It’s a Fine Line Between Just Sold and Still on the Market

By Keith KyleManhattan Beach Modern Houses

It sometimes amazes me just how fine a line it is between receiving multiple offers and having a home sit on the market.  As perception is such a big part of real estate, buyers often clamor to the newest listing.  I’m frequently asked how many offers we already have and are we going to wait a few days before responding to all of the offers.  Much of the time I’ll have several agents tell me it’s well priced and “perfect” for their clients and they’ll likely be writing an offer……

 

…..and then nothing comes in.  In our hot real estate market in Manhattan Beach it can sometimes take less than 10 days for the perception on the same home to go from hot new listing, to why is it still on the market.  We often go from thinking there will be multiple offers over list price, to almost no real interest in just a matter of days.  In this crazy market if it doesn’t sell immediately you just may have missed to boat.  The usual important details such as price, marketing and presentation are, of course, critical but we don’t always have control over whether it sells in the first few days and how it quickly goes from a “hot” new listing to luke warm at best.

New Construction Homes in Manhattan Beach

New Construction Luxury Homes in Manhattan BeachMB-Construction

With building and new construction homes in full swing in the luxury coastal community of Manhattan Beach, there seems to always be a newly built home coming to market.  As values have increased so dramatically for new construction, builders, developers and architects are going the extra mile to entice buyers.  These new homes feature high end finishes, the latest trends in home building, luxury amenities and are often in A+ locations.  Contact us for lists of current or upcoming new construction homes or visit our daily home updates to have new listings emailed to you.

Current New Construction

  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.

How Do Regular Home Buyers Compete In This Market

By Keith Kyle

Every Monday I get together with some other agents and discuss the latest happenings in real estate and each week the news seems to become more discouraging for home buyers in Manhattan Beach.  Homes are selling well over asking, almost all sales involve multiple offers, often buyers are competing with all cash buyers or with builders, and not much that’s remotely priced close to market value lasts longer than a few days.

So how is a “regular” home buyer supposed to compete in this high end market.

The answer, unfortunately, is that until a significant increase in inventory starts to lessen the demand, a regular buyer with conventional financing just may have to wait it out.  What’s driving this is clear….absolutely record low inventory.  As of this article there are only 37 active homes for sale in Manhattan Beach.  Contrast that with the near peak of 284 homes for sale in February of 2009 and it’s not hard to see why each and every new listing is receiving so much interest. The chart below shows the active homes for sale in Manhattan Beach over the last 5 years and at this point…nobody is selling.

Why sellers aren’t listing their home in this market is an entirely different issue as everything from prices, to demand to terms, to interest rates favor them but that doesn’t seem to be making a difference.

Upcoming Walkstreet Listing at 2903 Manhattan Ave in the Sand Section

South Bay Brokers and Jack Gillespie will shortly be bringing 2903 Manhattan Ave to Market for an estimated list price of $5,000,000.  Located on corner lot on Manhattan Ave with frontage on the walkstreet, this home features some pretty stunning views and offers 4,175 square feet, 3 bedrooms, 3 1/2 baths and was built in 1992.  It is definitely a unique home with features you don’t see in most luxury beach homes but for the right buyer it will be all about location, location, location.  Contact Keith Kyle for more information.