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Manhattan Beach September Real Estate Closings

By Friday October 1, 2010

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Manhattan Beach Real Estate Sales:

1. 644 17th St, 5/6 5406SF, $3,270,000

2. 316 26th ST, 5/5 4160SF, $3,200,000

3. 328 16th St, 4/5 4150SF, $2,950,000

4. 763 33rd St, 5/6 3825SF, $1,850,000
5. 746 26h St, 6/4 3000SF, $1,800,000
6. 329 18th St, 5/3 2208SF, $1,800,000

7. 1720 1st St, 5/5 3596SF, $1,785,000
8. 3213 Maple Ave, 5/4 3537SF, $1,775,000
9. 508 3rd St, 4/3 2700SF, $1,725,000
10. 1236 9th St, 6/4 4292SF, $1,600,000
11. 2005 N Meadows Ave, 4/4 3510SF, $1,580,000
12. 2708 Pacific Ave, 5/4 3400SF, $1,530,000
13. 3513 Vista Dr, 3/3 1900SF, $1,380,000
14. 520 14th St, 4/3 2572SF, $1,355,000
15. 3516 Blanche Rd, 3/3 3013SF, $1,340,000
16. 2308 Elm Ave, 3/2 1664SF, $1,310,000
17. 539 24th St, 3/2 1482SF, $1,300,000
18. 717 12th St, 3/2 1606SF, $1,240,000
19. 1237 8th St, 5/3 2400SF, $1,225,000
20. 4419 Crest Dr, 3/4 1994SF, $1,200,000
21. 3612 Alma Ave, 4/4 2600SF, $1,176,000
22. 1314 5h St, 5/3 2621SF, $1,040,000
23. 224 39th St, 3/3 1536SF, $1,099,000

24. 1504 Pine Ave, 3/2 1593SF, $949,000
25. 1853 9th St, 3/3 2501SF, $890,000
26. 205 Harkness St, 2/1 1077SF, $870,000
27. 1426 19th St, 3/1 1034SF, $853,000
28. 632 Manhattan Beach Blvd #A, 2/3 1424SF, $830,000
29. 716 Rosecrans Ave, 3/1 1136SF, $790,000
30. 1201 Harkness St, 3/1 1082SF, $770,000
31. 3529 Walnut Ave, 2/1 895SF, $765,000
32. 10 Cayman Ct, 2/2 1465SF, $750,000
33. 3 Catalina Ct, 2/2 1465SF, $720,000
34. 926 N Rowell Ave, 3/2 1238SF, $715,000
35. 20 Bermuda Ct, 2/2 1474SF, $705,000
36. 640 Manhattan Beach Blvd #6, 2/2 834SF, $570,000

Manhattan Beach Sand Section Sold Price per Square Foot: $681 (vs $720 listing price)
Manhattan Beach Tree Section Sold Price per Square Foot: $568 (vs $577 listing price)

Five Most Common Mistakes of first time home buyers

By Friday September 3, 2010

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First Time Home Buyers’ Missteps

Wall Street Journal has published a quite accurate analysis of the most common missteps that first-time home buyers make.

Here they are:

1. Underestimating realtors

A lot of first time buyers don’t think they need a real estate agent. They believe all there is to a home purchase is finding the right home and with the massive amount of online listings info these days, they think they will be better off by themselves.

Managing offers, inspections, financing, huge amount of paperwork related to a home purchase, and all the other steps of home buying is what many new buyers do not realize they may need help with.

2. Guessing how much they can afford

Many buyers think they can figure out their finances themselves, as well. They use online calculators to estimate how much house they can afford and miss many factors which come into play like property tax and insurance, maintenance costs, moving fees, association dues, etc… Each home purchase process should really start with finding a good mortgage broker/banker to help with all that.

3. Falling for a “pretty” house

Often times, a house looks good on the outside and first time home buyers fall for it. But, deep care and thorough inspections are advised with any property before making final decisions. You may be surprised what you may find at a closer look…

4. Focusing on the house and forgetting the neighborhood

You can always fix up a house, but you won’t be able to change a bad neighborhood.

Spend as much time as you can in your future neighborhood, ideally on different days and times.

5. Making arbitrary offers

Yes, it is true that prices are low at the moment and in many markets there are more homes than buyers. However, it is a big mistake to assume that sellers will accept any offer and make unreasonable demands. Even in hard-hit markets, nice houses in desirable neighborhoods are getting multiple offers. “Deals” go within few days, often times at prices higher than they were listed at.

If the house has been on the market for more than three months, it should be fine to simply make an offer based on recent sales for comparable homes, foreclosure activity and market trends, and not be afraid to start the bidding low. If the house is new on the market (or recently foreclosed), chances are there are a lot of buyers are interested in it and the best strategy is to offer as much as you can and avoid a bidding war.

 

 

Read the whole article on Wall Street Journal Real Estate

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August Market Update: Pricing Trends plus Properties Sold in Less than a Week

By Wednesday September 1, 2010

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Real Estate Market Trends – August 2010

Beach Cities, Westside Los Angeles, Santa Monica Bay

In spite of really bad economy (still) and multiple warnings on real estate prices going down, there have not been huge price drops in sold property prices in the Beach Cities and Santa Monica Bay areas (largest markets analyzed, for homes and condos respectively: Manhattan Beach, Hermosa Beach, Santa Monica, Venice, Playa Del Rey, Marina Del Rey, West Hollywood, Culver City, Redondo Beach, El Segundo).

Houses

Home prices

- dropped in August 2010 comparing to July 2010 in: Manhattan Beach (5%), Redondo Beach (2%), Hermosa Beach (2.5%), and El Segundo (14%) and

- increased in: Santa Monica (5%), Westchester (1%), and Venice (8%).

Comparing to previous two years, prices show an upward trend in Manhattan Beach, are pretty stable in Santa Monica, Westchester, and Playa del Rey, and clearly lower in Venice and Hermosa Beach.

The best deals on houses one could get in El Segundo (5% below listing prices) and the most competitive proved to be Playa del Rey home market in August.

 

Condos

Condo prices

- dropped in August 2010 comparing to July 2010 in: Santa Monica (9%), Marina del Rey (16%), and Hermosa Beach (15%),  and

- increased in: Culver City (6%), West Hollywood (4%), and Playa Vista (2%).

Comparing to previous two years, prices seem to be quite stable across the board for condominiums.

The most room for price negotiation on condos one could get in Marina del Rey (average 4% below asking prices) and the most competitive was Hermosa Beach condo market in August.

Properties sold in less than a Week

1. 931 10th St #B, Santa Monica

Listed and Sold at $1,350,000 3 bed townhouse built in 2002

 

2. 1400 Chestnut Ave, Manhattan Beach

Listed at $850k, sold at $900k 3 bed short sale house

3. 1900 Flournoy Rd, Manhattan Beach

Foreclosed fixer sold for land value, listed and sold at $1,150,000

 

4. 757 30th St, Manhattan Beach

Listed at $2,189,000, sold at $2,125,000, 5 bed home in the MB Tree section

 

5. 815 Hampton Dr #3B, Venice

2/2 architectural condo, 2 blocks from the ocean. Listed at $950k, sold at $930k after 3 days of being listed.

6. 1152 8th St, Hermosa Beach

3 bed home in Hermosa hill, listed and sold at $849k after 4 days on the market.

7. 8408 Holy Cross Pl, Westchester

3 bed house in Loyola Village, listed at $599k, sold at $611k.

8. 8180 Manitoba St #104, Playa del Rey

2/2 condo, listed at $439k, sold at $430k after 5 days.

9. 7530 Agnew Ave, Westchester

3 bed traditional home in Kentwood. Listed and sold at $666k, after 6 days on the market.

10. 7321 El Manor Ave, Westchester

3/3 craftsman in North Kentwood. Listed at $915k, sold at $920k after 6 days from being listed.

 

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