Sunday, August 2, 2015

How much is my Manhattan Beach Home Really Worth?


Manhattan Beach Home Values

With the rapid price acceleration we've seen over the last 18 months in Manhattan Beach CA 90266, this is the question that many homeowners are asking themselves. Many properties are selling at or above their previous market highs and there doesn't seem to be any end in sight. At least anytime soon. 

Follow this link for an instant home valuation

But no one rings a bell when we are at market highs - or lows for that matter, and my advice is that if you are just thinking of selling because prices are high, that's probably not the best reason. On the other hand, if your plans are such that you anticipate a change and will be selling sometime in the next 18 months, you might want to consider doing that sooner rather than later. Here's why.

Saturday, August 1, 2015

Homes for Sale in Manhattan Beach CA | Search MLS Listings

These are all the currently active listings from all the Real Estate Brokers, Agents, and Realty companies in listing and selling homes in Manhattan Beach CA. The map and results will also update in real time whenever you visit this page. Single Family Residences (SFRs), Townhomes, and Condos. Houses in the Sand Section, Hill Section, Tree Section, Manhattan Village and East Manhattan Beach.



Wednesday, July 29, 2015

New Construction Houses for Sale | Manhattan Beach CA

New Construction SFR East Manhattan Beach CA

If you are looking at new construction single family homes in Manhattan Beach CA, there's some great choices right now. One of my favorites is 1430 18th St which is a 4600 SqFt 6 bedroom, 6 bathroom SFR on a 7000 SqFt lot with a 1239 SqFt 4 car garage (for us car buffs).

There's a large south facing back yard and 3 outdoor Lanai decks with one built in BBQ Island. The open floor plan provides easy, beach style, modern living. 

If you like quality, and who doesn't this home features top of the line finishes and appliances, butler pantry, walk in pantry, 9.5 inch wide plank Oak floors, Andersen Eagle Series windows, standing seam metal roof, and wainscoting throughout. Some of the other features are:

  • 2 energy efficient heaters
  • 2 energy efficient A/C units 
  • 2 Navien Tankless Water Heaters 
  • 2 Nest Programmable Thermostats 
  • 2 Kohler Farmhouse Sinks 
  • 2 Bosch Dishwashers 
  • 2 Viking ovens 
  • 48" Viking Range with 8 Burners 
  • Prewired for all Home Automation Needs
High End Manhattan Beach New Construction

The property is offered for sale at $3,495,000 and is listed with NWRE Brokers.

Sunday, July 26, 2015

LA Times Hot Property: Home of the Week Listed by Ellis Posner Teles Properties


I am a huge fan of modern, contemporary, steel and glass architectural homes. And we certainly do not see enough of them in the South Bay Beach Cities and Redondo Beach. Well that might be changing somewhat as more and more buyers gravitate from out of state and LA Westside to the South Bay.

I was very excited about the opportunity to list this extremely unique property which is one of the largest homes built at the beach and one of the most unique. My marketing plan always included PR and media coverage and I was very proud when the LA Times selected this home to be the "Home of the Week" in the July 19th online and print editions.

Here's some more:

Tuesday, July 21, 2015

Manhattan Beach Real Estate | Market Report and Home Price Index

So here's a tale of 2 South Bay Beach Cities or more accurately a home price index of Manhattan Beach and Hermosa Beach. (Please note - these numbers are for Single Family Residences only.)

The reason I post this is because as more and more buyers have been priced out of 90266, they start to look at 90254. Fair comparison? Maybe, maybe not. Manhattan Beach will always be more desirable, expensive and prestigious exemplifying one of the most sought after Southern CA luxury beach housing markets. But Hermosa has changed and is not far behind in many regards.


Here's a few trends I notice - or at least my interpretation of the data. Always curious to hear your thoughts too.

While Hermosa Beach showed a very healthy year over year median price increase of 19%, Manhattan Beach showed off the charts (and most likely unsustainable) gains of 33%. Let's think about that in real numbers for a second. A house bought in Manhattan Beach a year ago for $2M would be worth $2.6M today. Sounds about right to me. Here's why this trend is not sustainable. There just aren't that many buyers who will be able to afford the same house at over $3M next year.

Friday, July 17, 2015

Manhattan Beach Homes for Sale | Land Value


So how much is the sand worth in the Sand Section? No, this is not some Zen riddle. 713 N Valley Drive was just listed for sale for $1,699,000 and is being advertised as being sold for "lot value" with the 932 SqFt house described as a teardown.

The lot is 2371 SqFt so at basically $1.7M that's about $717 SqFt for the lot. Assuming you don't want to spend more than 33% of your final purchase price on the land the house you would have to be able to build on this lot would need to be valued at over $5,000,000 when you are done. I do see Sand Section listings further west priced at $5M +/- on less than 3000 SqFt lots. I'll be very curious as to what happens on this one because it may be a good indication of how far into a bubble we might be.

Manhattan Beach Teardowns and Fixers wanted. I have Cash Buyers!

Sunday, July 12, 2015

Manhattan Beach Homes for Sale | Housing Bubble?


A common question I get is whether we are in a housing bubble in Manhattan Beach and will prices come crashing down again anytime soon.  I don't think we are in a bubble but that depends on how you define bubble. Can there be a price "correction". Sure, anything is possible and the history of Southern California real estate certainly indicates that we can expect periodic ups and downs. But, as in the last downturn, Manhattan Beach did not decline as much as other markets and came back faster. In fact, if anything I would say that consumer confidence is very high as to real estate property values right now (based on my informal non scientific study). Buyers see that after the worst downturn in almost 100 years, we have equaled and in some cases exceeded pre-recession levels. Many of the most prestigious luxury markets are at all time high prices.

I was reading a recent article by Robert Shiller, you know the guy who whose name is on the Case Shiller Housing Price Index. He touches on an interesting point.

Tuesday, June 23, 2015

Is Redondo Becoming the New Manhattan Beach?

Craftsman Style Redondo Beach Newer Construction
So is Redondo Beach becoming the new Manhattan Beach? Well if you are fortunate (and wealthy) enough to buy in Manhattan Beach, not really. For everyone else, pretty much.

But surprisingly what we are also seeing are buyers who can afford the Manhattan Beach price point gravitating to South Redondo Beach, Golden Hills in North Redondo Beach as well as other desirable comparable luxury properties. There's more to it than just having lower mortgage payments, property taxes, and investment dollars tied up in real estate. Some people prefer to be closer to the beach or even have a view at a more attractive price point. Or they just like the more relaxed laid back lifestyle and prefer Riviera Village to let's say Manhattan Village.

With the AES power plant scheduled to come down in its present configuration by 2020 (and who knows what it will be replaced with), a new Shade Hotel set to go up along the waterfront, a major Redondo Pier renovation slated and an increasingly wealthier demographic, Redondo Beach may be the place to be looking if you have been priced out of Manhattan Beach CA.

Saturday, May 23, 2015

Manhattan Beach Homes for Sale: Real Estate Listings

Manhattan Beach CA 90266 is one of the most prestigious luxury beach communities in Southern CA. Homes in Manhattan Beach are highly desirable and many properties sell quickly with multiple offers. Because of the unsurpassable lifestyle, Manhattan Beach real estate is expensive even by Los Angeles standards with the average sales price right around $2.5M and almost nothing available under $1M. Manhattan Beach is home to many professional athletes, celebrities, entertainment industry people, doctors, lawyers and business owners.



For the newcomer, understanding the different neighborhoods, sub neighborhoods and local jargon is often half the battle. Here's a quick guide and intro.
The "Sand Section" refers to the westernmost land and includes both "The Strand" as well as the "Walkstreets". The Strand is the row of homes along the beach facing west. Walkstreets are the streets designed to have no cars drive on them  - hence the name. The Walkstreets "West of Highland" often are on an incline heading down to the beach and many newcomers liken it to San Francisco.  There is a sub neighborhood in the Sand Section known as the Gaslight area - again for fairly obvious reasons.

Going a little further east we hit the "Tree Section" and the "Hill Section".

The Tree Section is found between Valley Ardmore and Sepulveda and is bound on the North by Rosecrans Ave and the South by Manhattan Beach Blvd. Within the Tree Section there are other sub neighborhoods such as "American Martyrs" named after the church. The Hill Section is found west of Sepulveda, north of Hermosa Beach, south of Manhattan Beach Blvd and east of Valley Ardmore. Because the lots tend to be larger than other west of Sepulveda neighborhoods and because much of the land sits on a hill, many of these Beverly Hills style mansions also have ocean views.

Going further east (of Sepulveda) in East Manhattan Beach we find the neighborhoods of Libery Village, Manhattan Heights, Mira Costa (named after the high school) and Manhattan Village which is one of the few gated communities in the South Bay.

Search Manhattan Beach CA Real Estate listings for all property types: condos, townhouses, single family detached houses. View every MLS listing from Real Estate agents in the South Bay Beach Cities and every Broker selling at the beach.

To see the map below in full screen mode click on the "view all" tab on the lower right hand corner of the map below the Google logo. When the results display, use the scroll bar to the right of the homes snapshots to scroll down and see all the homes or click on the green icons.
Local Realtor Ellis Posner specializes in Beach Cities Real Estate and can help you buy or sell a home in the South Bay. Ellis is a Zillow Premier Five Star real estate agent with over 60 reviews.

Tuesday, May 19, 2015

Manhattan Beach Lots, Tear Downs, and Fixers Wanted


Investors, flippers, and builders are all paying new record high prices for lots, tear downs, and fixers in Manhattan Beach CA. Often the transaction is "all cash" and can close in as little as 10 days.

Sellers often wonder what the benefit of selling to an all cash investor or builder is. Whatever the financial vehicle is, financed or not, the seller gets their proceeds at the end of the transaction either way. While that is certainly true, there are other considerations.

First, there are properties that simply can not be financed (appraisal condition C6). This could be because they have structural issues, are not habitable, or won't appraise (although for the most part the last condition is not relevant to this discussion).

Structural issues can mean cracked foundations while habitable may refer to the presence of mold. Even in a city with a preponderance of multi million dollar properties, you do find some with substantial deferred maintenance.


Another reason that homes are sold to investors, flippers and builders is that the sellers need cash fast and the normal listing process and 30 day escrow may not afford enough time. Additionally, when real estate fees are factored in plus termite and other repair work, the cash buyer starts to become more attractive. (Often agents who represent investors, flippers, and builders waive their commission in order to get a "list back".)

If you are considering selling to an all cash commercial buyer here's some things to consider.

Builders typically look to acquire lots at 30-33% of the final project cost. So, if they will build a $3M property, they may want to pay no more than $1M (although there are many instances where they go higher.) If the lot is on a hill, expect something closer to 25% but if it has an ocean view or is on a Walk Street or The Strand, builders will pay more. Often a lot more (no pun intended). As prices are escalating, many builders are "banking" land and holding on for an even more opportune time to sell. So, if there is a habitable house, or better yet a tenant in place, and the property can be leased, that is attractive to a builder as well.

Flippers look for fixers that have "good bones" and need either extensive cosmetic updates or can be enhanced by the addition of more square feet, bedrooms, baths, etc.

Thursday, May 14, 2015

Architectural Contemporary Beach House for Sale with Ocean Views


As I've written often on this blog and others, I am a huge fan of contemporary, modern, architectural homes and design and don't think that (until recently) we've seen enough glass and steel at the beach.

As such, I am very excited to be listing one of the largest and most unique homes in the Beach Cities that is designed and built on the style I love.

With 5320 square feet (plus an 827 sq ft 3 car garage), 6 bedrooms, 7 bathrooms, over 500 sq ft of outdoor decks, one of the largest dining areas and kitchens you will ever find, this home is set up perfectly for either multi generational living or is the proverbial "entertainer's delight".

Other features include a 3 floor elevator with glass doors, strand bamboo floors in all common areas (carpet in the bedrooms), Fleetwood windows and multiple sliding barn and pocket doors that allow for indoor outdoor living, engineered bamboo doors and trims, stainless steel glass guardrails, LED downlights, Grohe and Hansgrohe faucets and fittings, Italian Porcelainosa tiling in kitchens and bathrooms, custom chandeleirs and pendants throughout, 17 foot quartz countertop, Subzero, Wolf, Bluestar Iron Chef in the kitchen and on and on.

Wednesday, April 22, 2015

Manhattan Beach CA Real Estate Home Prices and Trends Report


There's a ton of data available all over the internet for consumers to check home price, valuations, recent sales, market trends, and more. So I have to add mine too (of course) even though I am not, in general, a big fan of Automated Valuation Models  (AVM) such as Zillow. Or anyone else's for that matter. Here's why.

All of these AVMs use algorithms based on house size, lot size, square feet, age, bedrooms, bathrooms and other features available in the public (tax) records. The problem is that the computer crunching the numbers has not been in the house. So, there's just no way to know whether the roof needs replacing or the kitchen has been updated, or whether there is mold and extensive termite damage or brand new floors.

What these reports do provide is a good starting point for the discussion as to the value of any specific property and some over view of the market and trends based on actual sales and other activity.

To get my report for Manhattan Beach CA, visit ellisposner.hometrendsreport.com and follow the directions. For a more precise and detailed analysis as to the value of your Manhattan Beach house and how to increase the value to sell for the highest possible price, contact me directly for a FREE no obligation consultation.

Manhattan Beach CA Home Trends Report