Manhattan Beach Foreclosures

There are currently two REO listings in Manhattan Beach: 3212 Vista is listed for $1,455,900. 1315 11th St is on the market for $1,470,000. For more details, you can click here.

11th Street (pic) has been on the market since March 9th and has not had any price reductions. It should be priced closer to $1.2M. The property - which wasn't the highest quality construction to begin with - has been trashed and stripped. It will take at least $200,000 to put it back into any kind of liveable shape. The kitchen and bathrooms have been entirely stripped out and its downhill from there.

Vista is probably a good deal for the right buyer at the current price. It looks like the first lienholder is into it for about $1.4M. At $1.45M, a buyer may still want to invest another $150-200K. They would have a SFR for a little more than a townhome in the area may cost.

There are also two REO listings in escrow. We thought 1461 12th St #C was very aggressively priced out of the gate. That particular listing agent has, in our opinion, been pricing REOs below FMV and getting multiple offers. We are in escrow with him on another property that did sell for about 5% higher than list and appraised. A good strategy to get business done.

939 Duncan is not your typical Hill Section product. It was listed at $2,040,000 and we'll be curious to see what it closes at. Apparently, there were issues showing it due to tenants, but the listing did not include any reference as to the bona fides of the tenancy as 946 10th Street did.

If you want to search for foreclosures, click here.

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