Tuesday, March 24, 2015

Manhattan Beach CA Real Estate Market Trends

Months of Unsold Inventory
For all the talk about low inventory, there appears to be more homes available in Manhattan Beach than in the other Beach Cities. Buyer's frustrations may be more centered on the price points (high) or condition (either amazing or horrible with little in between).

Currently there are 53 active listings with 46 properties in escrow (MLS status either "backup" or "pending"). So far this year there have been 63 sales with 23 of those being logged in March and a rather paltry 21 in January and 19 in February. Seasonal softness most likely.

While there's no doubt that per the usual standard measurement - less than 90 days of inventory on hand, Manhattan Beach remains a "seller's market".  How much so depends in large part on whether you analyze the ratio of existing sales compared to sold properties or in escrow properties.

Absorption Rate
If we are looking at sold sales and for two months we averaged 20, then 53 appears to be 2 months plus of inventory which is very healthy compared to other local cities.

On the other hand if we are considering the 46 in escrow plus what we are seeing happening so far in March, a more reasonable measurement might be that we have about a month and a half of available inventory currently.

To digress a second, one of my favorite statements is that if you were doing a study on the relationship between tall people and income and only looked at NBA players your logical conclusion would be that you have to be tall to make any money. In other words, data, analysis, statistics is the map and not the territory in many instances.

In the case of inventory, what is going on now very broadly is that desirable properties that are priced right are selling quickly with multiple offers while others, for whatever reason, sit on the market and linger distorting the true data of availability.

Saturday, February 21, 2015

Mid Century Modern House for Sale Manhattan Beach Tree Section

Mid Century Modern Ranch in the Tree Section
I like it. I like it a lot. And I'm not surprised by the new construction Mid Century Modern house that just hit the market at 2412 John St in the Manhattan Beach Tree Section (MLS Area 143) west of Sepulveda.

I've been predicting for a while that there would be a push back to the enormous MacMansions that were the de facto standard for new construction in Manhattan Beach for quite a while. And I've also been calling it that there will be more demand for Mid Century at the beach. This listing combines both of those thoughts. (And no I do not think I'm particularly clever.) Of course being only one level the living space will be less than the MacMansions. This house is 1890 sq ft per the builder with 3 bedrooms and 2.5 baths on a 5060 sq ft lot. Currently listed for $2.799M.

This property has some great authentic features such as transom windows, radiant heat, solar power and more. Just take a look at the pictures, they really tell the story.

Thursday, February 12, 2015

How Accurate are Zillow Home Valuations in Manhattan Beach CA?

Read this Book
Let me start by saying that unlike many Realtors, I like Zillow. I'm a Five Star Premier Agent with 55 published reviews. They have some amazing data and analysis. I just read their new book. Really liked it. Whether you are an agent a homeowner, buyer, or just interested in the market, you should definitely read it too.

Now that that's out of the way, let's get to the little secret that even their Zillow acknowledges (sort of). The "Zestimates" just aren't very accurate. At least not in the Beach Cities and certianly not in Manhattan Beach. Zillow says that the Zestimates are a good "starting point". I'm not even sure I would agree with that. They're maybe an indication of price. As long as the wind isn't blowing.

In the LA area, Zillow admits that only 36.8% of the homes sell within 5% of Zillow's value. That's not a very good track record in my humble opinion. Would you get on an airplane if 6 times out of 10 it got within 5% of your destination? I think not.

Here's some real life examples of recent (this week) Manhattan Beach sales.

Saturday, January 24, 2015

Manhattan Beach Hill Section Mansion

Wow. What can you say about this one? "Own your own block in this prestigious area of the Manhattan Beach Hill section. Enter a secure gate to a private courtyard with swimming pool, Jacuzzi, Bbq and outdoor fireplace. Dramatic 2 story entry with limestone floors and custom high ceilings throughout. Huge family kitchen with state of the art appliances, butler's pantry, granite counters and breakfast bar, formal dining room, living room with custom designed ceiling, laundry room and 3 car garage with 3 additional spots in your driveway. Large, yet comfortable great room offers a 74" screen and surround sound. Custom wood beam ceilings and Lutron lighting system throughout. Downstairs "basement" boasts your choice of a perfect playroom, gym or theatre complete with a wine cellar. All 5 bedrooms are upstairs. The master suite offers a huge walk-in closet, double fireplace, sitting area and master bath with heated marble floors. This is a terrific family home located close to Manhattan Beach's downtown area with terrific shopping, outside seating areas and sophisticated restaurants. Make this your home and take advantage of Manhattan Beach's award winning schools." Listed by Shorewood Realtors MLS SB15011430. $6,499,000.

If you are not familiar with the Manhattan Beach Hill Section, think Beverly Hills with ocean views and surfing.

Wednesday, December 10, 2014

Real Estate Market Stats

If you've been trying to buy a home in Manhattan Beach CA 90266 in any price range you know how competitive it is. It is a very hot Seller's market with prices having gone up over 16% in one year and more increases set to come (but not at quite the same pace).

The median home value in 90266 is $1,856,800. 90266 home values have gone up 16.7% over the past year and Zillow predicts they will rise 5.0% within the next year. The median list price per square foot in 90266 is $908, which is the same as the Manhattan Beach average of $908. The median price of homes currently listed in 90266 is $1,899,000 while the median price of homes that sold is $1,967,500. The median rent price in 90266 is $4,950, which is the same as the Manhattan Beach median of $4,950.

Friday, December 5, 2014

New Construction Homes for Sale in Manhattan Beach CA 90266

I've been writing about new construction homes in Manhattan Beach CA for a while now and find that this is a topic of interest to both buyers and sellers. Why is that? Most new construction will sell at a premium to resales and then the market adjusts accordingly. So the newly built properties become the yardstick and set the pace for the over all real estate market in any area.

Here's what's happening in the builder market right now.

228 38th St and 229 Rosecrans Place are a pair of attached townhomes offered by Mike Pennings in El Porto. These units are west of Highland, have great ocean views with disappearing sliders opening to the outside and all the amenities you would expect. The condo units are built on 35 x 90 lot and each is a 3 bedroom around 2100 sq ft. Pricing is $2.5M and $2.6M.

Next up is a Tree Section 5 bedroom 4.5 bath Cape Cod style single family house (SFR) that is approximately 3700 sq ft on a 5400 sq ft lot. 750 35th St is an amazing open and versatile floor plan with high ceilings, wide plank hardwood flooring, Sub Zero and Wolf kitchen. Priced at $3.275M.

Sunday, November 23, 2014

Manhattan Beach Strand Homes: Beachfront Properties for Sale

It was a great week for beachfront home buyers on the Manhattan Beach Strand: 2 properties closed escrow this week. To put that in some perspective, previously this year there were only 2 other Manhattan Beach Strand homes sold and 2 in Hermosa Beach as well.

If you have never been to the South Bay Beach Cities and are not familiar with the "Strand", here's a little bit of background to get started.
A paved path, called The Strand, runs along the coastline from Torrance Beach in the south approximately twenty miles north to Santa Monica and stops at about Pacific Palisades. There are beachfront ocean view homes along The Strand in Manhattan Beach and Hermosa Beach CA.
Northward from Manhattan Beach there are no homes in beachfront homes in El Segundo CA but you will find beachfront housing in Playa Del Rey and other coastal communities to the north.
In South Redondo Beach, the homes the closest that you can own a home to the oceanfront is on "The Esplanade" which in general is set further back than The Strand. The bike and walking path continues after the Redondo Pier but not the houses. People may confuse The Strand with a "boardwalk." The Strand is not considered a "boardwalk," because it is not made out of wood boards.

Tuesday, November 18, 2014

Home Values in Manhattan Beach CA

Manhattan Beach Real Estate is highly desirable and many homes are currently selling at or above their previous highs. So how much is your home worth today? You can follow this link to find out or even better yet call me at 310 975 5139 for a personalized automated market valuation and sales price.
Visit ellisposner.smarthomeprice.com for your free automated valuation or ellisposner.nameyoursellingprice.com to tell me what it will take to make you move.

Sunday, November 16, 2014

Ocean View Contemporary Manhattan Beach Sand Section Townhouse for Sale

So every week in addition to numerous private showings of my listings and the properties my buyer clients are interested in I preview even more houses on the Broker's Open House tours in Manhattan Beach, Hermosa Beach, and Redondo Beach. Sounds more like fun than work, right? Well for me it is because I love Real Estate and what could be a better way to spend your time than listing and selling homes in the Beach Cities?

My favorite new Manhattan Beach MLS listing this week is a 3 bedroom, 3.5 bathroom attached townhouse located at 2305 Bayview Dr in the Manhattan Beach Sand Section.

Years ago I lived on 6th and Bayview and it is really a great street so don't make the mistake of thinking it's just an alley and ruling this property out. It is one of the nicest contemporary townhomes you will find this close to the Strand.

Friday, November 14, 2014

Manhattan Beach Real Estate Market Trends

Whether you are buying, selling, or investing in real estate, it's always interesting and informative to take a look at market trends. As homeowners we always like it when property values are going up but as buyers we look for signals and indications that prices are declining. Of course as soon as we buy we then look for data to validate that the home values are on the rise.

Here's some interesting data I was just reviewing.

Looking at the median home price compared to what is selling, it tracks fairly closely as would be expected as a purely mathematical function. Around $2 million is what buyers should be looking at in Manhattan Beach realistically.

At the upper end of the market, above $3M, properties will be on the market longer. As a result, the absorption rate changes. Find out how much your home is worth at ellisposner.smarthomeprice.com.

Monday, November 3, 2014

5 Star Zillow Beach Cities Agent

I just hit a milestone I'm very proud of: 50 Five Star Reviews on Zillow. In fact Zillow even sent me a congratulatory email so it must be kind of a big deal. I also closed 27 transactions over the past 12 months, over half of which have been in the Beach Cities: Manhattan Beach, Hermosa Beach and Redondo Beach CA.

Real Estate Agent Ellis Posner

I just want to take this opportunity to say thank you to all of my clients who have been kind enough to publicly support me with their kind words and reviews on Zillow and Trulia. I know that when it is time to buy or sell Real Estate there are a lot of agents to choose from and it has been my privilege to be able to help so many wonderful families and individuals with their home purchase or listing in Redondo Beach CA.

Tuesday, October 28, 2014

Manhattan Beach CA Top Real Estate Brokerages

Over the last few years the Real Estate industry has certainly seen the large brokerages lose a significant number of their top producing agents. We've also seen an increase in the number of independent and smaller brokerages who have been able to flourish in the new environment where both buyers and sellers rely more on Real Estate portals such as Zillow, Trulia, Realtor.com and others to disseminate information that previously was only in the hands of the Real Estate agents and brokers. In fact, these days it is not uncommon for buyers to know as much, or at times more, than their agents might.

In Manhattan Beach we've certainly seen the continued dominance of two long time Beach Cities brokerages, Shorewood Realtors and South Bay Brokers. Even so, over the past year neither one had a greater individual market share than "all others" did.