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Demand for New Construction Luxury Homes Grows in Manhattan Beach

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By Keith KyleNew construction homes in manhattan beach

While builders took significant losses during the downturn that started in 2006 and 2007, things have certainly turned around since then.  Builders are clamoring for A+ locations in Manhattan Beach and have once again even started purchasing lots or tear down homes in less desirable locations.  Almost regardless of location and lot size, two long term deterents, buyers are clamoring for new construction and builders can barely keep up.

Of the 16 homes built in 2014 or scheduled to be completed in 2014 that have sold or are in escrow they averaged only 20 days on market which is truly incredible.  With a median price of just under $2.7M it’s not hard to see why builders are making every effort to tap into this incredible demand.   These statistics are based only on the homes that went to market and many have been sold before even making it to the MLS as pocket listings and exclusive offerings.

The 5 current new construction homes come in with a median price of $4.7M.

With the coastal charm, proximity to downtown LA and Hollywood,  almost perfect weather, and nationally ranked schools, Manhattan Beach has become an even higher demand market for the luxury home buyer.

If you are looking for both on market and off market new construction homes in Manhattan and Hermosa Beach contact us at any point.

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(all data current as of 1/26/2020)

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

 
 

With Builders Buying Everything in Manhattan Beach…is there anything left for Buyers?

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By Keith KyleEast Manhattan Beach homes

There is no question that due to the incredible rise in prices and the demand for new construction luxury homes, Manhattan Beach is definitely in a full blown building frenzy.  Any original bungalow or “starter” home is quickly bought by builders with all cash, non contingent offers  This was similar to the environment from 2005-2007 and it adds to the already challenging environment for home buyers.

So how is a buyer to compete?

The solution is to either be very patient, or very aggressive with offers and offer prices.    In a seller’s market it always poses a real challenge to buyers but when builders begin buying all of the lowest priced homes, it adds an entirely different pressure on the market.  Builders are generally fairly cautious with their numbers and unwilling to overpay, but in a market in which new home prices are beyond record levels, builders are willing to take risks on even marginal properties.

Home buyers do have the ability to come to the negotiating table with a different perspective, however.  This ability to consider long term aspects may be the one advantage that they have.  Home buyers in this luxury coastal community may need to overpay somewhat but can take confidence that even when the bubble burst several years ago, prices did not drop severely.

Recent Lot Sales in Manhattan Beach

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By Keith KyleConstruction Site

There’s no question that builders have jumped wholeheartedly back into the luxury market of Manhattan Beach as prices have soared and seem poised to continue so for quite a while due to the low inventory and pent up demand.  Recent prices on new construction homes and even flips have surprised even the most optimistic and it’s not surprise that many original condition homes and fixers are being sold for lot value.  Most of these sales are to builders but that’s not always the case as many buyers are willing to build their dream home and pay a premium over what builders are willing to pay.  I wanted to thank Mike Michalski from South Bay Brokers for putting this list together.

LOT SALES
Address                          Size    (WxH)               Orientation                           Price                 Sale Date
750 35th St                  5406   (40 x 135)          South-facing, Interior       $1,120,000        10/9/2013
1905 Elm Ave             4480   (40 x 112)           West-facing, Interior        $1,131,500         5/8/20 13
3113 N Poinsettia       4640   (40 x 116)           West-facing, Interior       $1,140,000      10/18/2013
717 25th St                   5120   (40 x 128)          North-facing, Interior      $1,150,000          5/8/2013
Busy intersection
605 25th St                 5121   (40 x 128)           North-facing, Interior       $1,250,000       4/12/2013
1313 Pine Ave           4480   (40 x 112)            West-facing, Corner          $1,300,000       In Escrow
1600 N Poinsettia   4200   (37.5 x 112)          East-facing, Interior         $1,350,000+
2900 N Ardmore     7500   (75 x 100)            South-facing, Interior       $1,350,000         4/17/2014
Busy street
2409 N Poinsettia   4480   (40 x 112)            West-facing ,Interior         $1,400,000        4/16/2014
2517 Laurel Ave       6867   (63.5 x 108)        West-facing corner             $1,400,000         3/5/2014
750 30th Street        5400 (40×135)               South-facing, Interior        $1,515,000         12/4/2013
636 12th Street         3000 (30 x 100)            South-facing, Interior        $1,589,000       10/17/2013
Possible view, Am Martyrs
3311 Elm Ave            8793   (irregular)          West-facing, interior          $1,611,000          9/18/2013
1804 Agnes Rd        4800   (40 x 120)           East-facing, interior            $1.700,000          5/22/2013 Private party
American Martyrs
738 29th Street       4800   (40 x 120)          South-facing, Interior          $1,750,000         3/31/2014
677 19th Street         9631   (Irregular)         North-facing, Interior          $1,850,000       4/11/2014
Some downslope, Am Martyrs
3309 Walnut Ave     9287   (80 x 116)           West-facing, Interior           $2,050,000      12/24/2012 Double lot
544 Marine Ave        5885   (60 x 99)             South-facing, Interior         $2,250,000       5/14/2013
Double lot
3312 N Poinsettia     9282   (80 x 116)           East-facing, Interior            $2,350,000       1/29/2014
Double lot, some downsloping
524 15th St                  6311  (50 x 125)         South-facing, Interior           $2,500,000       8/13/2013
Some view potential American Martyrs

An Abundance of Sub Million Dollar Homes in Manhattan Beach?

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By Keith KyleBeach Bungalows

While there’s not a true abundance of any type homes in any price range on the market in Manhattan Beach at the moment, there has been a recent increase in single family homes priced under $1,000,000….barely.

I recently wrote a post that there were no single family homes in Manhattan Beach priced below $1,000,000 which hadn’t been seen in some time, but several homes have recently come on the market in this ever rarified price point.  Generally the homes in this price range are original beach bungalows with minimal square footage and few, if any, updates.  Most often they are sold “as is” which means they’re being sold to builders who are taking full advantage of this market as home prices for new construction continues to skyrocket.  As of this post there are 4 single family homes for sale in Manhattan Beach priced under $1.0M.  All of the homes were built in the 40’s and 50’s with the largest home just over 1200 square feet.

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