By Keith Kyle
Nowhere have we seen prices skyrocket in the South Bay over the past 16 months more than the luxury market of Manhattan Beach. In some areas we’ve not only returned to peak prices but well surpassed previous the high water mark for luxury homes. Manhattan Beach’s most affordable area, known as East Manhattan, is no exception with formerly unheard of prices starting to become the norm.
East Manhattan Beach is the area of town east of Sepulveda Blvd and west of Aviation. Due to being further from the beach, values have historically been considerably lower than other areas of this coastal community. Excluding the truly rare oversized lots, prior to January 2014 there had only ever been 8 homes that had listed and sold over the $3,000,000 mark.
Oh how times have changed
As of April 20th there are currently 5 homes active on the market priced over this rare price point as well as 2 recent sales. Time will tell if this is the new normal or just a matter of a vast number of luxury home sellers attempting to take advantage of this very favorable market, but either way the pricing trend in East Manhattan is a great indicator of just how incredible the market has been and continues to be.