Manhattan Beach homes and townhomes Sold September 2011

Flowers along The Strand in Manhattan Beach



September is the odd month when it comes to closed sales.   September sales reflect figures from the end of July and August.  August is usually the slowest month for sales as folks take the last vacation  of the summer and scramble to outfit everyone for the new school year. 

While total home and townhome sales for September(34) were near those of  2010(37) and higher than the figures for 2007(31), 2008(29) and 2009(26).... the median price was significantly lower than any year since 2003. 

I've been having an interesting online discussion with a reader about what is a distressed property.  While we don't quite agree on the precise definition of  distressed  properties, I think we are in agreement that this is a distressed market in all parts of the South Bay-Beach Cities.  The question is whether or not the Manhattan Beach real estate market will become more distressed or if it will remain  more on the flat side with  little movement. 

Currently  I see  roughly 20%-25%  of the Manhattan Beach properties that are for sale as  distressed which I think is  better  than  the numbers found  in many communities in Southern California.  My reader sees the market as closer to 38% of the available properties as distressed.   But then we have different definitions of what constitutes  a distressed property.  My definition is based on the financial situation of the owner while my Reader believes that  there are other items that make a property distressed. 

It has been over 4 years since the housing market took a major dive and there doesn't seem to be much happening to change the situation.  The boys in DC don't have a clue as they scramble to come up with something... anything.. to make the housing problems go away.  They can't seem to figure out that if you want the housing maket to stabilize you are going to have to make it easier,  not harder  for people to buy.  I'm not talking about reverting to the old programs that got us in this mess.  What I'm talking about is sensible guidelines that work on the consumer's behalf.  These guys are so busy grandstanding  and posturing  they have forgotten the basics.... making a loan to someone with good credit and cash for a downpayment who wants to buy a home.

Manhattan Beach Market Snapshot: Sold September 2011

 

Summer home and townhome sales in Manhattan Beach held up well compared to previous years. Overall sales volume for 2011 is the highest since 2007 with 306 homes and townhomes sold between January 1, 2011 and September 15, 2011. Home prices however are another matter.

Manhattan Beach home prices for entry level properties under $1,000,000 have been relatively consistent since last year but prices above that range are still searching for stability. As the recession continues with little sign of abating anytime soon and the stock marketcontinues its wild ride, many financially stable homeowners are begining to feel the pinch of lower economic expectations. For some that means fewer vacations and nights out but for others it may mean they need to sell and either purchase a smaller home or perhaps rent for awhile until the economy begins to look better.

Manhattan Beach real estate prices have definitely declined in the last few years although not by as much as many had predicted. Prices still seem to be in flux for much of the market although not by the percentages seen in previous years. The big question for both buyers and sellers is whether Manhattan Beach real estate prices are approaching the bottom of the market or are there still more price cuts ahead.

Manhattan Beach Market Snapshot: Sold June 2011

Manhattan Beach Market Snapshot: Sold July 2011

Manhattan Beach Market Snapshot: Sold August 2011

1450 Manhattan Beach Blvd # D, Manhattan Beach..

Open Saturday August 6, 2011  1-4 pm

$469,000








Manhattan Beach address for a North Redondo Beach price!

If you want to live in Manhattan Beach but don't have a lot of cash this unit is the perfect choice. Updated 2 bedrooms, 2 bath with fireplace and city views...This sunny upper floor unit has a private 2 car enclosed garage with a large storage room and the units have their own private laundry room with space for storage. There is additional parking in front of the garage for a total of 3 parking spaces.



Ideally located near the park, shopping and schools. The unit is about a mile to the beach and downtown Manhattan Beach... Call(310) 721-7438 or email Kaye for an appointment to view..




$469,000

1450 Manhattan Beach Blvd # D, Manhattan Beach..
New Price!

$469,000

Manhattan Beach address for a North Redondo Beach price!

If you want to live in Manhattan Beach but don't have a lot of cash this unit is the perfect choice. Updated 2 bedrooms, 2 bath with fireplace and city views...This sunny upper floor unit has a private 2 car enclosed garage with a large storage room and the units have their own private laundry room with space for storage. There is additional parking in front of the garage for a total of 3 parking spaces.



Ideally located near the park, shopping and schools. The unit is about a mile to the beach and downtown Manhattan Beach... Call(310) 721-7438 or email Kaye for an appointment to view..




$469,000

Manhattan Beach Market Snapshot May 2011






May sales figures leave no doubt that the volume of sales is down from last year at this time. While the number of sales isn't off much ... 45 homes and townhome sales in May 2010 vs 37 homes and townhomes sold in May 2011... in our small real estate market 8 sales makes a difference.

Tougher loan guidelines and regulations, consumer concerns about employment and the overall economy are making many buyers skittish about where the market is headed. The boys in D.C. continue to complain about the housing market while they issue guidelines and rules that make it much harder to get a loan than it was in pre 2002.

While buyers in our local Manhattan Beach real estate market generally have the financial qualifications to purchase a home, they are still leery about what is happening in the economy both locally and nationally.



I think most buyers can expect prices on Manhattan Beach homes to remain flat with minor ups and downs in the various subareas. I really don't think we will see any major price declines and certainly no increases for sometime. As long as the economic outlook remains uneven real estate sales will continue to be sluggish even in Manhattan Beach.....








Manhattan Beach : Sold May 2011