Bank Owned Beauty ?

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

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

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

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

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

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

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.