June gloom is here but it's still a great weekend to go take a look at some properties in town. There's a few new listings that have sprinkled in and a few that have sprinkled out. The Sand Section is still REALLY dry with new inventory. There is a lot of the buyers out there waiting to pounce on any new inventory that hits. It seems that any decently priced townhouse under $2M is getting multiple offers within hours of it's appearance on the mls.
Low interest rates have been adding fuel to the fire in our luxury market. Interest rates on a 30 year have increased a bit from last last with 3.375% being the bottom. As of today if you wanted to get a 30 year mortgage the rates from Wells Fargo are around 4%. As rates are expected to rise in the coming years, that will ultimately be the one variable that slows us down.
308 Manhattan Avenue (3 beds/3 bath, 1700 SF) is a single family on a 33X50 lot in the south part of town with un-blockable views from 2 levels. The interior could use some work and updating and you have the eye sore of a house that sits to the south of this property.
The lot next to that is getting a brand new house built by Kim Komick (You know that's going to be nice) with 105 feet of walk street frontage.
With a sticker of $2,299,000 this property is compelling but being on the market for 39 days without a deal, the the market is saying it's a bit high. Around $2,200,000 this one probably goes as there is a bit of juice left for the new buyer to do some remodeling.
301 2nd Street (3 beds/3.5 baths, 2111 SF) is a detached townhouse on a share lot. While this one sits on the north/east corner of Highland and 2nd St it's surprisingly quiet inside. This location gives you full unblockable ocean views including white water, down the 2nd St walk street.
There is value in it's asking price of $1,779,000 as we hear there are already 3 offers, 2 of which are cash with more expected. Within less than 24 hours of it's appearance, the buyers are striking. It's a townhouse in the southend with a walk to town and beach location. Notable comparable sales for this listing include 232 5th Place, 128 1st Place, 133 20th Place, and 117 Crest Drive (Matt represented the buyers on that closing back in March).
215 19th Street (4 beds/4.5 baths, 4261 SF) is located on the popular teen streets build by Ken Johnson in 2002. It's sitting on a standard 30X90 full walk street lot with a south facing orientation. Priced pretty fairly at $4,999,888 this place is somewhat dated inside and could use a remodel.
It was purchased in 2003 directly from the Johnson at $2,408,000. This one has some sales history on it after not selling in 2007 for $4,999,000. It also attempted to sell again in 2008 for $5,000,000 but no takers. It was ultimately rented in 2011 for $10,000 a month.
So if this market is arguably stronger now then it was in 2006-2007 it will see a deal this time around. We'll See. 9th Street has a ton of competition out there with 228 18th Street (our deal of the week) along with 204 16th Street the Matt Morris build.
421 32nd Street (4 beds/4.5 baths, 4252 SF) is located in The Plateaus which is the flat area of The Sand Section in the north end of town. With a running DOM of 33 days thus far, the sellers are requesting a $2,995,000 price. This 2003 Schaar build has a lot of natural light along with a very open feeling and a small sliver of a view.
The Cape Code design is still a build type that is popular today so it has aged nicely. Just 4-5 blocks from the beach the location is good and just a small 8 block stroll to the school, Grand View. This one was purchase in 2003 for $1,875,000 directly from the builder.
The competition here is pretty light in The Plateaus with 468 34th Street priced at $2,725,000 being it's only real contender. 34th St is also open this weekend.
Manhattan Beach Sand Listings