Over the past few years, the Manhattan Beach real estate market has been driven by low inventory and high demand. Homes generally sell fairly quickly but the ultra luxury market of oceanfront homes, known in Manhattan Beach as the Strand is a vastly different situation. Currently there are 7 oceanfront homes or properties for sale on the Manhattan Beach Strand. As of 9/29/18 there are 7 homes for sale on the beach which is pretty incredible given the limited number of homes in general. The median days on market for these homes is 79 with the average days on market a whopping 241.
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.
With an abundance of new construction homes on the market and many projects currently underway, can the demand for these luxury homes be sustained?
The abundance, and possible over abundance, of new construction homes in the tree section of Manhattan Beach seems to have no end in sight as there are a number of projects nearing completion to add to an already over crowded market. Currently there are 5 new construction homes on the market with an additional 3 currently in escrow. Only time will tell if the demand will keep up with the supply of current listings and the projects nearing completion in this pocket of Manhattan Beach. View the current Manhattan Beach tree section homes for sale.
Listed by Ray Joseph of Palm Realty, the home at 232 6th Street offers big views and an ideal location. Located on a prime south Manhattan Sand section walk street, the home was just completed and is priced at $7,599,000 down from it’s original price tag of $9,000,000 and offers 5 bedrooms, 7 baths, 4319 square feet.
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