What's Hot in MB Real Estate (7/7/14)
Jul 07, 2014 08:14AM ● Published by DigMB Staff
If you want a simple example of what has been going on, look at 1560 10th St. in East Manhattan.
It's a very cute 4br remodel (2400 sq. ft.), situated on a rare half lot. It has a surprisingly large yard for a 3750 sq. ft. plot of land. The major tradeoff is the lack of any real garage.
Only last year, in August 2013, this home sold for $1.349M. It has now resold for $1.479M just 11 months later, a bump upwards of 10%.
That is in line with trend data showing that the median price for single family homes in Manhattan Beach is up 12% year-over-year.
As this post at MB Confidential points out, the price trend is sharply up for the past 2 years running, up 26% in total over 24 months, with the current median for SFRs at $1.803M.
For some more perspective, look back 3 years to 2011.
Back then, the 3 bedroom mid-century modern at 576 33rd could not find a buyer with a list price of $1.475M. Instead of selling, they rented out. This year, it has sold for $1.900M.
And in early 2011, the nice, big Cape Cod at 742 33rd sold for $2.275M. It is back this year asking $2.998M, and might well get that, or nearly so.
One last example of the big bump since 2011 comes from the lower Hill Section house at 319 S. Poinsettia. This Craftsman-inspired home sold for $2.495M back in June 2011, and has just closed for $3.400M in July 2014, a whopping 36% jump in market value over 3 years.
It sure looks like a good time to be a seller in MB while this trend is active.