Inventory's growing, but gas prices are rising. You're going to have to plan your weekend shopping carefully. Walk when you can.
As a special service to readers, we offer our first-ever coupon-clipping offer in this edition. (See the Sand Section writeup.)
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.
Hill Section
511 N. Dianthus is a new "entry level" home offered at $1.429m. It offers 3br/2ba and 1900 sq. ft. on a smallish 3250 sq. ft. lot which somehow has room for a large, very sweet garden with koi pond.
Drop in and you may see Kaye Thomas. Trust us, if you tell her MBC sent you, she won't scowl or freeze up. She might even offer you a cookie. Open Sun. 1-4pm.
An even lower "entry" point is $1.199m, the new price on 1100 John. Yes, we know it says "John" there, but this one backs up on a commercial building (under construction) that, in turn, fronts MBB. Well, how else are you going to get into the Hill Section cheap? Open Sat. & Sun. 1-4pm.
Not posted as open, but eye-opening nonetheless, is a new home (2007) at 114 N. Poinsettia (2nd/Poinsettia) that's new to the market at $7.750m. That's a step up from the pre-sold new construction at 116 N. Dianthus (also on the corner w/ 2nd) that reportedly is in escrow for $7.2m.
Sand Section
Mrs. MBC picks 401 3rd, just as she did the Nantucket across the street at 400 3rd when it recently hit the market. This one is a sizable (4br/4ba, 3450 sq. ft.), newer home (an older home radically remodeled in 2006) with style – someone said a bit Gothic – that also offers a roofdeck.
So we're getting 2 messages here: the Mrs. likes roofdecks (yeah, great... they're scarce enough) and the South End. Also, she likes a bargain, and somehow $2.685m (just $778/PSF) seems like one. Of course, if she gets that big promotion, you know she'll probably take 400 3rd (at $3.499m) instead. 401 3rd is open Sat. & Sun., 2-5pm.
Would you like to save $200k on a home? Clip a copy of the Beach Reporter's page 100 and bring it to 225 Homer on Sat. or Sun. (1-4pm) and you may well be able to redeem it for a 9% discount off the current list price of $2.3m. Are we kidding? Not really. The Open House listings say the price is $2.1m. That's a move we thought was imminent anyway. It'll go close to $2m.
Tree Section
After 2 1/2 months on the market at $2.185m, the resale at 625 26th just dropped almost $200k to $1.999m, no doubt recognizing how crowded it's getting in the $2.1m-$2.3m range (there are 4 newbies among 8 listings up there currently). Now, this large (4br/4ba, 3700 sq. ft.) home is priced only 11% above its Aug. 2004 purchase price ($1.795m). Open Sun., 1-4pm.
2504 Pine is a fairly new listing of new construction in the Trees, starting out at $2.395m for 5br/5ba, 3600 sq. ft. Open Sat. 1-4pm, Sun. 2-4pm.
2005 Oak is back after a quick sale but failed escrow. It's a charmer – it lasted just 2 weeks in its first offering at $1.479m. Same re-start price now, too. Owners paid $1.350m in Fall 2006, but face a job transfer. Why not drop by to show some moral support? Open Sat. & Sun., 1-4pm.
Friday, May 2, 2008
Weekend Opens (5/3-5/4)
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36 comments:
so mbc... how do you explain that all these houses at $1.799M, $1.999M and $2.0999M are still languishing on the mls. ive sold 2 houses now. each time they showed beautifully. my wife and i touched up the paint, fixed absolutely everything and lived like mice trying not to disturb our masterpiece. its painful to live in your home while it is for sale. so, it would seem that manhattan beach sellers are indifferent to the agony of waiting and waiting to sell their home. put another way... if they really wanted to sell they would drop their price.
Almost 100 open houses in Manhattan Beach this weekend. Probably well over 100 when counting those not advertised in the Beach Reporter. That's a big number anyway you crunch it.
Loan tightening at the high end.
http://thegreatloanblog.blogspot.com/
Sorry.. no cookies but definitely See's Candy..
9:29 a.m.
Cookies from Becker's would attract more people than See's candy.
Folks, this housing bust we are just beginning to witness has everything to do with the larger economy! This isn't just about a few subprime borrowers from the Bronx (or Riverside) buying over their heads! The subprime debacle is merely the trembler preceding the quake. The Fed pumped liquidity into the system through TAF, initially at 10 billion, then 25 billion, then 50 billion, then 100 billion, all in hopes of getting Credit flowing again. It didn't work and now in hopes of staving off another interest rate cut (and devaluing the dollar into oblivion), the Fed just announced that they will be offering 250 billion up for auction to get Lenders lending again. Does anyone really think it'll solve anything??? The problem is debt, not liquidity and that isn't going to get solved with banks lending more money. The banks know it and why should they lend out anymore money to a debtor society that can't pay back what they already owe!
It's time to pay the cost for America who has lived beyond Her means for too long. That, my friends, is what you are seeing and will continue to see for some time! You see it at the Gas Pumps, you see it at the Grocery Store, you see it when you chose to Dine Out and you don't have to Wait and you see in declining housing prices, when you go to get a loan that's not available... Less apparent but as real, you see it in lack of school programs getting funded, lack of student loans getting funded, lack of city projects getting funded, lack of tax revenues available from severely depressed retail sales, lack of food available worldwide! The list goes on! This isn't just about the poor getting poorer. This is happening in your own back yard. Wake up and smell the coffee, our nation is teetering on its own lack of solvency. You might think this won't impact our "little world" in Manhattan Beach...Better take your blinders off and look around!!!
who let chicken little in here?
11:25 P.M.
All the more reason to vote Republican in November.
11:25: Good lord, I'm pretty much a permabear doomsdayer, but you just sound ridiculous. Get off your friggen soapbox, we're hear to talk Manhattan Beach real estate, not worldwide food shortages and the like. There are surely hundreds of other blogs where you can have those sorts of discussions. Also, in the future, when trying to convey a point, you really don't need to include multiple exclamation points to add emphasis; well-chosen words should be enough.
11:25 p.m.
Please seek professional help !!!! You are truly in need of assistance in having your eyes opened to the real problemes in this country, not to mention this city.
Whoops, "here" not "hear". I wish it was possible to go back and edit previous posts. Does anyone how/if this can be done?
The only way to "edit" a post is to walk away before you actually post it; take a few minutes to do something else; then come back to it and pretend you're reading it for the first time.
To: All
Re: 11:25pm
If you read what 11:25p wrote - those items he/she ticks off are not a "chicken little" prognisis but acctual facts playing out right now (food shortage; gas price increases; Real Estate decreases; Liquidity Issues; School and City funded depressed because depressed economy and RE tax collections.
So this IS how it is. My take is this is one of the most unhealthy economic alignment of issues we have seen since the 30's or the 70's. I am not saying it will play out like the 30's or 70's but we have the stars aligned right now for a tough tough round of innings.
Life is great here in MB and we are all fortunate and I hope the whole things blows over, but the data and issues are real.
Hmmm. Judging by all of the similarly misused caps in both posts, me thinks 11:25 PM = 10:50AM.
Just a guess.
Waiting to Buy -
Me KNOWS you are wrong.
I wrote 10:50am but forgot to add my "Handle". Oh, and I did not write 11:25p.
Waiting to Buy and Sold and Waiting to Buy if you two don't stop this bickering right now, MBW will pull over and separate you.
Have you ever considered that Sold and Waiting to Buy and Waiting to Buy are the same person only Sold is Waiting to Buy's husband and they just don't realize it? Hmmm.
4:27 -- I like it. We'll get Tom Hanks to play Waiting to Buy and Meg Ryan for Sold and Waiting to Buy.
Right on the mark 11:25.
Also shows in fewer homes selling than in about a generation.
11:25 and 5:14- A generation? Wow you both really are clueless. Nothing else to say.
5:45 it’s understandable how those posts might appear “clueless” to an angry older man who has to work on a Sunday. You must find it exceedingly difficult to bite your tongue and not scream at the “COTC” when they ask questions about the toilet and the furnace, but you can always come here and “anonymously” vent.
Excuse me, 6:52, oh clueless wonder, but how do you know the age, sex and profession of 5:45? Just because somebody refers to you as clueless on this blog, that doesn't make the commenter an older man, a realtor or Huggy.
However, if it makes you feel better, I think you're clueless also and officially accept your comment as your applicaton to the COTC. Congrats!
Now you and 11:25 can go back to hiding under your beds as the sky is certainly falling.
6:52- You are clueless, too. Already sold my house, but thanks for labeling me an angry old man. I guess being 41 is old when compared to these 20 something know it alls on this blog who refer to a generation of high inventory. Good luck in your house hunting. BTW I work 25-30 hours a week so I am pretty happy in my life and don't need to spread negative propaganda to feel good about my position in life.
Huggy- 5:45 and 7:53 Here-Keep bringing the valuable data just in case I decide to move back to MB and prices actually fall. Of course, the COTC will not be able to understand any of it rather than capitalize on it because they are too busy wasting their time on this blog.
By all the anger we can surmise that nobody wrote an offer today. Shocking, given Huggy's sparkling personality.
8:06, you need to google the term "projection." You see, I've been around here a while so my mortgage payment is, I'm guessing, about 1/3 your rent (okay, maybe 1/2 if you're renting a cheap one-bedroom in El Porto) - and it's deductible. Could be you're the angry one. And who can blame you?
Y'all jump on 5:14 over the lowest home sales rate in a generation, but he's guessed right (or knows right), by the way.
Anyone remember Dataquick saying the number of sales in January was the lowest in their 20 years in business? That's true in MB as well as SoCal as a whole.
We'll have all the data in the days to come, just as soon as we can graph it all.
Thanks MBW. Mookie says there is support at this level, however, based on his technical analysis of the graph...
So Old Man River, by your post (I will repeat) we can surmise nobody wrote an offer:
"8:06, you need to google the term "projection." You see, I've been around here a while so my mortgage payment is, I'm guessing, about 1/3 your rent (okay, maybe 1/2 if you're renting a cheap one-bedroom in El Porto) - and it's deductible. Could be you're the angry one. And who can blame you?"
I can't imagine why no one would want to do business with such lovely person.
Yeah, Huggy's schtick is definitely getting older each passing day.
What used to be informative posts that garnered respect and invoked further discussion have now turned into insult filled, desperate sounding diatribes that nobody respects nor pays as much attention to.
It's pretty sad to see.
Huggy, I hope things get better for you. Godspeed.
10:30, nobody pays attention? I notice you felt compelled to respond so obviously you're paying attention. Am I getting under your skin?
I must correct you, however. The COTC have never had respect for my comments or those of anyone whose opinions differ from theirs or the blog host's preformed conclusions and biases. Particularly if those comments are backed up with relevant facts, something the COTC absolutely despises.
But thanks for your good wishes. I'm sure they are sincere.
Hey Huggy, 10:30 here.
You definitely aren't getting under my skin - this has nothing to do with me. I truly feel bad for you, as something certainly has changed.
I actually enjoyed your posts back when the focal point was data and seasoned opinion (you clearly have great insight), rather than name calling and hate.
And to clarify, I said pay "as much" attention to you... Of course people will pay attention to your posts; you call people "losers, bitter renters, clueless, morons, etc" on EVERY SINGLE POST. It demands attention (albeit for the wrong reasons).
BTW, I was being sincere. I do hope things are well or get better for you.
Cheers.
5:45 and 7:53 Here- So I guess I've been labeled Old Man River. Nice label when you all jump on Huggy for insults. Needless to say, none of my income depends on the real estate market so not sure where you are insinuating that no one wrote an offer. Now, I do have several investment properties that all cash flow so maybe I'm a little exposed, but as long as those people don't lose their jobs I will be ok. Your bitterness amazes me. Don't care if you are renters, homeowners or soon to be homeowners, you are all just bitter people. Good luck in life, it sounds like you need it.
And in response to the lowest sales in a generation, let's see the data. And let's not point to all of LA, but in particular just MB because that is what this blog focuses on. I seriously doubt that sales this year are the lowest in 20 years in MB. As I have to believe things were much worse in 92-95 when there was a house for sale on every block in MB, and all the aerospace people moved to Phoenix and rented their homes to people like me. And by the way, they almost covered or covered their mortgage in doing so.
5:45 and 7:53 Here- So I guess I've been labeled Old Man River. Nice label when you all jump on Huggy for insults. Needless to say, none of my income depends on the real estate market so not sure where you are insinuating that no one wrote an offer. Now, I do have several investment properties that all cash flow so maybe I'm a little exposed, but as long as those people don't lose their jobs I will be ok. Your bitterness amazes me. Don't care if you are renters, homeowners or soon to be homeowners, you are all just bitter people. Good luck in life, it sounds like you need it.
And in response to the lowest sales in a generation, let's see the data. And let's not point to all of LA, but in particular just MB because that is what this blog focuses on. I seriously doubt that sales this year are the lowest in 20 years in MB. As I have to believe things were much worse in 92-95 when there was a house for sale on every block in MB, and all the aerospace people moved to Phoenix and rented their homes to people like me. And by the way, they almost covered or covered their mortgage in doing so.
7:32, is this going to be the latest COTC tactic? I am angry, is that it? (And coming off my best year ever, no less.) Funny how JR has been trying to get the COTC to adopt that line of attack for some time now (maybe you are JR, who knows?). Did you look up the term "projection" like I asked?
You know this all started with a personal attack (not deleted by the likeminded blog host) by 6:52 above against another commenter, 5:45, accusing him/her of being angry, an old man, basically all of the personal attacks that are typically directed at me (because, as we both know, there is really only one voice that opposes the COTC and that's mine, right? So 5:45 must have been me incognito - typical COTC 'brilliance').
Again, thanks for your "sincere" best wishes. Somehow, I doubt that you've ever "enjoyed" my posts. But a big sloppy wet one right back at ya just the same.
Cheers.
Dear Huggy,
All right, it’s OK. We agree with you. “You’re not angry.” Can we get you an aspirin or something? Is there someone you’d like us to call? Just try to relax.
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