Are you looking for a great deal in Manhattan Beach?

As of the date of this post, there are currently 163 listings in Manhattan Beach that are "active" in the MLS. When you throw in FSBOs, agent "pocket listings", Zillow "make me move", etc. the number is probably around 200.

The lowest price listed in the MLS is 1446 Manhattan Beach Blvd #1 which is a 2 bedroom lower level condo that has been on the maket for about 9 months. The highest price is 1600 The Strand at $13,500,000. So, there's a lot to choose from.

There are 126 Single Family Residences starting at $599,900 for a 951 sq ft 3 bedroom, 1 bath on Aviation. The balance of the homes are condos and townhomes.

Per the data in the MLS, over the past 30 days 36 homes have closed. The lowest priced being 1713 Wendy Way for $775,000 and the highest priced being 511 Pacific Avenue (see picture) at $5,250,000 which was a short sale listed at $5.750,000. We presume the bank didn't want that one on their books as a foreclosure. Ouch.

So, with 163 active listings and about 36 sales over a 30 day period, we have about a 4.5 month supply on the market. New listings, however, are still hitting the MLS at a faster rate than they are being absorbed which means there are deals.

The best properties to look at are those that have been on the market for a while with no price reduction and where the owner has equity. You want to get your offer into the seller before the price is reduced in the MLS: basically at the point of "capitulation" when the seller and the agent truly realize there is not a market at the current list price. Your next best option on a deal is a viable short sale meaning hopefully that there is only one loan or that the first and second are both with the same servicer and investor. If you can submit your offer early enough in the process, even before an NOD is filed, there may be enough runway for a successful close. Lastly, if you are fortunate enough to find an REO that fits your needs, you may wind up with a gem at 5-8% below FMV.

Please feel free to contact us with any questions regarding Buying or Selling Real Estate in Manhattan Beach or the Beach Cities: socalistings@yahoo.com or call 310 975 5139.

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