Manhattan Beach... Million Dollar Homes and ForeclosuresIf you caught the LA Times article about Million Dollar home sales in CA you know that in 2008 Manhattan Beach had more home sales over one million then any other community in the state. There were 296 sales in Manhattan Beach of homes above $1M in 2008 . While that probably makes most Manhattan Beach homeowners happy as an indication that values didn't take a complete nosedive... the information also points out that 2008 numbers were down considerably from the 403 homes that sold in 2007. So far this year that trend seems to be continuing with closed sales in January 2009 of 7 homes and 2 townhomes...ouch! None of this information is surprising if you are buying or selling a home in Manhattan Beach or any of the Beach Cities. Sellers are trying to figure out the magic number that will make a buyer decide to make an offer, while Buyers are waiting for prices to drop more and loans to get easier to obtain. There is a lot of information in the article that didn't make the headline. If you read the chart one of the things that pops out is that price-wise Manhattan Beach is in the middle of the pack. While prices are still on the high side they are below the prices of Laguna Beach, Newport Beach and even some areas of Palos Verdes. However you have to read most of the article before you find what is perhaps the most significant piece of information...namely that of the 236,000 homes that went into foreclosure last year...only 1,612 were homes that sold over the $1M mark. I believe we will see more million dollar plus home in trouble this year as the economy worsens, but as a percentage that number will continue to be small relative to the total number of REO homes in CA. Over the last few years there has been this assumption that anyone who bought an expensive home really couldn't afford the home. While I have no doubt there are a number of buyers who did get in over their heads... the low numbers above seem to indicate that perhaps most folks who bought in the more expensive communities were not as financially imprudent as many thought. http://www.move2manhattanbeach.com/009417 ![]() ![]() ![]() ![]() ![]() Trackback from: Cod phentermine as well as cialis cheap reviews. [Visitor] Cialis. Cialis online. Cialis st. Cheap cialis. Cialis. Trackback from: Yellow swarm with ephedra. [Visitor] Ephedra. Ephedra products. Trim spa with ephedra. Ephedra. Trackback from: Why is ritalin over prescribed for adhd. [Visitor] Ritalin vs adderal studying. Ritalin. Motivation and ritalin. Smoke ritalin. Ritalin effects. Trackback from: Hydrocodone. [Visitor] Hydrocodone. Hydrocodone. Buy hydrocodone online consultation. A healthy baby without withdrawls to hydrocodone. Hydrocodone bitartrate. Buy hydrocodone without a prescription. Trackback from: Snorting adderall effects. [Visitor] Adderall. Side effects of adderall xr. Adderall. Trackback from: Adderall xr generic. [Visitor] Adderall. Buy adderall online. Adderall. Adderall online. Adderall xr. Trackback from: Amoxicillin. [Visitor] Amoxicillin rebate. Taking amoxicillin while pregnant. Trackback from: Next day soma. [Visitor] Discount soma. Buy soma. Soma. Buy soma online. Soma cube directions. Soma on line. Buy soma online without rx. Trackback from: Psyche and soma operate as a duality. [Visitor] Soma in san diego. Soma. Soma without rx 180 count. Trackback from: Amoxicillin 500mg. [Visitor] Amoxicillin and clavulanate potassium 875 mlg. Amoxicillin. Amoxicillin to treat acne. Amoxicillin safe when pregnant. Amoxicillin and clv. Safety of amoxicillin and greyhounds. Amoxicillin flavors for kids. Amoxicillin online homepage. Trackback from: Soma drug history. [Visitor] Soma side effects. Soma cheap. Comment on this article Trackbacks Trackback address for this post:http://www.move2manhattanbeach.com/trackback/37911This post has no comments awaiting moderation. About This Post Leave a comment »Posted on February 04, 2009 23:18:04 Posted in Manhattan Beach, General Posted by Kaye Thomas
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Kaye Thomas, Realtor
I am a veteran real estate agent serving the South Bay communities of Manhattan Beach, Hermosa Beach, Redondo Beach and El Segundo. I specialize in helping my South Bay neighbors to buy and sell luxury oceanfront homes.
Your South Bay Real Estate resource for Buying and Selling in the So. CA /LAX Beach Cities of Manhattan Beach, Hermosa Beach, Redondo Beach and El Segundo.
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