The real estate market in Manhattan Beach never ceases to amaze me – especially lately. The inventory is tight and it doesn’t appear that it will loosen up anytime in the near future. With all the prime properties either sold or in escrow, investors and traditional buyers are forced to look for homes on streets they previously wouldn’t have considered.
This past Saturday, four homes on the same street (two townhouse buildings) went into a pending status after being on the market for almost a year – 330 days to be exact. All four have the same floor plan and all have 1,850 square feet of living space. Let’s take a look at each home’s particulars and then try to figure out what happened.
224 Marine Ave & 225 Marine Place
These townhouses offer views to die for: P.V. Catalina to Malibu. They feature some nice interior touches as well, such as a gourmet kitchen with stainless appliances, granite countertops and a dumbwaiter.
Other highlights include bamboo and travertine flooring throughout vaulted ceilings and lots of natural light from the skylights. 224 and 225 Marine Place were each originally offered at $169,900 but went under contract with a list price of $1,499,000. It will be interesting to learn what the sellers finally accepted for the homes.
228 Marine Ave & 229 Marine Place
These custom-built (in 2006) four-level townhomes were originally listed at $1,599,000 and by the time they went under contract the prices had been reduced to $1,350,000.
Both have gorgeous interiors with 3 bedrooms, great rooms with fireplaces and master suites with spa-like bathrooms. The two-car garages provide direct access to the homes and each has a guest parking spot.
Homes on Marine Place offer both blessings and a curse. The former includes panoramic ocean views, walking distance to the Strand and all it has to offer and walking distance to the pier.
The curse is the noise level from Marine – a drawback for those homebuyers planning on being owner-occupants.
It appears that an investor may have purchased both buildings on the same day, thus the four homes going into a pending status simultaneously. This provides further proof of just how tight the current inventory is – even properties on less-than-desirable streets are being snatched up.