Best Manhattan Beach Homes

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Special Features For Special Buyers

2010-04-09T08:43:00.001-07:00

Just saw this listing description and had to chuckle, "Best of Torrance close shopping and school. 3 bedroom and an finished addict room can be hobbit room. New paint and new floor. Just remodeled 2 baths, well maintained. Easy to show please call listing agent."

Perhaps there is something to be said for targeted marketing to addicts and hobbits. But I doubt Manhattan Beach homeowners would accept this kind of service from their listing agent.

New 2010 CA Homebuyer Tax Credit

2010-03-25T21:28:00.000-07:00

Today Governor Schwarzenegger signed Assembly Bill 183 providing $200 million in new tax credits to California homebuyers. The total will be split evenly between first-time homebuyers of existing homes and buyers of newly constructed, previously unoccupied homes. Qualified buyers will receive a credit for 5% of the purchase price of the home, up to $10,000. The credit is spread in equal amounts over three years, starting with taxes for 2010.

If you time it just right to have your offer accepted before April 30 and close escrow between May 1 and June 30, you may be able to use the Federal Homebuyer tax credit too.

Read More

Bank Owned Beauty ?

2010-03-09T23:39:00.000-08:00

1315 11th Street (4br/5ba, 3471 sf) was just listed (again) today for $1,470,000. It is a new REO listing for a 2007 home that has been mostly on the market for the last two years. If you're a little handy or willing to pay someone to replace the missing kitchen and bath fixtures, this could be just the home for you! The pictures posted to the MLS do not hide its unfortunate situation. The property is being sold as-is with no disclosures, so don't expect the owner to offer any credits for the missing fixtures. Figure the additional cost to make it livable in your offer.

It was previously listed as a standard sale for $1,550,000 in August 2009. The listing was cancelled mid-January after 157 days on market. At the time of that listing, it had a "Custom Kitchen: Incredible foreign counter tops, Cherry cabinets, La Cornue stove with a Viking Hood, Dacor coffee station, and Double ovens." I'm guessing it will take more than the $80K reduction from the previous price to make up for what is missing.

The last agent to actually sell this property sold it with the previous house for $999,000 in early 2006. That buyer built the home shown in the photo and has been trying to sell it since February 2008. It had an initially optimistic price of $1,979,000 that was reduced to $1,779,000 before the listing expired in July 2008. It was offered again from September 2008 through April 2009 for $1,589,000.

Anyone want to venture a guess what it will finally sell for?

Heights/Liberty Village Sales in January & February 2010

2010-02-28T22:59:00.000-08:00

1808 Wendy Way ($750,000 3br/2ba 1082 sq ft)

Sold for $750,000 or 7% over the listing price of $699,900 after just nine days. This sale turned out to be a successful quick flip (see earlier post – Liberty Village Flip Flop Flip) for the second ("buy-it-cheap") flipper who picked it up for $540,000 in December 2009 as the result of a foreclosure. The original ("fix-it up") flipper lost the home after chasing the market down beginning in 2006. So if you can pay cash and know your way around the foreclosure market, there are bargains to be had in Manhattan Beach.

1700 Manzanita Lane ($999,000 4br/2ba 1,790 sq ft)

Sold for the list price of $999,000. This older home has been remodeled and well maintained. The assessor’s records show 3br/1ba so there were some unrecorded additions even before the previous sale. This home last sold in August 2004 for $925,000. The owners tried to sell in 2006 for $1,175,000 and cancelled after 44 days. They tried again in mid December 2008 for $1,065,000 and again cancelled after 34 days. The third time was the charm. After finally getting the price right, they got an offer that stuck five days after listing it.

1344 23rd Street ($1,105,000 3br/2ba 2121 sq ft + 1br/1ba 536 sq ft)

Sold for 96% of the original listing price at $1,105,000 after 122 days on market. This property is considered a duplex because it includes a separate 1br/1ba guest house. The main house has 3br/2ba. It is an older home that has been updated and well maintained. It is situated on the south side of 23rd Street, so it does not back up to the traffic on Marine Avenue. It had not been sold since 1973.

2104 Manzanita Lane ($1,400,000 5br/4ba 3556 sq ft)

This house sold for either $1,384,000 or $1,400,000 depending on whether you believe the listing agent’s MLS update or the recorded transfer value. I’m going to call it based on the recorded value, basically it sold at the listing price. This home last sold for $975,000 in 2001.

1208 Magnolia Avenue ($1,500,000 5br/5ba 3419 sq ft)

The most recent listing for this “new” 2006 home ran 184 days. It was first offered at $2,099,000 in September 2006 and has been chasing the market down since then. The price was reduced to $1,999,000 in May 2007, to $1,899,000 in September 2008, to $1,749,000 in June 2009 and found a buyer for $1,500,000 in January 2010. There was a long enough break in listings between when it was withdrawn from the market in January 2009 and relisted in June 2009 to reset the cumulative days on market. The developers bought this property for $899,000 in May 2005.

Curb Your Art

2010-02-13T19:23:00.000-08:00

Over the years enterprising curb painters have convinced Manhattan Beach homeowners that having their address stenciled on the curb in plain old black and white is so “inland.” Why display your address on the curb in easy-to-read black and white, when you can make an artistic statement?

In Manhattan Beach, painted curb themes feature the beach. Palm trees and the Manhattan Beach Pier are frequently included, along with dolphins, surfers, sunsets, and volleyball nets. Some include what I’m guessing is Catalina Island.

You can have your own curb masterpiece personalized to include dogs or cats or even school affiliation.

I thought these next-door neighbors from rival schools were interesting.

The painting does not even have to be on your curb. Some homes put them on the wall.

In the Tree Section, where some streets don’t have curbs, it can be a challenge to artfully display your address.

Personally, I favor the Cottage Plates from Balboa Island.

Dueling Townhomes

2010-02-10T23:09:00.000-08:00

I am waiting to see how things unfold for two Manhattan Beach townhomes on 12th Street in East MB. Both were offered at $669,000 and are only a couple blocks apart. They were built within a year of each other and each has 2 bedrooms, 3 baths and an attached 2-car garage. Both are listed by highly qualified agents from good companies. At first glance, they seem roughly identical. But the difference must be in the details, because one seller accepted an offer after 9 days and the other has been on the market for awhile.

In my opinion, the less desirable one sold first. I’d love to hear what others think about these two.

1304 12th Street, Unit A (1179sf) was listed on January 28 and went to pending status on February 6. The one plus I see in this unit is that it has ground-floor patio space, that would be a better play area for small children. The kitchen is smaller and more dated than the competitor down the street. It has a subterranean garage with an entrance off busy Meadows Avenue. This unit is at the front of the building, right on 12th Street across from Meadows school. That has the advantage of not facing another home, but brings with it school traffic and noise.

1421 12th Street, Unit 4 (1337sf) was listed most recently on November 17. It was first offered last April at $749,500, came down to $734,900 in June, and went off the market from July until it was relisted in November. The adjacent unit (#3) sold for $685,000 in December, but it had additional improvements.

This block of 12th Street, between Peck and Rowell, is lined with multi-unit buildings on both sides and has a lot of local residential traffic. However, there always seems to be parking available on the street. This townhome is farther back from the street and likely to be quieter. The garage has been converted to a bonus room, which could be either a plus or minus depending on the needs of the new owner. It could easily be returned to a garage by removing the carpet. There is one additional parking space in front of the garage, which may be adequate for some buyers. The unit is slightly larger, the master bath has been upgraded and the HOA dues are $100 per month less.

So if you missed your chance to buy 1304 12th #A no worries, 1421 #4 is still available and in my opinion the better value anyway. Currently there are only two lower-priced townhomes available in Manhattan Beach: 1525 Artesia Boulevard # B (3br/3ba, 1422sf) at $599,000 and an older neighbor at 1320 12th Street #4 (2br/2ba, 1257sf) for $634,900.

Contact Janie Sue Nagy at Janie.Nagy@shorewood.com to help you find your new home in Manhattan Beach or the surrounding areas.

3 Mid-Priced Manhattan Beach Homes

2010-01-24T17:32:00.000-08:00

Let’s say you have about $1,650,000 to spend and you’re looking for a detached, single family residence (not a townhome or condo) in Manhattan Beach. You’re in luck. There happen to be three homes currently offered for sale at that exact price: 435 10th Street, 1516 Highland Avenue, and 1601 Faymont Avenue. Which would you choose?

435 10th (4br/2.5ba, 2022 sf, 2479 sf lot) Is an older Sand Section home (1952) that has been maintained and improved over the years. It has beach charm and personality that will take time to develop in the newer homes. This home has not been sold during the last 20 years. It is located on the corner of a south end walk street and Valley Drive, just a couple blocks to the heart of downtown, right across the street from the Veteran’s Park greenbelt, and about 4 blocks to the beach. The walk street frontage is nearly three times what the other 10th Street homes have. Garage access is off Valley Drive, a local thoroughfare.

1516 Highland (3br/3.5ba, 2229 sf, 1500 sf lot) Offers outstanding ocean views from a contemporary style home built in 2005. It last sold 3 years ago for $1,798,000, about 8% above the current list price. Highland Avenue definitely qualifies as a busy street, but up on the third story you’re above it all. This Sand Section home has a great location for the beach lover who prefers no yard work. You could roll right out of bed and into Uncle Bill’s Pancake House, just two blocks away. It is right at the edge of the downtown area and only a couple of blocks to the beach, within convenient walking distance of anyplace you would care to go.

1601 Faymont (5br/4.5ba, 3464 sf, 5247 sf lot) This beautiful Cape Cod style home was built by Gravatt Construction in 2006. It last sold 3 years ago for $1,880,000, about 12% above the current list price. This large new home has a real back yard with grass and enough room for a children’s play set. It provides abundant street parking and a little more distance between you and your neighbor. This Liberty Village home is perfect for a family with young children.

If one of these properties is just what you’ve been looking for, or if you want assistance purchasing another South Bay home, call Janie Sue Nagy at 301.707.8762 or email Janie.Nagy@shorewood.com

Viewing Not Quite 3 Open Houses in the Trees

2010-01-17T20:46:00.000-08:00

Thought I’d check out open houses for 3 Tree Section homes that were just listed this past week.

1609 Oak – At $950,000 it is currently the lowest priced livable home in the Trees. (The only one priced lower is definitely a teardown.) This home has been a rental and its condition is acceptable for a rental. However, someone paying close to $1 million for their own home would surely want to make some significant upgrades or perhaps just rebuild. (See previous post.)

1413 Pine – $1,389,000. The open house closed an hour earlier than advertised and I missed it. I noticed the home had gone to backup status earlier today and wondered if it would still be open. Passing it on the way to 1609 Oak, I saw it was open after all, but 15 minutes later the open house was over. Maybe it was just too much to have folks trudging through with muddy feet from the rain, after it had sold. (See previous post.)

1724 Pine – Asking $2,049,000 (4br/4ba, 3532 sq ft, 4480 sq ft lot, $580/sq ft) for this 1998 home with a lovely stone façade. The French Normandy architecture by Jay Stephenson, AIA is definitely uncommon at the beach. The interior finishes are very nice. The bedrooms are large and the hall bath is as large as most master baths. The only thing I found odd were the rough-finished, sloped ceilings in the living room and master bedroom. Raising the living room ceiling turned what could have been another bedroom or office above it into an attic space that is finished, but not included in the official square footage. The landscaping is well done. However, there is not much yard to landscape. The rear is all deck and patio.

After checking a few comparable properties, I understand why the high-quality flyer for the home did not include the listing price. I suspect the price will change soon.

The closest active comp for 1724 Pine is a Mediterranean style home at 1605 Elm for $1,699,000 (4br/3ba, 3104 sq ft, 4256 sq ft lot, $547/sq ft) built in 1999.

The most recent comparable sold home is 566 31st Street (5br/4.5ba, 3336 sq ft, 4761 sq ft street-to-street lot, $538/sq ft) in the gas lamp area. It was built in 1998 and sold in December for $1,795,000. While 31st Street is closer to the refinery and may suffer from being close to Sand Dune Park, it is also closer to the beach.

Other comparable closed sales include:

2901 Oak (5/5, built 2008, 3250 sf, 4480 sf lot) $1,699,000 sold 11/23/2009

2312 Pine (5/5, built 2003, 3143 sf, 4480 sf lot) $1,755,000 sold 10/15.2009

3210 N. Ardmore (5/4, built 1998, 3489 sf, 6380 sf lot) $1,400,000 sold 10/24/2009

1308 Walnut (5/4, built 1999, 3273 sf, 4480 sf lot) $1,850,000 sold 9/3/2009

1825 Oak (4/4, built 2007, 3136 sf, 4480 sf lot) $1,679,000 sold 8/7 2009

2200 Palm (4/4, built 1996, 3647 sf, 5220 sf lot) $1,975,000 sold 7/13/2009

1812 Palm (5/4, built 1998, 3226 sf, 4480 sf lot) $2,100,000 (above list price of $1,899,000) sold 7/11/2009

1825 N. Poinsettia (5/4, built 2004, 3420 sf, 4480 sf lot) $2,000,000 sold 6/16/2009

3413 Pacific (5/6, built 2008, 3400 sf, 4480 sf lot) $1,687,375 sold 5/18/2009

Contact Janie Sue Nagy 310.707.8762 or Janie.Nagy@shorewood.com for real estate services in Manhattan Beach and surrounding areas.

Wow - Some Quick Sales in the Trees

2010-01-17T18:50:00.000-08:00

A couple of Tree Section homes relisted this past week have sold already.

1413 Pine is accepting backup offers after 5 days on the market. The owners attempted to sell 2 years ago for $1,759,000, coming down to $1,659,000 and taking it off the market after 6 months. This property was also in preforeclosure, having received a Notice of Default in 2009. With the inventory of available homes lower now and a lower asking price of $1,389,000, this home was snapped up quickly this time.

2405 Elm is in pending status after 16 days into a new listing. (See previous post.) I don’t know if the price reduction of about $50,000 or the increase in compensation offered to the buyer’s agent or a change in market sentiment made the difference, but it’s now in escrow.

Contact Janie Sue Nagy at 310.707.8762 or Janie.Nagy@shorewood.com if you would like to snap up your own home in Manhattan Beach or neighboring areas.

17th Street Wannabe in the Tree Section

2010-01-16T02:41:00.000-08:00

1609 Oak Avenue was just listed for sale at $950,000. This 3 bedroom - 3 bath (1988 sq ft) home has been a rental, and is coming to the market now as part of the owner’s estate. The listing notes that even though it has an Oak address, “This home faces 17th St., only the garage is on Oak.” The home was built in 1976 and while it is livable, this corner-lot home will need some updating.

A buyer has got to ask, "What else could I get in the Tree Section for just under $1 million? " Here are a few comparable homes.

For about $100,000 less you could get this teardown at 1801 Elm Avenue. So if you want to build in the Tree Section and are willing to go to probate court to overbid the auction price, this property has the same size lot (4480 sq ft) and is situated mid-block rather than on a busy corner.

2204 N. Ardmore. For a little more ($979,000) you could buy this single story (1126 sq ft), 3 bedroom - 2 bath home, a little closer to the beach on a slightly smaller lot (4400 sq ft). How many homes come with a private putting green? It has been on the market over 100 days, so the price may be a bit more negotiable by now.

2405 Elm (2168 sq ft) was immediately relisted at $999,900 after the previous listing expired. It was originally offered for $1,250,000 in June 2009. After several price reductions, it expired at $1,050,000 in December. This home has been updated with some nice features, but suffers from a quirky floorplan. It also has 3 bedrooms and 3 baths on a 4480 sq ft lot.

Call 310-707-8762 or email Janie.Nagy@shorewood.com to schedule a no-obligation consultation, if you are interested in buying this home or any other South Bay property.

Even the Infrastructure is Beautiful

2010-01-06T18:11:00.000-08:00

In Manhattan Beach, it is all about the aesthetics. For example, here is a Manhattan Beach cell tower in disguise.

Compare it to more humble attempts at camouflage for inland cell tower trees.

FSBO No More

2010-01-06T06:52:00.000-08:00

Signs are changing in the Hill Section - 800 N. Poinsettia is serious about selling. The FSBO sign is gone (after being up a little over a month - see earlier post Hill Section FSBO Really?) and a Shorewood sign has appeared. The tenants have left, the gardeners have already tidied up the landscaping, and contractors are busy sprucing up the place. You can see their van in the picture. This Hill Section property has a nice city view and a large deck off the north side to take advantage of the view. Look for the listing to hit the MLS soon.

According to the tax assessor this home has 4 bedrooms, 3 bathrooms and was built in 1967. The lot is 50’ by 144’. It will be interesting to see what the asking price turns out to be. Inventory in the Hill Section is pretty low now, only 6 current listings (2 new homes, 2 built in 2004, and 2 from the '50s).

It must not have received sufficient builder interest as a FSBO. But it would be a great lot on which to build a magnificent new home. It is located in good company.

Just across the street, a beautiful new home at 718 N. Poinsettia sold for $3,225,000 in December.

On the opposite corner, 717 N. Poinsettia (which has a lot about one and a half times the size and was built in 1986) sold for $3,110,000 in November.

Just up the street at 877 8th Street a 2006 home sold for $3,100,000 in December.

There is also construction nearing completion on a new home just a half-block toward the beach on 8th Street.

Call 310-707-8762 or email Janie.Nagy@shorewood.com to schedule a no-obligation consultation, if you are interested in buying this home or any other South Bay property .

New Celebrity Homeowners in MB?

2009-12-16T11:02:00.000-08:00

Here's another answer to the question, "Who can afford to live in Manhattan Beach?" According to On The Road With Mike Evans, "Renee Zellweger and Bradley Cooper made an offer on an ocean front pad, on the strand Manhattan Beach house, that is listed for $4 million."

Follow-on to A Tale of 4 Homes

2009-12-09T16:41:00.000-08:00

1150 Magnolia (see previous post) is also being offered for a 12-month lease.

A Tale of 4 Homes

2009-12-08T22:23:00.000-08:00

If you drive along Manhattan Beach Boulevard regularly, as I do, you may have noticed For Sale signs going up and down at four homes on the north side of the street, between Sepulveda and Meadows. They are (from west to east):

1151 Magnolia Ave
1150 Magnolia Ave
1150 Chestnut Ave
1151 N Meadows Ave.

I became curious when I noticed For Sale signs appear at the same time, for the same agent, on adjacent homes. It turns out all these properties were owned by the same investor, who passed away in April 2007.

1151 Magnolia was first listed in October 2007 for $925,000. It was listed as an investment property, as is, with the promise that it “will make all dreams come true.” The price was reduced to $817,000 and the listing expired after 184 days. It was relisted a month later for $879,700 – this time directed toward a homeowner rather than an investor and advised that it was “THE LOWEST PRICE THAT YOU CAN POSSIBLE [sic] BUY RIGHT NOW.” I guess that was if you missed the lower price on that same home a month earlier. The second listing was cancelled in June 2009 after a total of 562 days.

1150 Magnolia (pictured) is currently listed at $890,600. It was originally listed for $1,350,000 in May 2007, with the offer of creative financing including the ability to lease with option to buy. The price came down to $1,175,000 but was cancelled in September 2007. It was listed again a month later for $1,100,000. There were still no takers and it expired in April 2008. It was relisted for $925,000 in January 2009 which reset the DOM (days on market). It expired after another 57 days. The current listing date is December 2009 and according to the MLS this home has been on the market for a total of 6 days, never mind the 2 years before that. [Note to buyers: Make sure you work with a real estate agent who will tell you the true cumulative days on market.]

1150 Chestnut recently sold for $615,000, in October 2009. It was first listed for $869,000 in January 2008 as a fixer. The price came down to $799,000 by April 2008, but the listing was cancelled with no buyers. The broker who had listed these homes was the wife of the deceased. Trying a different approach, this home was relisted in June 2009 with a local agent for $699,000. By then the property had a Notice of Default, so perhaps there was more motivation to sell. The price was reduced twice, with a final asking price of $595,000. That price reduction stirred enough interest that it ended up selling above the last asking price.

1151 North Meadows was listed for $759,000 in June 2009. There were no price reductions and the listing was cancelled after 157 days, when the home was leased.

These homes are all afflicted by their corner location along Manhattan Beach Boulevard. That traffic and deferred maintenance for some of them make for a tough sell. They are a classic example of chasing a declining market. Keep your eyes on these homes as you drive by, you’re likely to see signs popping up on the remaining three sometime in the future, perhaps when the tenant’s lease expires.

By the way, the owner has two other properties in the Manhattan Beach Heights/Liberty Village area with similar stories. One of them, 1216 18th Street, is currently for sale.

Live in Manhattan Beach and your children will be more physically fit!

2009-12-02T08:07:00.000-08:00

The high academic scores of our local public schools have attracted families to Manhattan Beach over the years. Recent physical fitness test scores may also entice parents to move to Manhattan Beach. Don't know what happened to the kids in 7th grade (maybe just a demographic anomaly), but the 5th graders and freshmen are doing better than their counterparts in surrounding cities.

Hill Section FSBO Really?

2009-11-28T09:11:00.000-08:00

There is a modest For Sale By Owner sign in the yard at 800 N. Poinsettia Avenue, on the corner of Poinsettia and 8th Street, in the Hill Section of Manhattan Beach. This caught my attention as FSBO homes are rare in Manhattan Beach. While the owner of the home may not be officially using a real estate company to market the property (yet), interested buyers should be aware that online records indicate there are several licensed real estate brokers and agents in the family. In fact the phone number on the sign is for a relative who is a real estate broker at a property management company.

Maybe this is a new, low-profile approach to marketing in the Hill Section, where real estate company signs have been staying up for so long they have become part of the landscape.

If this is a home you may be interested in buying and would like representation by your own buyer's agent call 310-707-8762 or email Janie.Nagy@shorewood.com

Liberty Village Flip Flop Flip

2009-11-17T11:10:00.000-08:00

The new listing at 1808 Wendy Way ($699,900 asking price) is an interesting, entry-level home for Manhattan Beach. The records indicate that the previous owner bought the 3 bedroom/1 bath Liberty Village home as a fixer for $880,000 in January 2006. After adding a half bath and making some nice improvements, the property was back on the market with an asking price of $1,199,000 three months later. After chasing the market down with multiple attempts to sell over the next 3 years, to a final list price of $899,000, the property went to foreclosure.

Enter the current flipper, who is looking for a quick profit after recently purchasing the home as a result of the foreclosure. Don’t know if the current asking price will generate a nice return on investment, or if it is intended to stimulate a bidding war. Either way it is worth taking a look at, and may be the perfect home for you in Manhattan Beach. But don’t try to get it with an FHA loan. FHA will not loan money to purchase a home that has been owned by the seller for less than 90 days.

Call if you would like to view this property 310-707-8762 or email to Janie.Nagy@shorewood.com

Tree Section Probate Auction Coming

2009-11-10T19:37:00.000-08:00

1801 Elm Avenue in the Manhattan Beach Tree Section was listed today as a probate auction property. Don't be fooled by the low listing price. The Kennedy Wilson Auction Group says there is no minimum starting bid and no asking price. The open house is Saturday, November 28th from 12:30 – 2:30 PM and on Auction Day (December 6, 2009) from 3:45 – 4:45 PM. See the Kennedy Wilson website (http://kwiauctions.com/probate_auctions.asp) for more information.

Looking Forward To Thanksgiving

2009-11-09T18:46:00.000-08:00

Thanksgiving is a terrific holiday - unless you're a turkey! In addition to enjoying a special meal, we can pause a moment to think about all the things for which we are thankful, before making New Year's resolutions for the things that still need work.

At the top of my list each year is good health and family. This year I am also thankful for the opportunity to help people with their real estate needs in a place as nice as Manhattan Beach.

I hope you have many things to be thankful for as well.

20% MB Homes Sold Eligible For Tax Credit

2009-11-08T10:55:00.000-08:00

Never mind the asking price, thought I’d check the MLS to see how many Manhattan Beach homes actually sold for $800,000 or less, making them candidates for the first time homebuyers tax credit extension.

There were 121 condos, townhomes and single family residences that sold (MLS status of sold, pending or backup) in Manhattan Beach from September 1, 2009 through today. Of those, 24 sold for $800,000 or less – a not-too-shabby 19.8%.

The 24 tax credit candidates consisted of:
• 2 condos (1 Hill Section, 1 Lib.Village/ Heights)
• 10 townhomes (3 Manhattan Village, 2 Lib.Village/ Heights, 5 Mira Costa Section)
• 12 single family residences (1 Sand Section, 3 Tree Section, 4 Lib.Village/ Heights, 4 Mira Costa Section)

If you narrow that down to homes that actually closed escrow during that time (70), the percentage of homes which sold for $800,000 or less (14) is 20%.

So if you want to take advantage of the extension of the first time homebuyer tax credit, you can find qualifying properties in Manhattan Beach.

Homebuyer Tax Credit Extended

2009-11-06T14:23:00.000-08:00

It's official, the $8,000 first-time homebuyer tax credit has been extended through June 2010. Since it only applies to homes priced at $800,000 and below, it won't help many buyers of Manhattan Beach homes. But there are a few available in that price range and the way the market has been going, there may be more in the future. It could help sell homes in the neighboring cities, allowing those owners to move into Manhattan Beach.

There are other new features of the homebuyer tax legislation. Read the CNN article for more information.

Conforming Loan Limits for High-Cost Areas Unchanged for 2010

2009-11-04T14:56:00.000-08:00

Good News for Mortgage Loans!

The conforming loan limits for high-cost areas (which include Manhattan Beach) will remain at $729,750 through 2010. Action last week by the federal government extends the higher conforming loan limits for Fannie, Freddie, and FHA loans through 2010. These limits were due to expire at the end of 2009.

The conforming loan limit determines the maximum size of a mortgage that Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac, and the Federal Housing Administration (FHA) can buy or “guarantee.” Non-conforming or “jumbo loans” typically carry higher mortgage interest rates than conforming loans, increasing monthly payments and hampering the ability of families in California to purchase homes by making them less affordable.

Look Ma - No Wires

2009-11-02T22:44:00.000-08:00

A few areas in Manhattan Beach have noticeably improved their appearance, by hiding unsightly utility wires underground. Homeowners have approved several Utility Undergrounding Districts in the Sand Section and one in the Hill Section. In these areas views are much improved and power poles are gone.

But the improvement has come at a price. Some homeowners have chosen to pay the bill right away. Others have elected to finance the expense as a tax lien or defer payment until the property is transferred to a new owner.

If you are planning to be the new owner of a home in one of the approved Undergrounding Districts, take care to address the issue of undergrounding costs in the purchase agreement. Read More >>