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What's Hot in MB Real Estate (6/30/16)

Jun 30, 2016 10:11AM ● Published by Jeanne Fratello

Manhattan Beach real estate inventory has continued its upward trajectory, hitting a new high this week of 129 homes for sale. But following the traditional summer slowdown in market activity, a significant number of properties have taken price cuts, leading local real estate blog MB Confidential to call it the "Summer of Cuts."

"A word to the wise: If you don't sell at once, and start cutting, buyers who do come are in a mood to negotiate further still," said MB Confidential blog author and local Realtor Dave Fratello. "That's how the wind's blowing."

MB Confidential enumerates 19 cuts just this week, across all segments of town, ranging from more than $400,000 to a mere $500 (on a $3 million listing).

A Hill Section home at 934 Duncan (5br/5ba, 4050 sqft.) has just cut $449K to to $3.350M. And on the other side of town, a modern glass home in the South Martyrs neighborhood at 610 12th St. (4br/6ba, 4250 sqft.) has made cuts totaling more than $750K off its original price back in February (in an earlier listing). It is now priced at $5.995M.

Even East Manhattan is not immune: 1131 8th (5br/6ba, 4400 sqft.), a custom Mediterranean that began at $4.000M in May, has now made 3 cuts worth 13% total to $3.479M.

"So how will you sell in this environment? Pricing and patience," says Fratello. "And if you need to, cuts."

Meanwhile, two new construction homes in the Liberty Village section of East Manhattan have recently found buyers. 1304 Lynngrove (5br/6ba, 3750 sqft.), a high-gloss, ultramodern new home that launched at $3.199M went into escrow when it was last priced at $2.599M. And 1901 Lynngrove (5br/4ba, 3400 sqft.), a contemporary "plantation" style new construction home, just went into escrow at $2.699M.

Both of these new construction listings will set new records for the Liberty Village neighborhood (east of Redondo Ave.) when they close up.

Want to track day-to-day changes in Manhattan Beach real estate listings? Keep your eye on the MB Dashboard over at MB Confidential for all the latest updates.

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