Kitchens in high-end homes are not what they used to be. We smart devices, wifi and connections throughout, the modern kitchen has a lot to offfer
By Keith Kyle
Manhattan Beach is a tough market to buy a home in. In a town where starter homes start in the $1.5M range and builders are buying everything they can get their hands on, you can’t blame buyers for getting a bit excited about that rare foreclosure “opportunity”. The problem is that the market usually determines what something is worth and in this town, true below market “opportunities” are rare.
The home at 1410 Ardmore, located right near downtown Manhattan, certainly is a good example of something that’s too good to be true. Originally listed at $800,000 in early December, this was never a realistic price as it was more than 50% of what it should have been listed. Unfortunately buyers often think that because it’s a short sale, they just may get it at that price. In this case, it certainly didn’t take long for them to get an avalanche of offers and on January 6th the home not only went pending, but the price changed from $800,000 to $1,800,000. That’s a 125% price increase.
While there were endless buyers thinking they might just get the deal of the century, eventually the market dictates what homes are actually worth.
That doesn’t mean that great deals aren’t occasionally out there, but if it seems too good to be true….it is.
| Price: $1,800,000 Original Price $800,000
|SQFT(src): 1,605 (A)|
|PRICE PER SQFT: $1,121.50|
|LOT(src): 0.093/4,068 (A)|
|YEAR BLT(src): 1958|
|SUB TYPE: SFR|
|SALE TYPE: Short Pay|
By Keith Kyle
2014 saw huge gains in home values throughout Manhattan Beach but the sand section, the area closest to the ocean, surpassed previous peak values as demand skyrocketed. The median home price in 2014 for the sand section was $2,277,500 with an average sales price of a whopping $3,111,263. In all 112 homes sold in this highly sought after coastal community.
While 2013 was a strong year it contrasted considerably with 2014 with a median home price of $1,930,000 and an average sales price of $2,438,000. The average sales price in the sand section increased year over year by and astounding 27.6% in one year.
The sand section is the part of Manhattan Beach located closest to the beach and encompasses the oceanfront homes on “The Strand”.
Click here to see the homes sold in Manhattan Beach by month.
If there was any doubt about the intensity of the housing market in the sand section of Manhattan Beach, the recent sale at 2401 Manhattan Ave should put those doubts to rest.
Manahattan Beach has been an incredible market over the past 2 years and, as realtors, we are used to seeing multiple offer situations and homes selling over asking price. The recent sale at 2401 Manhattan Ave simply amazes, however. Listed on October 27th, the home received immediate and overwhelming interest with multiple offers with most being over the asking price. The home was fairly appropriately priced at $2,495,000 (which would have been an unheard of number a year earlier) and sold for a whopping $3,005,000. The location was ideal as it was a corner lot on a walk street allowing for somewhat unblockable views and just a half block to the beach.
The home, however, was certainly dated and sits on a “half lot” (1350 sq feet, meaning that it does not extend from the walk street to the alley which most homes in the area due….very much limiting the size of a home that could be built to around 2000 feet). As it was built in 1937 and given the condition it certainly appears that the home is going to be torn down with a new high end luxury home replacing it. Given the incredible sales price and construction costs the owner is likely to be in the mid low to mid $4.0M range when all is said and done…… for a 2200 foot home. It shows just what location and a view is worth.
If this doesn’t show just how hot the Manhattan Beach market is, nothing will.
…Shouldn’t you work with a realtor that’s tech savvy?
With the internet and social media becoming an ever larger presence in real estate, it seems critical that home sellers would use agents that know how to reach those buyers and specialize in marketing homes online. Strangely enough that’s often not the case and many Manhattan Beach home sellers work with agents that no little, to nothing, about the power of online marketing. The local audience and MLS are obviously great ways to market a home, but to reach national and international buyers, it takes a bit more effort and a great deal of expertise. The difference can mean significant amount of interest and that can lead to a significant amount of money. Before sellers hire a realtor they should make sure that they know the intricacies of the local market, are well connected, and have a top notch marketing strategy that not only uses, but embraces technology.
By Keith Kyle
While the world of luxury flips may be slowing a bit as “fixer” home prices are no longer much of a deal, there are still some beautiful properties coming to market and the home at 3521 Poinsettia is one of them. This was tastefully remodeled with a very bright and inviting beach home style. Open beamed ceilings, beautiful hardwood floors, entertainers kitchen and bright and muted colors throughout make for a wonderful beach style home. Listed by Ed Kaminsky with Shorewood realtors, the home is marketed as a “cottage contemporary home” and features 3 bedrooms, 3 1/4 bathrooms (tax records indicate 2 bedroom 2 bath so buyer should verify), and according to the seller has 1700 sq ft. Contemporary kitchen, with gourmet appliances, brand new cabinets, marble counter tops, wood ceiling and beautiful lighting. The home has great outdoor spaces and resides in the very sought after tree section neighborhood in Manhattan Beach and offers the epitome of the luxury beach lifestyle.