What's Hot in MB Real Estate (5/24/16)
May 23, 2016 02:34PM ● Published by Jeanne Fratello
But according to Realtor and MB Confidential author Dave Fratello, activity is also moving quickly, with buyers and sellers making deals at all price points.
"This is not a slow market. There are some really interesting deals happening right now at all price points," Fratello said.
As MB Confidential recently noted, housing inventory has been at 100+ since April, and that lofty number now appears to be the "new normal."
For comparison, there were just 57 listings citywide on May 15 in 2015 – meaning that inventory has more than doubled since last year.
And now that buyers have more choices, they possibly have more leverage with sellers in this new market.
One example of a "screaming deal" found in the current market, according to MB Confidential, was over in the Trees at 724 36th (4br/4ba, 3350 sqft., on a 5200 sqft. street-to-alley lot). Launched at $2.650M in March, it made a quick $500K and -19% adjustment to make a deal happen. The house closed at $2.152M.
"That's a lot of house for not too much more than land value," Fratello observed.
And yet those properties that are high in demand are still, well, high in demand. A South End walk street property selling for land value just closed at $300K above asking. 404 4th (3br/1ba, 1016sqft. on a 2706 sqft. lot) listed two weeks ago at $3.4M and just posted its final sale price at $3.7M.
Then there was the Aviation Place condo that blew through previous price records. 301 Aviation Place (3br/3ba, 1700 sqft.), just became the first condo in that development to surpass the $1 million mark, with a sale price of $1.077M.
MB Confidential also spotlighted another interesting trend in East Manhattan: There are now 9 active large SFRs priced between $2.7M-$3.0M. So far in 2016, there have been a total of just 3 closed sales in East MB in that price range. Buyers, are you listening?
For the most up-to-date ticker on Manhattan Beach real estate activity, see MB Confidential's Manhattan Beach Dashboard. MB Confidential's latest bimonthly spreadsheet on Manhattan Beach real estate market activity is available here.