Saturday, August 30, 2008

Manhattan Beach: Manhattan Village Update

Manhattan Village is in one of its periodic funks... lots of inventory and few sales. The Village is either very very hot or very very cold... Right now it's definitely cold with 7 Court homes, 2 patio homes and 1 home for sale, 1 Patio home (great golf course view )pending and no closed escrows since June.

I suspect that one of the reasons for the slowdown is the HOA dues. They are running about $475 per month for the Patio and Court Homes. The single family homes have much lower HOA fees at about $260 and as they appear to be grandfathered will likely stay on the low side. I have clients who are renting in The Village and really love it... but they just don't know if they want to spend that much on fees.

But don't make judgements on the fate of The Village as the picture can change in an instant. Last fall inventory was very similar... suddenly everything sold...with 5 Patio homes closing in one month.

The buyers who choose The Village really love it. A number of sales are due to homeowners upgrading from Court homes to Patio or single family homes. The Village is peaceful and very serene. People are always out walking their dogs, jogging or walking while kids are riding bikes.

The Village isn't for everyone but if you like the idea of a gated complex this may be the place for you.


Anonymous said...

What is the address of the one estate home for sale? What is the asking price?

Thank you

Kaye Thomas said...

Anonymous 1:28,

Address is 13 Bridgeport.. 3306 sq ft/ 3bdrm/3ba/ lot is 7417 sqft and price is $2,149,000.. it's a very good location..You can e-mail me if you have other questions..