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What's Hot in MB Real Estate (1/26/15)

Jan 26, 2015 11:51AM ● By DigMB Staff
In just 2 years, the median price for Manhattan Beach homes is up $500,000 to $1,900,000

It's an amazing jump: 17% year-over-year comparing 2014 to 2013, after 2013 had posted gains of 15% over 2012. 

And there are no signs of a slowdown yet in 2015, with new-construction listings selling quickly for big new numbers. Click on the address for any of the examples listed below to see more about the property. 

3311 Elm is a large new home: 6br/7ba and almost 5200 square feet inside. The lot is much bigger than is normal for the Tree Section at 8800 sq. ft.

That's a lot of house for a big and/or growing family. The huge backyard could easily hold a pool and/or sports court. 

The starting price was $4.679M, which is really without any precedent for homes north of Valley in the Tree Section. Only homes near American Martyrs seem to climb that high. 

But a buyer came very quickly this year, and the property is in escrow now. 

1321 Voorhees (6br/5ba, 3065 sq. ft.) is a brand new "Plantation" style home in East Manhattan Beach near Pennekamp Elementary. 

As they were preparing the home for public marketing, the builders accepted an offer. The property is now posted on the MLS already in escrow, with a list price of $2.795M.

That's a big number by any measure, but especially so for an average-sized home (just over 3000 sq. ft.) on a fairly small lot for East MB (5200+ sq. ft.).

We've heard nothing but raves over the design, construction and details throughout the home. 

228 38th St. (3br/4ba, 2175 sq. ft.) is the last newly constructed home we're looking at. This is an El Porto townhome built in a modern style, with good views toward Malibu. The lot is about 5 feet wider than normal, making for notably bigger rooms all around.

The builder was asking $2.600M at the beginning, which would be big – but not unprecedented – for any ocean-view townhome in MB. Once there started to be activity on the listing, though, they raised the price $300K to $2.900M

Not at all deterred by the price jump, a buyer stepped up with an offer, and got it accepted.

So that's how we're starting out here in 2015, carrying some of the momentum forward from 2014.

For a full report on Manhattan Beach median prices going back 11 years, see MB Confidential's post here

For a really interesting look at several homes that sold in 2014 for the median price of $1,900,000, take a look at: "See the 7 'Median Homes' of MB for 2014." There's a mix of big family homes, Sand Section remodels and lot sales, plus a largely original Manhattan Village single-family home. It's a great look at what your money buys now.

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