I was just looking at some new Manhattan Beach Real Estate listings that hit the market this week and I have to ask, "Are we jumping the shark"? If you are not familiar with that phrase, it comes from an episode on the TV show "Happy Days" from back in the 70s when Fonzie (aka The Fonze) was water skiing and jumped over a shark. Wearing a leather jacket. Really. Watch the video. This is bad TV. I guess that's why I was never a fan of that show or probably even watched.
So maybe we haven't jumped the shark in Manhattan Beach Real Estate prices but I can't help but think maybe we missed a step somewhere in what has been some rather rapid price appreciation over the past few years.
We're now seeing increments that I don't see supported by any recent sales and have to wonder if the prices are now moving up in multiple million dollar increments and if so, can that be supported.
Let me preface the rest of my comments with I am not implying that these homes are not worth the asking prices, only question how we got here so quickly. Maybe we didn't jump a shark but sure seems like a big leap to me.
The first one that caught my attention was 125 2nd St which is a pretty amazing property on a South End walk street listed for $10,300,000 by Shorewood Realtors. That equates to $2419 SqFt for the estimated 4258 SqFt house. Yes, the home is exquisite and yes it has amazing views and being on a walk street definitely somewhat more private than on The Strand. You can see pictures of 125 2nd St here. Following is a screenshot of the MLS listing.
|125 2nd St MLS Screenshot|
Just when I was digesting that one, along comes 108 The Strand, even larger, newer, and of course better views. For $19,985,000. Here the MLS screenshot for that one.
|108 The Strand MLS Screenshot|
And in the Hill Section, 712 John St for $13,500,000.
|712 John St MLS Screenshot|
So, to repeat, amazing homes in the ultimate beach locations and these may even be bargains if such a thing exists anymore. Just not sure how prices got here that quickly.
And here's what I mean.
Since Jan 1st of 2015 (basically the last 13+ months), there have only been 14 sales in Manhattan Beach over $5M and one over $10M.
The only property that sold for over $10M was on The Strand and most likely purchased for a spec house by a builder.
So will the public support these price points? Remains to be seen but maybe as long as we are less expensive than Malibu, all's good. Apparently David Geffen just sold his Carbon Beach compound for $85M after listing it for $100,000,000. Makes ten and 20 million in the 90266 seem more likely to happen for sure!