Tuesday, January 17, 2017

Manhattan Beach Hill Section Homes for Sale



About the Manhattan Beach Hill Section


Homes in the Manhattan Beach Hill Section are highly desirable. The neighborhood, which as you may have guessed is on a hill, is bordered by Pacific Coast Highway to the East, Ardmore Avenue to the West, Manhattan Beach Blvd to the North and the City of Hermosa Beach to the South.

The Hill Section is comprised primarily of Single Family Residences (SFRs) including some of the largest homes in Manhattan Beach.

Many of these properties are also on large lots and have either city, mountain, or ocean views. Or all three.

When you are situated on the West side of the hill, you will enjoy sweeping views of the ocean from Palos Verdes to Malibu and beyond. If you find yourself on the North or East side, you can often have incredible views of the glimmering lights of Downtown Los Angeles.

In addition to the large lot sizes and views it is a fairly easy walk or bike ride to the beach or downtown from most Hill Section homes in Manhattan Beach.


Manhattan Beach Hill Section Home Prices


Hill Section Homes are some of the most expensive in Manhattan Beach. This area does not see as much turnover as the Sand Section or Tree Section, also location West of Sepulveda in Manhattan Beach.

During calendar year 2016 there were 32 sales in the Hill Section compared to 26 in 2015 and 34 during 2014.

For 2016 prices ranged from $1,357,000 for a 1558 SqFt 3/2 on a 3439 SqFt lot up to $8,950,000 for a 6 bedroom home that is over 7000 SqFt on an over 9000 SqFt lot.

Out of the 32 sales, only 3 were townhomes and all those were located on Manhattan Beach Blvd.

Here's some other statistics for 2016 sales.
  • Average Selling Price: $3,349,037
  • Median Selling Price: $2,915,000
  • Average Days on Market: 58
  • Average House SqFt: 3112
  • Average Lot Size: 6685
  • Sold Below ML List: 23

Manhattan Beach Hills Section Homes for Sale | MLS Listings

Sunday, January 15, 2017

Manhattan Beach CA Home Values: CMA vs AVM




Automated Valuation Models and Comparative Market Analysis


If you are a homeowner thinking of selling, most likely you will want to start with "the comps" as in "how much is my home worth?".

Most Sellers turn to authority websites offering automated valuation models (AVMs), the most well known of which is the "Zestimate" from Zillow.

These online tools work on algorithms of recently sold homes to come up with a value. The algorithm looks at data from the public records such as SqFt of the home and lot, bedroom and bathroom count and age of the house. As such, they are just as likely to be correct as not.

Here's why.

The AVM does not know if your house has a new roof, new wood floors or an updated kitchen and your neighbors does not. Or if your house is on a quiet street and the one being used for comparison is on a busy street. The AVM is not looking at the finer points that make pricing homes an art more than a science.

When deciding to list your home for sale, often your Realtor may present a CMA also known as a Comparative Market Analysis. The problem with many CMAs is that if the wrong comps are used the wrong conclusion can be drawn. But, in general, it does make sense to take a look at properties for sale, properties currently under contract and recently sold listings. Hopefully the Real Estate Agent uses the right comps.


Broker's Price Opinion


A variation of the CMA is the BPO standing for "Broker's Price Opinion". This is usually used by banks as part of the foreclosure process and has some more stringent criteria than a CMA. If you are selling your home as part of a corporate relocation and a "relo" company is involved they may order a BMA which is similar to a BPO.

Appraisal


Lastly, there is an Appraisal from a licensed appraiser. The appraiser will utilize the sales comparison method, what we call "comps" as well as other approaches and then make further adjustments or reconciliations that he or she is trained to calculate. Please note, your value from an appraisal perspective may be different than for a refinance.

For a personalized CMA or for tips on Selling Your Home for the Highest Price Possible contact Ellis Posner at 310 975 5139.

Tuesday, January 3, 2017

Manhattan Beach Home Sales | December 2016 Market Trends


December Sales Overview


There were 24 closed escrows in Manhattan Beach CA during December of 2016.  By comparison there were 14 homes sold in Hermosa Beach and 43 each in South Redondo and North Redondo Beach CA.

Please note, the final end of year results for Manhattan Beach will be posted and discussed separately on this site.

(To skip the discussion of December sales and see all the closed listings, scroll down to the bottom of this page for full descriptions, pictures and more.)

This is a decline from the 33 sold during November and the 43 closed escrows in October. Not a very exciting trend line for Sellers, but don't panic quite yet because there are 27 properties in escrow.

With 74 available listings as of this post that puts us just barely within the 3 months of available inventory based on either a sold or under contract calculation that defines a Seller's Market (but just barely).

Pre December, the average sales price YTD has been $1,933,068 and the median price YTD is $1,570,000.  For December the average sold price was $1,990,188 and the median was $1,787,500.

Prices for December ranged from $687,000 for a 2 bedroom condo on Artesia Blvd up to $3,525,000 for a 1782 SqFt house on a walk street in 300 block that appears to have sold to a developer. Curiously the most expensive sale in Hermosa Beach for December also went to a builder. So maybe the developers know something the public doesn't as they seem to be very bullish and acquiring a number of lots right now.

Nineteen properties sold below the MLS list price, 3 over and 2 at the list price. For the properties that sold over the asking price, the DOM was 6. The average days on market for all properties for December was 36 but removing the 3 that sold for over asking we are at 40.

Before we look at the sales, here's a quick thought.

The Seller's Market we saw in 2015-2016 will continue through 2017 and many listings will continue to receive multiple offers and sell quickly over the asking price if they are priced and presented correctly.

Prices will continue to go up but at a slower pace than the previous two years. Zillow considers the market temperature in Manhattan Beach to be "Neutral" and I tends to agree.

So if you are thinking of selling your home in 2017, while the general market conditions are all in all still somewhat favorable, it will now be more important than ever before to make sure that your listing is exposed across many channels (including this one) with professionally shot photos and videos, and that your home shows really well or is staged. And price it to sell! That's clearly what the "market" is telling us.

Let's look at the activity by area.

Wednesday, December 28, 2016

Top Rated Manhattan Beach Real Estate Agent



Hi, I'm Ellis Posner, a local Realtor experienced in the Beach Cities. But don't just take my word for it, read and some testimonials and  reviews from clients who initially found me on a site like this or Zillow or Trulia.

I've lived in the area for 30 years in Manhattan Beach, Hermosa Beach, and Redondo Beach. I guess that means I move around a lot but you would too if you were looking at houses all day every day!

I understand the needs of both Buyers and Sellers in this community.

I've seen almost every listing for sale over the last decade and longer. I know the history of these properties and the back story of what's going on in most instances.

Whether you are Buying or Selling a home, I'm available to help you.

Buyers and Sellers Need Arm's Length Representation


Quite possibly one of the biggest mistakes many Buyers and Sellers make is not working with the right agent. This can cost you time, money or both. Hint, your friend who just got their license or cousin from out of the area is probably not the right choice here. It is also not the best idea if you are a buyer to just make offers with the listing agents. They represent the seller, not you.

If you are a buyer, what the agents know that no app or website knows is a) what is really available for sale and what's not, b) what is coming on the market and when (top agents network), c) which sellers will take less and which homes will sell for more, d) how the process works, and e) how to get stuff fixed i.e. roofs, plumbing, electrical etc. (no home is perfect). And that's the short version of the list.

For sellers, we know how to properly prepare your home for sale, stage it, market it, have repairs done and which buyers are most likely to perform.

And most importantly, I'm involved in over 100 Real Estate negotiations per year and know how to get things done.

Pro Tips Sellers

Tuesday, December 27, 2016

232 30th Pl Manhattan Beach 90266 for Sale


Manhattan Beach Sand Section House for Sale


This is not just a custom built home, this is an experience. Indescribable, panoramic, ocean, whitewater and sand views from PV to Malibu and every pier and marina in between. Words and pictures cannot do the views justice. They must be experienced in person. The accordion doors from the living area to the deck can be opened for an unobstructed view of the surf from the comfort of your own couch. Sound proofing in the walls and double pane windows ensure the only sound you hear is the crash of the waves below. The Crestron automation system allows you to control your living experience from your smart phone, tablet, or remote control. Even when you're not home. Lighting, sounds, climate and security system all at your fingertips. A Sonos sound system is built into every room in the house, including the deck and garage, for the ultimate listening experience. No expense was spared. The top level hosts the kitchen and living room boasting quartz countertops, African wenge cabinetry, white oak wood floors and top-of-the-line Thermador stainless steel appliances. The middle level consists of 3 bedrooms, including the luxurious master suite with ocean view, as well as the "brains" of the house. On the entry level you'll find the 4th bedroom with en suite bath, laundry room and an outdoor shower. A few short blocks to one of the best beaches in Southern CA and less than a 5 min stroll to the shops and restaurants. SB16752461

Saturday, December 10, 2016

Manhattan Beach Condos and Townhomes for Sale



What's the Difference Between a Condominium and Townhome?


This is a very common question that buyers often have. It often comes up during the loan process when the lender informs the buyer that the rate for a condo is higher than for a Single Family House (SFR) and the buyer is utterly confused because they are buying a Townhome and don't know why the lender is referencing anything to do with condominiums. Confusing, right?

In CA a residential property can be either a SFR (think a house sitting on its own lot), a condominium, or part of a planned unit development (PUD). An example of the latter would be Manhattan Village.

From a lender perspective, PUDs are more likely to get the same interest rate as SFRs.

From a stylistic perspective, when most people think of condos what comes to mind are flat, apartment like dwellings in a larger multi story building. Townhomes are usually understood to be mutli-level dwellings most often with their own direct entry from the street and often with attached garages.

MANHATTAN BEACH MLS LISTINGS | CONDOS and TOWNHOMES


These are all the Townhomes and Condominiums currently for sale in Manhattan Beach CA.The list will update in real time whenever you visit this page.

For the mobile optimized version follow this link.

Sunday, December 4, 2016

Manhattan Beach CA November 2016 Property Sales


Manhattan Beach November 2016 Overview


"So, how's the market doing?" is probably the most common question Realtors hear.

In Manhattan Beach, as we wind down 201, the market is very strong. The inventory build up seen earlier in the year has balanced itself and we still remain in a very stable Seller's Market.

There were 33 closed escrows in Manhattan Beach CA 90266 during November of 2016.

If you would like to skip the commentary and just see what sold, scroll down to the bottom of this page for full descriptions, pictures and more.

This is an decrease of almost 25% from the 41 homes sold in 90266 during October.

But before you hit the panic button (or jump for joy if you are a buyer), as of this posting there are 37 properties in escrow and it is fair to assume most of them will close during December.

With only 76 available active listings in Manhattan Redondo Beach (which is a huge drop off from earlier in the year), this is still a fairly strong Seller's Market with around 2 months of inventory on hand.

To out things in perspective, during November,  there were 39 closed escrows in North Redondo Beach, 16 in Hermosa Beach and 32 in South Redondo Beach CA.  Considering that Manhattan Beach sells at a higher price point, the market is certainly solid.

Year to date through November in Manhattan Beach there have been 367 closings putting us at an average run rate of just about 33 properties per month.  In that regard, November was totally on par with the YTD run rate.

The average sales price YTD has been $2,426,902 with a median price of $2,087,500. These numbers, as are all others quoted in this post, are properties reported as sold through the MLS and do not include private sales.



For the month the average sales price was $2,225,187 and the median was $1,900,000. Both are below the YTD numbers.

If you are a home owner thinking of selling those numbers are certainly not well received. For buyers possibly very encouraging.

You may have heard the statistic that Manhattan Beach has more $1M and higher homes than anywhere else in CA and that certainly held true for November.

The lowest priced sale for November was $1,070,000 for a two bedroom 783 SqFt SFR on Harkness.

The highest priced sale was $4,650,000 for a 2016 built SFR on John St (listed by Teles Properties).

Twenty one properties sold below the MLS list price with the balance selling for the last list price or over. That certainly shows a major disconnect between where sellers or their agents think the market is at and what buyers will actually pay.

And for those counting, the average days on market for November was 46.

Let's look at the activity by area. The Multiple Listing Service (MLS) separates into 6 separate areas as discussed below.

Monday, November 28, 2016

Tree Section Homes for Sale | Manhattan Beach CA


About the Manhattan Beach Tree Section


The Manhattan Beach Tree Section is located west of Sepulveda Blvd, south of Rosecrans and, north of Manhattan Beach Blvd and stretches to the border of the Sand Section to the west.

In the Multiple Listing Service this neighborhood is defined as Area 143.

So why is it called the 'Tree Section"? Is it all the trees or the street names.

Even though you find far more trees than other parts of the Beach Cities,  the "Tree Section" moniker derives from the names of the streets like Elm, Oak, Poinsettia, Palm, Laurel, Maple, Pine, etc.

The Tree Section is one of the most desirable neighborhoods in Manhattan Beach.

You can actually have a bit of a back yard and still  can walk to the beach and downtown without crossing a major street. This area feels safe and quiet, and a bit rural with all the trees. You’ll notice that many of the streets have no curbs or sidewalks. Street parking is free and usually plentiful.

Just like the rest of Manhattan Beach, the Tree Section is in transition. You will find a few original bungalows built in the late 40’s to mid 50’s. Most have been remodeled over the years to add a second bath or a family room or to update the kitchen.

In the last 20 years, many of the original Manhattan Beach homes have been replaced with new, multi-story homes designed to maximize the livable square footage permitted on the lot.

The majority of elementary school students in the Tree Section attend Pacific. Those living in the north-west section attend Grand View.