of 2012.  The median price was $1,386,000.  The median home price in September was $1,690,000.  Visit our median home sale page for the South Bay to see the prices and year over year changes for all cities in the past 12 months.

 

 

City Homes
Sold
October
2013 Median
October
2012 Median
Year
over Year % Change
Carson 48
$361,000 $286,500 26.00%
E Segundo 8
$779,000
$648,000
20.22%
Gardena 43
$357,000 $299,250 19.30%
Harbor City 14
$421,500 $337,500 24.89%
Hawthorne 52
$488,000 $360,000
35.56%
Hermosa Beach 24
$1,399,000 $835,000 67.54%
Lawndale 12
$345,228 $252,500 36.72%
Lomita 10
$560,000 $450,000
24.44%
Long Beach 323
$405,000
$302,750 33.77%
Manhattan Beach 40
$1,386,000
$1,137,500
21.85%
Marina Del Rey 28
$810,000 $652,500 24.14%
Palos Verdes Estates 31
$1,367,500 $1,282,500 6.63%
Playa Del Rey 18
$442,500 $344,750 28.35%
Rancho Palos Verdes 40
$915,000
$870,000 5.17%
Redondo Beach 76
$747,500
$700,000
6.79%
San Pedro 50
$433,000 $330,500 31.01%
Torrance 103
$511,500 $467,000 9.53%
Westchester 41
$742,500
$627,000 18.42%