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What's Hot in MB Real Estate (6/28/15)

Jun 27, 2015 01:47PM ● Published by Jeanne Fratello

How high can Manhattan Beach real estate go? Keep looking past the $25 million benchmark, because that price may just be a blip in the rear-view mirror if a new listing at 1000 The Strand gets its asking price.

As Manhattan Beach Confidential reports ($29M? Can We Talk?), the home at 1000 The Strand (9bd, 8 ba, 5,967 s.f.) on a 5000 s.f. one-and-a-half Strand lot, has come on the market with an asking price of $28.9 million.

While the number may appear shocking, MB Confidential lists a few factors contributing to that sky-high asking price, including low inventory, limited Strand inventory, ceiling-busting recent sales, and "a certain je ne sais quoi or 'x-factor' in the market that has people – including longtime pros – more and more often throwing up their hands as if to say, 'heaven only knows what this is really worth.'"

How crazy has it gotten? MB Confidential has stopped publishing its series of "shocker" posts "because new closed-sale prices have so consistently surprised and amazed everyone for 2-3 years now, to call anything 'shocking' anymore might sound naive."

For another look at the uptick in the market, MB Confidential tracks the price on a single townhome, sold three times since 2007 and now in escrow for a fourth time.

 2301 Vista, a modern-style 3br TH with 2400+ interior square feet, was built in 2002, but holds a very modern feel. It changed hands three times from 2007 through 2011:
  • $2.099M in Jan. 2007
  • $1.900M in Nov. 2009
  • $1.910M in Dec. 2011
The property was listed this month and quickly went into escrow at an asking price of $3.399M, or 78% over the 2011 acquisition price. And while past listings have run 3 months, 4 months and even 9 months; this time, it was on the market 5 days.

Additionally, MB Confidential observes, we do not see major changes from the 2011 listing – suggesting that most/all of the markup from then to now comes from movement in the market.

For the latest twice-monthly market update, see the latest Manhattan Beach Market Update.  

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