It should be a Sandy weekend if you're going out.
In the Hill Section, they refuse to replace the 3 recent sales with any new listings. In the Tree Section, the only new offering isn't totally new. But in the Sand, it's a storm. (See below.)
Click here for the complete list of opens published in the Beach Reporter, or at any time use the link in the right-hand column under "Prop. Search Tools."
As always, click any highlighted address below for more pics & details via Redfin.
And be sure to tell them MBC sent you.
Hill Section
There's nothing new in the Hills, again, but there's a noteworthy price reduction on 815 2nd. This one shaved $300k off the top and is now at $4.495m for a 5br/5ba, 4625-sq.-ft. new home. That cut has got them calling this the "best-priced new construction" in the Hills. (It's certainly the least expensive.)
We agree that the finishes and details on 2nd are above par, and the home seems surprisingly modest (in a good way) overall. The design favors lots of cozy, private spaces over the huge megarooms you would normally find in a Hill manse. And the views are better than expected, just a little bit up the hill off Ardmore. Check it out Sunday, 1-4pm.
By way of comparison, the new home at 930 John (mentioned a couple weeks ago) offers 5br/7ba, 5400 sq. ft. for $4.995m, now a full notch up over 815 2nd. Open Sat. & Sun. 1-4pm.
Also, 218 N. Dianthus is the 3rd of 4 new homes in the Hills, asking $6.75m for 5br/6ba, 5725 sq. ft. Open Sun. 1-4pm.
Sand Section
429 29th St. is Mrs. MBC's pick of the week. (Click address for pics and details; now up.) This one's further north and just about 180 degrees different in style from her contemporary walkstreet pick last week (317 5th). It's a little beach cottage (3br/2ba and about 1300 sq. ft. per the assessor) with an updated kitchen, yard (it's a full lot) and, they say, ocean views. (Really?) This one is not to be confused with 429 29th Pl., which just sold. Start price here: $1.579m. Open Sun. 1-4pm.
Also new on the plateau above Highland:
- 452 32nd, a new "French country" home that's larger than most in the area – 6br/4ba, 4600 sq. ft. Starts at a somewhat remarkable $2.999m ($667/PSF). It was offered from Oct. 2007-Feb. 2008 at $3.199m, pre-completion. Open Sun. 1-4pm.
- 444 33rd Pl., a smaller home on a double-wide, half-deep lot that amounts to a full 2700 sq. ft. For $1.289m you get a 2br/2ba, 900 sq. ft. home. No surprise that it's pitched as "perfect as a future building site." Open Sun. 3-5pm. (Unusual.)
- And, heck, why not make it a foursome up on the plateau? 448 27th is a new listing (also not on the MLS yet) that, tax records say, offers 3br/3ba and 2300 sq. ft. – the slug for the open says it's a "complete remodel" priced at $2.089m. Open Sun. 1-4pm.
The big, pricey debut of the week in the Sand is a sleek new home at 221 34th, maxed out with 5br/5ba and 4200 sq. ft.Being west of Highland and a bit higher up, it's got those big ocean views. They're thinking a bit about 200 19th, the gorgeous new home that recently sold at $5.6m – here, the start price is $5.4m. Open Sun. 1-4pm.
Tree Section
There is very little new this week in the Trees.
Indeed, the freshest listing is one that flashed onto and off of the market last year: 500 14th (pictured below), which offers 3br/3ba and 2250 sq. ft.
The listing pitches the location, which is certainly close to downtown, but it's also partly on Ardmore. Cute for $1.849m. Wait – $1.849? Open Sun. 1-4pm.Also, maybe take a second (or a first) look at 2310 John, a slightly out-of-place contemporary. It's not new, but it did take $100k off this week – now $2.099m. Open Sun. 1-4pm.
47 comments:
MBW - You didn't list 452 32nd. 4500 sq foot brand new home for only 2.99mm. It looks nice in the Beach Reporter ad. What I find extremely interesting is that this is a brand new home in the sand section listed at about $660 per sq foot. Either it is a complete dump inside (which I doubt), or there is a seller who sees the world changing? Since when is a brand new sand section home going for $660 per sq foot? Open for debate as I admit, I don't have all the facts. Maybe the list price in the ad is wrong?
Priced to sell. Since when? mid to late 2006. You keep saying yourself that prices have dropped to 2006 levels...well, there you go. $700 a foot is fair for that area. You are going to get a bit of a discount for that street and that layout (and probably a bit more so the developer can get out quickly). I'd go for it.
Regarding 429 29th Street - Good pick. It is great to see well taken care of cottages. Good home on a great street. If I were a betting man, I would say that one goes for above asking in days.
PS, MBW did you see they dropped the farmhouse by 100k? Why won't that house sell? Does anyone have a clue why it wont?
8;35 - I personally don't like that area as I think it is too cramped and since I've lived in landside areas in the past, I have too much fear that those areas are going to slide into sand dune park one day (paranoia at its finest, right?).
Now, if they truly are offering at $660 per sq foot than that kills the comps in that area. For example, 465 30th is listed at 2.79mm/$766 per foot. Lowering it to $660 per foot takes that house down $360k! 473 31st listed at $3.25mm/$788 per foot. If you take that down to $660 per foot than you take the price down $420k.
I haven't seen the house so not sure if apples to apples against the above comps and I don't know the differences in streets, so admit I'm speculating a bit.
OK I have added 452 32nd.
Mookie, I really don't think the plateau is going to slide. :)
I went through 815 2nd. Its a pretty convenient location, with a nice sunroom and interesting floorplan. I wouldn't boast about it being such great construction though...
There was a lot that seemed needed finishing, and the window hardware looked as if it was bought on sale at Big Lots - not to mention the special blue color of the exterior.
The Farmhouse has some really nice touches, but is right in front of a very very busy school, and gets super hot in the summertime.
I think the Farmhouse isn't selling because the floor plan is not terribly functional and the lot is located right next to the Ladera school (not a huge problem in my view, but it limits the buyer universe). Also, despite it being an oversized lot at 7,500 sq ft, they didn't get too much more usable yard space out of it than your typical 5000 sq. ft. tree section lot. All this said, I think it's a nice home with lots of custom finishes, not cookie cutter like all the other tree scetion new constructions, and it should sell soon. I predict it goes in the $2.7-2.8 range, which is a great price for a quality home such as this.
Must see TV.
http://www.californiahousingforecast.com/commentary/2008/4/17/mr-mortgage-california-alt-a-loans-a-bigger-crisis-than-subp.html
Mr. Mortgage: California Alt-A loans a bigger crisis than subprime
Bottom line: Alt-A is much higher in volume than subrime, the default rates are rising with the resets. And FICO is not representative.
429 29th is a really great house that has been well-kept by a young family. it's on a terrific street and could possibly have ocean views from the top floor given its location on the slope. great way to gain entry to the pricey sand section of Grand View.
as for the schaar farmhouse - from the outside, it's a bit out of place (personally, i think that's a good thing) and it was missing a few key elements that are usually found in homes of the original price point. a basement, eat-in-kitchen, a wall of single doors in the living area (rendering the room somewhat chopped up), lack of a yard given the lot square footage, a rather small laundry room with stacked machinery (???), and its proximity to the schools makes it appealing to only specific buyers. the finishes that were used on the house, however, are very high-end and well executed. as an owner a schaar home, i'd attest that his builders do a very fine job and the finishes are not spec-like at all. he is one of the rare few that actually attempts to correlate the interior decor to the exterior feel of the home so travertine won't be found on the inside of a non-mediterranean home... given that it's finally looking like the pricing is in the right range, i bet it will go before summer is out.
Regarding 218 N. Dianthus - for a home of that price, shouldn't the builder just have built-in a pool instead of advertising that the yard is large enough for one? The floor plan in a bit weird but certainly has the square footage and views but there should been as much emphasis on the aesthetics and functionality of the backyard as there was on the frontage...
Mookie, 8:35am here. 4500 is suspect as well. I didn't even look at the sq ftage. There is a cap you can build on these lots. If you are even remotely interested, I would check the 4500 number.
Sounds like you are looking in the trees instead? You can't go wrong there, but I wouldn't ignore this area of the sand section. I seem to recall you mentioning you have two small kids. There are probably about 12-15 "small kids" on each block. During the summers, we all head down to the sand together (for the most part). Don't worry about the slipping into sanddune!
"429 29th is a really great house that has been well-kept by a young family. it's on a terrific street and could possibly have ocean views from the top floor given its location on the slope. great way to gain entry to the pricey sand section of Grand View."
Ocean views are from the front kitchen and deck. I agree on the rest. A great street.
Does MBC stand for Manhattan Beach Crips?
444 33rd Place is a tiny one-bedroom house, the only one that fronts on that alley street and it has a telephone pole right in the middle. A flipper took a loss on it a few years back after converting the one-car garage into a bootleg extra bedroom and adding a bootleg bathroom to the main bedroom loft without pulling permits. It wouldn’t even make a good rental property.
It is not a good building site. Because this lot is wide, it gets hammered by the new zoning. Side setbacks increase to six feet and the rear setback goes from five to ten feet. It is also subject to the wall height restrictions that drop from 25 ft down to 23 feet. None of these restrictions apply to 30x90 lots.
472 35th Street was the most recent lot sale in the area at the end of Feb. It is a 30x90 lot and it went for $1M (less than 60 days later it seems to be back on the market for $200K more – good luck). 444 33rd Place should sell for well under $1M, if it sells at all.
815 2nd has vinyl Milgard windows. You think that is above par for a $4.5M house?!?!? That's called cutting corners.
1:16, MBC, and others... regarding the plateau, while I'm guessing there has never been slippage up there, is it bedrock or something? Has there ever been slippage in the past?
3:29pm - You are wrong about that lot. The city, realizing their mistake in assuming that all lots are the same, made some changes to reflect these e/w lots. The set backs had to be relaxed.
The story is now updated to include a pic and links to 429 29th St.; the prop not on the MLS when the story was first written. (And who knows, may not be for long.)
5:31, No. You are wrong. The code is very clear about the setbacks. The code does include a provision for the ability to apply for a "minor exception." So, you can spend $1.3M on the lot and roll the dice on getting relief. That's not a risk I would take.
can someone help me out here - i want to live in a four bedroom house no more than a four block walk from the stores and restaurants downtown - roughly what would i pay to rent such a home and what would i pay to buy it
i am new to MB
the strand homes near the pier fit
try seven million to buy them
if you go east you get cheaper
Opens were dead today. I went to a few and saw one other couple. The agents were practically asleep.
Opens were dead today.
I'd be surprised if they weren't on a day like this.
I checked out a couple. 341 10th is a nice home -- I think they did a really great job with the remodel. I just think it's priced too high given the configuration of the square footage.
I loved 332 20th. Stunning. Once they come down on price a bit I think someone will snatch it up.
I held an open house today. Only 5 groups of people came through, which may not seem like much, but every single one of them was a real pre-qualified buyer in the same price range as the home I have listed. Seems like time well spent on behalf of my client. Afterall, that's what i's really about.
Too bad about some of the open houses being dead. The one on my block had constant traffic. If I had to guess, 30 families. No joke. I sat on my deck reading all day and watched the action. Perhaps the slower open houses were with the 2nd rate homes? Sounds like it.
"I held an open house today. Only 5 groups of people came through, which may not seem like much, but every single one of them was a real pre-qualified buyer in the same price range as the home I have listed."
How did you know they were all pre-qualified? Did you ask them?
I was at open houses today too. Gave you props at them too, MBC. I received no answers, just kind of Deer-in-the-headlights stares.
I was in the sand section, and there was alot of activity, even though it was really difficult to find parking. Maybe the Sand Section is the Last Frontier.
Maybe that "deer-in-the-headlights" look that they gave you had to do with the fact that they were amazed that someone who types "alot" instead of "a lot" can actually buy a house? Just a thought. Who knows.
Those of you who rip on people for spelling words wrong or who are grammatically incorrect, give it a break. This is a blog. People type fast, don't use spell check and are simply trying to discuss topics that are listed. Who cares if they don't spell a word correctly, does it really take away from the content. Content is good or bad based on the underlying theme they write about, not whether they spell the word correctly. Get over yourself.
9:42pm - Some thoughts:
"Who cares if they don't spell a word correctly, does it really take away from the content."
You should use a dash instead of a comma after "correctly". Also, the sentence was a question. It should end with a question mark (?).
...7:46 Perhaps the slower open houses were with the 2nd rate homes? Sounds like it.
You pretentious little so and so. People like you are the kind of folks that make this neighborhood less and less desirable to people like me...but of course I'm sure you don't care -- you'd much rather be surrounded by more people like you.
Oh, and the deer in the headlights bit -- I love it -- most every realtor I talk too can't answer questions about the house their 'squatting" on. You'd think all these people with all their millions around here would make a "smarter" choice in hiring someone to get them out from under...uh, I mean sell their house.
you guys a joke.
10:10 sounds like another bitter, anti-realtor, anti-homeseller member of the COTC.
10:10 said People like you are the kind of folks that make this neighborhood less and less desirable to people like me...but of course I'm sure you don't care -- you'd much rather be surrounded by more people like you.
Actually, we'd all rather be surrounded by people unlike you. That's a much more inclusive category of desirable neighbors, since you are clearly in the minority.
Why are you even talking to realtors here? You know you can't afford MB (probably the source of the bitterness).
One word - Lawndale.
10:32 Do you feel superior now???? Stop acting like a jerk.
Do you feel superior now????
Yes, actually. Keep posting your bitter diatribes. I find them strangely elevating.
10:10pm - If you are going to rent in my neighborhood, at least use complete sentences. LOL!
Why am I pretentious because I feel there are a good number of second rate homes for sale? I really don't understand that comment. This blog seems to poke fun at homes quite often, yet that is OK? I happen to agree with MBW on a lot (sorry, alot) of those homes. Besides, I speak the truth. Between the house on 33rd with kitchen cabinets that didn't match and the house on 30th with no way to get into the left spot in the garage, I would say second rate is being nice. When these guys build for profit instead of functionality, they are adding to the list of second rate homes.
10:32 This is 10:48. The post that I sent yesterday was the first I have ever done on MBC. Usually I'm just an interested reader, but you came off as such an ugly person I had to comment.
Did anyone go see 445 30th? The Headlines scream "with detached office and yard!". The photos show the detached office/storage space as a bright yellow color, very different style from the spanish home. Well, there's a reason...
The detached office is on someone else's property! You have the option to RENT the yard and office. Not headline material, in fact, I felt it was misleading. In fact, 4/12 of the photos on the listing website show the neighbor's property. What the heck?
That's pretty good. Could take it to the next level if a rental is next door and advertise that it comes with a "guest house". Why not include all the neighborhood amenities? Local pizza delivery joint could become: "gourmet chef included". If a massage therapist lives next door in the rental, "full spa on site".
10:48/8:58, 10:32 here. So let me get this straight, you objected to my response to 10:10 but his attack on a previous commenter, his gratuitous smearing of realtors, his dig at homesellers "trying to get out from under" their homes and his referring to all of the above persons as "a joke", that you're okay with.
Talk about coming off as ugly (and employing a double standard to boot)!
hey 1:26 People around here (land owners, renters) let's just say we're all "residents," have heard enough on these boards about bashing...be it someone renting or someone who owns their home. It's irrelevant. I think everyone who visits this blog is interested in the area. Some people think it's fairly priced, others don't...all are entitled to their opinions. I for one am tired of the harsh words exchanged. I don't mind hearing a bear's point of view, I don't mind hearing a realtor's point of view, etc. I do mind when someone comes across as the "moderator of the community" and throws around ideas of who does and who doesn't "belong" around here.
-MB Resident
well said, 2:26.
MB Resident said:
"I do mind when someone comes across as the "moderator of the community" and throws around ideas of who does and who doesn't "belong" around here."
Aren't you just doing the same thing buy saying this? Who are you to throw out ideas of what someone can or can't post? Arrogant, at best.
I don't think it's arrogant to ask for civility.
This blog has degenerated into a brawl. Obviously, people can't get along or even act with an ounce of civility.
No one is going to change the RE market on this blog and, obviously, no one here is going to affect the local OR national economy.
I'll return in 2 years to see what has transpired. By then we should see who was correct on the state of MB real estate.
Getting things back on track here, did anyone go into 221 34th? I didn't love it for the price. At that price, you'd expect them to really nail it, and although they did use relatively high end finishes, it wasn't over the top. I also thought the design had flaws (why would they not include a deck off the front of the house on the third floor, where the views are much better than the back?). All in all, I thought it had more of a feel of a spec home than a custom home, which doesn't make sense for this price point.
Regarding 452 32nd, I drove by, did not go in, but defintiely did not like it from the outside. It looks very plain and the location is not great since this is the street that leads through sand dune park and was jammed with people walking to and from the beach as I drove by. I'm curious to hear if others went inside, but I think it probably does deserve a discount to other homes on the plateau.
I love an on-topic post, thanks 2:55.
I think you don't put a deck out front of 221 34th because it would interrupt the views on the top floor LR, which are nothing less than spectacular, IMHO. Like a giant, framed museum photo, with PV, lots of ocean and even the pier in view.
I'm a bit agnostic on the price on this one but really found it to be great, even tho modern's not always my thing. Master bath was slick and kind of sexy, really unique. The workspace by the 3 kid bedrooms was a nice touch.
My personal beef would be that there's no adult office space, except perhaps the smallish room on the 1st floor, kind of depressing if you want to or have to work at home, but I take it that you can't have it all in a speckie, even a $5m one.
Agree on the master bath and I did like the overall style of the home. I guess the front deck is just a matter of perference - I would prefer to enjoy those views from an airy patio rather than a closed in living room. Hard to believe that there are spec buyers at this price point - I would certainly want to build my own if I was spending this kind of dough.
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