There is an area in East Manhattan Beach in the area known as the poet streets. If the three most recent sales are any indication demand is driving prices way up with all three not only receiving multiple offers but selling dramatically over asking price.
While the real estate market around the country was taking a hit, home values along the coast of the South Bay remained as stable as ever. The “sand” section of Manhattan Beach remained particularly strong as oceanview and oceanfront homes that are walkable to the beach are always in demand. Home prices in the sand section (see map) are reaching unbelievable highs with full lot walkstreets in the 3-6 million dollar range, depending on age, condition and view.
Typical 1/2 Lot El Porto Home Some Stunning Ocean Views
While these homes are out of reach for most South Bay buyers, there is an area of Manhattan Beach that offers far more reasonable home prices. The area is known as “north” Manhattan, although it’s more familiar to most as El Porto. El Porto is the northernmost neighborhood of Manhattan Beach. Ideally located for commuters traveling to Santa Monica or downtown Los Angeles, El Porto offers close proximity to LAX, Marina Del Rey, the Westside and more. As El Porto lies on a fairly steep grade, homes in the area often offer stunning ocean and panoramic views from Palos Verdes to Malibu. One unique feature of El Porto is that it offes many half lots generally measuring 45×30 which allows for some more affordable housing within a block or two from the ocean. Many of these homes are “legal non-conforming” duplexes with a 2 bedroom unit upstairs and a 1 bedroom or studio rental downstairs. Homes in the area start in the mid $800,000 and depending on size, age, and views can go up to the $2,000,000+ range. The area is ideal for people not needing a huge home, that love the beach and ocean, and want to shave off 15 minutes of their commute. For surfing enthusiasts, it happens to front the best surfing beach in the South Bay. If you are looking for an oceanview home in Manhattan Beach you may want to consider the El Porto.
The sand section of Manhattan Beach offers the epitome of California coastal living. The sand section is the area of Manhattan Beach that is bordered by the beach and ocean to the west, and generally the streets of Valley and Ardmore to the east. What makes this area so desirable is the proximity to the beach and the ocean. The area offers a variety of housing options with oceanfront luxury homes on The Strand, beautiful “walk street” homes with a wonderful sense of community and often sweeping ocean views, townhomes just a few blocks to the beach, and multi unit homes of North Manhattan, known as El Porto. The market is always very active as the demand is always strong for prime beach real estate. As of mid March there are 9 active homes for sale in the sand section, 21 pending home sales and 18 closed homes sales as of February 1st. According to Manhattan Beach realtor Keith Kyle, “Incredibly low inventory coupled with very high demand since the beginning of the year is driving prices up quickly. There are many buyers looking in this luxury market, but there are very few listings and even homes priced at market value are often selling with multiple offers, over asking and with huge concessions by the buyers.” The current average sales price since the beginning of February has been slightly over $2,300,000. See the chart below to see the market by the numbers.
Active MLS Listings – Currently there are 9 active homes for sale in the Manhattan Beach Sand Section
The hill section of Manhattan Beach offers it all…..beautiful homes on quiet streets, stunning views, much larger lots than in other “sections” of Manhattan Beach, and luxury homes to take your breath away. All of this while still being west of Pacific Coast
Highway/Sepulveda Blvd and still walkable to the beach. It is specifically due to the larger lot sizes that the homes in the area are not as confined to certain sizes and designs to fit within the smaller lots of the sand section and tree section. The result are often truly custom homes with large square footage, not at the sacrifice of larger outdoor areas. It is simply the best of all worlds. The market has not been as active as some of the surrounding areas and cities with very low inventory and relatively low numbers of listings and sales. There have been 5 closed home sales in 2013 with an average sales price of $1.869M. Due to low number of homes sold in the area and the extreme pricing differences, these numbers can be drastically different over time. See a quick recap of the real estate market in the hill section of Manhattan Beach.
South Bay Brokers, one of the top real estate firms in the South Bay of Los Angeles, has recently named their Top Producing Agents for 2012. RedondoBeachRealEstateHomes.com and Redondo Beach realtor Keith Kyle was once again a top producing realtor. Thank you to my many clients that have put their trust in me over the years and have allowed me to part of their real estate needs.
With inventory continuing to decline the condo and townhome markets in the Hollyglen communities of 360 South Bay and Fusion South Bay have continued their torrid pace. Both complexes are located along Aviation Blvd in the area of Hawthorne known as Hollyglen. Fusion South Bay was completed in 2007 and 360 South Bay began releasing units in the past 2 years, so both offer a very affordable way of getting new or newer construction in the area which is very rare in the South Bay. According to Manhattan Beach realtor Keith Kyle “many home buyers in the area often start their search looking for homes in Redondo Beach and find that in the mid $400K -$550K range what they can afford is much older and smaller. Fusion and 360 offer a similar location, great schools and a much lower price point. Simply put you get much more for your money.”
The market has been very active with 8 resale units currently in escrow. 360 is still currently releasing new construction units and most are not on the MLS so there are a number of additional sales not noted below. As of March 13th there are no active condos or townhomes for sale but click below for the latest list of homes for sale as it’s continually updated.