Heights/Liberty Village Sales in January & February 2010

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 There was a long enough break in listings between when it was withdrawn from the market in January 2009 and relisted in June 2009 to reset the cumulative days on market.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.

3 Mid-Priced Manhattan Beach Homes

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

Liberty Village Flip Flop Flip

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