Manhattan Beach: Sold  October 2011

 Manhattan Beach Strand and Bike Path


October has never been a great month for home sales in Manhattan Beach and this year is no exception.. While the sale volume was down slightly from last year... 24 properties  in 2011 compared to 26 in 2010.. The median price  was up  in 2011 ... homes: $1,480,000/Townhomes $ 1,185,000  compared to homes $1,180,000/Townhomes $ 1,000,000 in October 2010. In fact the median price was the highest since 2007. 

Financing is a factor... October was the month that conventional loan limits dropped from $729,750 to $625,000 which may explain why there were on 16 home sales.  However townhome sales were higher than normal so maybe financing was just a small issue.  

So what do the numbers really mean.. not much...  The real estate market is still bouncing around.   Last month there were 25 closed home sales  in September 2011 with a median of $1,150,000 and 5 Townhome sales with a median of $765,000.  When you use small samples the mix  affectes the median price a lot.  What is interesting is that the total number of sales has been fairly consistent year over year.   



Consistency is one of the hallmarks of a market that is relatively stable.  This doesn't mean prices have not gone down or that the number of sales isn't down from peak years.  But it may indicate that even with the poor economy,   Manhattan Beach is a relatively stable market.. You can of course speculate on the whys and whats of real estate in Manhattan Beach and all the Beach Cities forever and still wind up with a lot of numbers  that  are probably not nearly as important as people think..


Manhattan Beach: Sold October 2011

 

Manhattan Beach: The Koffee Kart gone.... Oh No...Say it isn't so!

Dear George Loren,

Say it isn't so... No  Koffee Kart in Manhattan Beach... how can that be?

The Koffee Kart was one of the last "local" places in town.. Unlike Uncle Bill's it was a little off the path for most visitors.  Even on Sunday morning you could get a table after a short wait.  It was my favorite place to eat breakfast.

Over the years not much changed.... It was small with cozy booths,  just right for  reading the paper while waiting for breakfast.   The food was always good and the staff  friendly.   My friends and I would walk Sunday mornings and then stop by for breakfast before heading home. 

All of us were  upset about the fire and have been patiently waiting for the sign to read OPEN once again.... I walked by a few days ago and things were looking good... so I was stunned to learn that you won't reopen at the Koffee Kart home.

Please  find a new spot  and reopen soon.. Fans of the Koffee Kart will be waiting to hear the news.  Over the years we have lost a number  places in Manhattan Beach that many of us remember fondly and miss.   I really hope the Koffee Kart doesn't become one more memory of Manhattan Beach.


I'm hoping for good news soon....

A loyal fan


 P. S. The Hibachi found a home in Hermosa... not quite the same as the old place but darn close... So  I know there's a spot waiting for the Koffee Kart near the beach... just like before but maybe a little different....

Friday, November 04, 2011

Open House 3011 Johnston Ave Redondo Beach

Saturday November 5, 2011...1-4 pm

Hard to find... Home plus legal Guest house on a large lot

Don't miss this rare opportunity to own a single family home and a permitted guest house on an oversize lot in the TRW tract of North Redondo. ... The main house is an 1860 sq ft 2 bedroom 1.5 baths with large family room, huge dining room and remodeled kitchen and baths.. The guest house is a charming  300 sq + studio with remodeled bath.

This home is the ideal solution if you are looking for a place for parents, grown children or a separate office area. The terrific home is on an 8300+ sq ft lot that has alley access... The possibilities are endless....

This is a wonderful mid-Century home with a definite Palm Springs resort feel...

$819,000

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

 

Open House... 3011 Johnston Ave. Redondo Beach
Saturday October 22 , 2011...1-4 pm

Hard to find... Home plus legal Guest house on a large lot
Don't miss this rare opportunity to own a single family home and a permitted guest house on an oversize lot in the TRW tract of North Redondo. ... The main house is an 1860 sq ft 2 bedroom 1.5 baths with large family room, huge dining room and remodeled kitchen and baths.. The guest house is a charming  300 sq + studio with remodeled bath.

This home is the ideal solution if you are looking for a place for parents, grown children or a separate office area. The terrific home is on an 8300+ sq ft lot that has alley access... The possibilities are endless....

This is a wonderful mid-Century home with a definite Palm Springs resort feel...

$819,000