Manhattan Beach Ends 3rd Quarter with Record Breaking Sale

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Manhattan Beach Blvd. and Pier

Manhattan Beach real estate ended the summer in fine style. The sale of a spectacular contemporary ocean view Hill Section home was a record $16 million. The home, built in 2007, is reported to be around 8,100 square feet on a lot that is over 11,000 square feet. The property was not listed. The buyer was represented by Shorewood Realtors.

 

In the city 320 homes sold this year compared to 302 by September 30, 2010. The biggest gains were in the Sand Section where affluent buyers scooped up 110 homes this year compared to 89 last year. Sales in the Sand Section of luxury homes above $3 million more than doubled over last year (21 versus 10) including a $10,900,000 sale on The Strand this year. Prices are still below the peak, and the market presents an opportunity for those who can afford to take advantage of the generally lower prices.

 

The Tree Section was nearly flat with 85 sales year to date compared to 87 this time last year. There was a decline in the average sales price from $1,623,466 to $1,487,943. This may be due in part to the larger number of smaller homes in the mix. Cape Cod style homes sold quickly due in part to demand for “beachy” feeling homes, and a shortage of them coming to market. Similarly, the Hill Section sales declined from 37 to 27 year to date. The sale referenced above is not included in the statistics for the city or the Hill Section since it was not part of the multiple listing service data, but that may be just as well, since it would significantly skew the numbers.

 

If you have questions about how the market has impacted the value of your home, or one you would like to purchase, please contact me. More statistical information will be due out soon, and I am always happy to share it with you. Drop me a line at Mickey@Come2theBeach.com for a confidential consultation.

 

Published Monday, October 03, 2011 4:34 PM by Mickey Knickerbocker