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What's Hot in MB Real Estate (7/25/15)

Jul 25, 2015 10:40AM ● Published by Jeanne Fratello

Is $3M the new $2M in Manhattan Beach Tree Section real estate? Signs point to yes, according to Manhattan Beach Confidential.

Consider the recent sale of new construction at 750 35th (5br/5ba, 3700 sqft.): The listing closed for $3.095M, notably short of the $3.275M start, but nevertheless topping the $3 million mark for a home with limited-to-no yard and a view of the refinery, according to MB Confidential.

And in another new sale, an American Martyrs neighborhood (still part of the Tree Section, or Tree Section adjacent, depending on how you look at it) home came in at just under $3 million, a price that might have been laughable a year ago.

That would be 608 14th, an older, 4br, 3000-ish sqft. house on a coveted 5800 sq.ft. lot, which nabbed $2.950M when it closed this week. 

When the listing launched 5 weeks ago in June, the sellers had asked $2.7M. But competition and must-have properties means that new, ever-higher prices must be paid.

Speaking of higher prices, this week MB Confidential also took a look at a new watermark for the 2006-built townhome complex over at 1202 & 1208 Tennyson.

The unit at 1208 Tennyson #3 (3br/3ba, 1750 sqft.) has just closed with a sale price of $100K higher than any public-market sale in the complex over 2+ years at $985K.

The most recent public-market sale was at 1202 Tennyson #1 (3br/3ba, 1750 sqft.) at $880K in Sept. 2013. (However, tax records show that an off-market sale at 1202 Tennyson #2 closed in late April at $975K and was just recorded officially last month.)

The Tennyson townhome complex is notable for a few reasons:

  • It's much more dense development than you typically find in the area.
  • The units back up to commercial (notably the McDonald's drive-thru).
  • The newer homes are solid and fresher than most comparable housing stock in MB.
  • Prices by the square foot are inexpensive in Manhattan Beach terms. The latest is just $561/PSF.

When you just want a reliable, clean, newer home in the ZIP code, according to MB Confidential, these units show their value for the buck.

Want more of the most up-to-date Manhattan Beach real estate market information and search tools? See the blog at www.mbconfidential.com.






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