About Manhattan Beach's East Manhattan Beach

Manhattan Beach Mira Costa Home Sales in 2009

The Mira Costa section of Manhattan Beach is one of several areas in the South Bay that have seen an increase in the number of single family homes sold in 2009 from 2008. Yet at the same time, the median sales price dropped by 20 percent from the previous year. What is interesting about this is that the median sales prices for the years 2006 through 2008 were within striking distance of each other and so the 20 percent drop in price more or less represents the decline in value from the peak year of 2006. The current median sales price is $1.35 M, up significantly from the beginning of the decade when it was $835 K. Given that there are only a handful of single family homes in escrow at this writing and that the current active inventory is just 10, this new year is off to a timid start.

One factor that appears to have impacted this area, like virtually every other area in the country, is the fallout of the credit market crash of 2007. This has manifested here in the Mira Costa area with a sharp drop in new development projects. In both 2007 and 2008, there were 17 to 18 new homes sold. Last year the number dropped to only eight. This could potentially explain a big chunk of the drop in median sales price.

There is a home on the market that may actually help current land values here if it sells at its adjusted list price of just over $7.9 M. Historically, there has only been one sale over $5 M in the Mira Costa area and this was back in June of 2006. The home has had two price drops thus far, but rumor has it there may be some movement soon. Deals like this can create interesting momentum for the market and maybe even a bump in demand for the area.

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I have many home buyers approach me about their home search in Manhattan Beach and I have to make sure that they understand that Manhattan Beach has some very different neighborhoods and each has something unique to offer. There are really 5 distinct neighborhoods in Manhattan Beach that are the sand section, tree section, hill section, Manhattan Village and East Manhattan Beach

An ideal location for families, East Manhattan Beach offers something much of the South Bayand other neighborhoods of Manhattan don't.....space. With lot sizes generally being either 50x100 or 50x150, homes in areas east of Sepulveda Blvd. often allow for larger homes and large yards. These larger lots have been of particular interest to builders in the past few years and there has been a tremendous volume of new construction homes recently. With the market having slowed and the inventory of new homes continuing to rise, the past few months has been a tremendous time to find builders willing to negotiate and sell these homes for well below their original prices. Click here to see all of the homes currently on the market in East Manhattan Beach.

In addition to new construction East Manhattan still offers some original "fixer" type homes and often have the lowest priced single family homes in all of Manhattan Beach. These homes may not have lasted on the market in the recent past with builders quickly buying them up, but they offer home buyers an excellent way of getting a home in a great neighborhood and in a tremendous school district. Most of these homes are 3 bedroom 1 bath homes with 1200 square feet or so. Some have been nicely updated while many have original kitchens and bathrooms and could use some work. They are often priced at "lot" value and can be a good situation for someone looking for a good home now and a lot to build their dream home on later.

Keith Kyle - Realtor, e-Pro - South Bay Brokers - 2501 N Sepulveda Blvd Manhattan Beach, CA 90266 - 310-251-2344 - Keith.Kyle@SouthBayBrokers.com

For real estate information, open houses, and FREE MLS access visit www.KeithKyleHomes.com