Manhattan Beach Open House: Sunday 12-3 ...$ Reduced

511 N Dianthus...Price Reduced to $1,125,000....

Open Sunday January 31, 2009 12-3 pm

If you missed this one... stop by and take a look. This is ideal if you need a less expensive home in the Robinson school district...

This is a great opportunity for buyers who want to move to the Hill section of Manhattan Beach. The price has been reduced to $1,125,000 making it one of the best priced homes in the Manhattan Beach Hill Section. In addition to a lower price, the owner will consider holding a second trust deed for a qualified buyer. This will allow a buyer to purchase with confidence in today's often confusing financial market. Many lenders will not lend as much as they would a few years ago even to well qualified buyers. If you have been considering purchasing a home in Manhattan Beach but have been a bit unsure about financing alternatives this might be a home to consider.

511 Dianthus in the Manhattan Beach Hill Section offers a good choice for buyers who are deciding to follow a more conservative path. This lovely home has over 1900 sq ft, 3 bedrooms, 2 baths, large dining area, delightful family area and a great entertainment room with space to spare for the big TV and a view that doesn't stop. The serene rear garden and soothing sounds of the waterfall bring a sense of calm after a busy day. A new price makes this home worthy of consideration.... $1,125,000.

511 N Dianthus.. Manhattan Beach... Take another look Sunday 1-4

Last week I wrote a post for my open house at 511 N. Dianthus in the hill section of Manhattan Beach. I had three comments two of which were rather disparaging. I've always wondered if the negative remarks reflect the difference between people who are serious about buying a home and those for whatever reason, are not going to purchase.

Last year I wrote a post about starter homes in Manhattan Beach. I used a home I had listed at 3612 Poinsettia as an example of a starter home. I received a number of comments telling me how overpriced and terrible the home was. A month later the house received multiple offers and sold at the asking price. For weeks after Poinsettia went into escrow I had calls from buyers who wanted to make offers. Yet the comments indicated the house would never sell.

I don't know that the same thing will happen in a month at 511 N Dianthus... but it is one of the largest homes west of Sepulveda under $1.4 million(see graph). It is being shown a lot by agents with buyers. Last Sunday I had 20 people visit 511 N Dianthus... which is pretty good in this market. Roughly half of the visitors liked the house.... again not bad in this market. The house is retro with a lot of character, great views.... and a lovely yard... Cookie cutter it isn't!

Visitors were interested in the fact that the seller would carry a second trust deed. A few had been talking to lenders and knew they were requiring higher down payments. Some were just starting to look while others had been looking for awhile. This may not seem important but if you don't have 30% or more down this could be very important. lenders are no long making second trust deeds on properties so that buyers can take advantage of rates on a conforming first.

The graph below reflects the inventory for available homes west of Sepulveda listed under $1,400,000. There are a number of homes at $1,199,000 ... one dollar less then 511 N. Dianthus. If you check out the square feet and price per square foot you will note that there are only two other homes with a smaller ppsf then 511 N Dianthus. (Click on graph to enlarge)

We've had a couple of offers that we couldn't quite get together. The sellers are ready to sell. If you are looking for a larger home west of Sepulveda that is priced under $1.4 with character and big views then this might be the one for you.

Open House Sunday January 25, 1-4

Manhattan Beach: Market Snapshot January 19, 2009

January 2009... DOM for sale


2009 is showing a few encouraging signs that Manhattan Beach home sales may be picking up a bit from the dismal November and December numbers. Since January 1, 2009 there have been 10 homes and 4 townhomes go into escrow. Not great to be sure but it is an improvement over the 8 properties that entered escrow in December.


Homes are staying on the market for longer periods of time. If you look at the graph above you will see that the DOM(days on market) is up. The average DOM for a home in Manhattan Beach is now 116 days and 108 days for a townhome. That means a property will probably be on the market at least 4 months before it sells. So if you need a quick sale you will have to set an agressive listing price.




Financing is the most important factor in today's real estate market. If you are seriously thinking of buying a home you must have your financing in place and be pre-approved for a specific loan. I'm telling my clients to get approved by a direct lender and a mortgage broker. When shopping a mortgage broker be sure to use one with a long history in the business and a lot of connections. Have a talk with the bank where you have your accounts. You may find they offer a better rate to their clients.




Manhattan Beach: Market Snapshot January 19, 2009(click on graph to enlarge)

Manhattan Beach: Price Ranges January 19, 2009










***Rep. Gary Miller, D-Calif., has introduced new legislation, HR 587, that would increase FHA loan limits and the conforming loan limits back to $729,750 for Fannie Mae and Freddie Mac beginning in 2009.




Manhattan Beach: Market Snapshot December 4, 2008

Manhattan Beach: Market Snapshot November 8, 2008

Manhattan Beach: Market Snapshot October 13, 2008

Manhattan Beach: Market Snapshot September 15, 2008

Manhattan Beach: Market Snapshot August 19, 2008

Manhattan Beach: Market Snapshot July 17, 2008

Manhattan Beach: Market Snapshot July 7, 2008

Manhattan Beach: Market Snapshot June 20, 2008

Manhattan Beach: Market Snapshot June 5, 2008

Manhattan Beach: Market Snapshot April 29, 2008

Manhattan Beach:Market Snapshot April 14, 2008

Manhattan Beach: Market Snapshot March 31, 2008

Manhattan Beach: Market Snapshot March 13, 2008

Manhattan Beach: Market Snapshot February 26, 2008

Manhattan Beach, CA: Market Snapshot February 11, 2008

Manhattan Beach, CA: Market Snapshot December 12, 2007

Manhattan Beach: Market Snapshot November 8, 2007

Manhattan Beach: Market Snapshot October 12, 2007

Manhattan Beach: Market Snapshot September 29, 2007

Manhattan Beach: Market Snapshot September 15, 2007

Manhattan Beach: Market Snapshot August 25, 2007

Manhattan Beach: Market Snapshot July 18, 2007

Manhattan Beach: Market Snapshot June 25, 2007

Manhattan Beach: Market Snapshot June 2, 2007

Manhattan Beach: Market Snapshot May 6, 2007

Manhattan Beach: Market Snapshot April 23, 2007

Open House Manhattan Beach Hill Section: 511 N Dianthus Open Sunday 1-4 pm

Open Saturday January 18, 2009 1-4 pm

If you missed this one... stop by and take a look. This is ideal if you need a less expensive home in the Hill section....

This is a great opportunity for buyers who want to move to the Hill section of Manhattan Beach. The price has been reduced to $1,200,000 making it one of the best priced homes in the Manhattan Beach Hill Section. In addition to a lower price, the owner will consider holding a second trust deed for a qualified buyer. This will allow a buyer to purchase with confidence in today's often confusing financial market. Many lenders will not lend as much as they would a few years ago even to well qualified buyers. If you have been considering purchasing a home in Manhattan Beach but have been a bit unsure about financing alternatives this might be a home to consider.

511 Dianthus in the Manhattan Beach Hill Section offers a good choice for buyers who are deciding to follow a more conservative path. This lovely home has over 1900 sq ft, 3 bedrooms, 2 baths, large dining area, delightful family area and a great entertainment room with space to spare for the big TV and a view that doesn't stop. The serene rear garden and soothing sounds of the waterfall bring a sense of calm after a busy day. A new price makes this home worthy of consideration.... $1,200,000.

Beach Cities: Sold 2006-2008

El Segundo Classic Craftsman

2008 was a tough year for all aspects of the economy. The chaos in the credit markets and the failure of banks to begin lending has been a blow to all aspects of the economy but especially to the housing market. The South Bay Beach Cities have held up fairly well but even our market is finally feeling the pinch.

The drop in the conforming loan limit in the South Bay from $729, 750 to $625,500 is a real issue in the Beach Cities. Jumbo loans are still priced significantly higher then they should be when compared to rates for conventional conforming loans. Rates are bouncing around on a daily basis. Today they went down but they could just as easily go back up tomorrow. We've almost reached the point where a buyer needs to lock in a loan rate and then find a house rather then the other way around.

It should come as no surprise that there were fewer sales in 2008 in the Beach Cities compared to 2007. While home sales were off in all the Beach Cities ... North Redondo had the biggest decline. ** There were 167 fewer sales in 2008 in North Redondo then in 2007. El Segundo fared the best with just 15 fewer sales. Manhattan Beach was off by 137, Hermosa Beach by 64 sales and South Redondo by 71 sales. The Days on Market (DOM) was also much higher.

Prices are finally heading downward after staying on the high side for the last two years. Once again the question isn't whether or not they will decline but rather by how much. Until the economy gets a handle on where it is headed, speculation on prices in the Beach Cities real estate market will continue to be heated.

Beach Cities: Sold 2006-2008 (click on graph to enlarge)

Beach Cities: Sold 2005-2007

** As a side note... Redondo Beach has seen more homes go into escrow since January 1, 2009 then the other Beach Cities combined.

*** Data is from the South Bay MLS and does not include properties that sold off the MLS.

South Bay- Beach Cities: Sold December 2008

Riviera Village South Redondo

I think the best thing that can be said about 2008 is that it's over!

December was not a great month for real estate sales in El Segundo, Manhattan Beach or Hermosa. Redondo Beach, however, was a different story. There were 44 closed sales in North and South Redondo in December compared to a total of 30 closed sales for El Segundo, Manhattan and Hermosa.


Since January 1, 2009 there have been 13 properties close escrow... 9 of them were in Redondo, 3 in Manhattan Beach and 1 in El Segundo. 16 homes have gone into escrow since January 1, 2009... 12 of them are in Redondo Beach and 4 in El Segundo.


So why is Redondo so hot while Manhattan and Hermosa appear to be relegated to wallflower status... My guess is prices and loan limits. Redondo Beach and to a certain extent El Segundo have seen more rapid adjustments in home prices then either Manhattan Beach or Hermosa Beach. 4 months ago your could find a number of single family homes in North Redondo under $550,000; in fact there were some that were under $500,000. Most of them have now gone into escrow. Buyers were quick to take advantage of FHA and conventional financing at low interest rates. You can still get a home in North Redondo in the $600,000 range with less then 20% down using an FHA loan. With owner occupied fixed rates at 4.5% a lot of buyers have decided now is the time to buy.


I think the second reason has to do with conforming loan limits. When the government decided to lower the conforming rate from $729,750 to $625,000, higher priced communities lost a big advantage for entry level home buyers. At $729, 750 it was possible to buy a home in Manhattan or Hermosa with a reasonable down payment. The loss of $100,000 on the conforming loan limit is a big blow to entry level home buyers who want to be in Manhattan Beach or Hermosa Beach.


The new Administration has a lot of things on the agenda for real estate in 2009. They face a tough job trying to bring back stablity to the credit markets and ultimately to the housing markets. I liked Tom Petruno's Friday thoughts in the LA Times titled Investing for hard times, not The end . He wrote about one of the issues I have always found to be so strange... the number of people hoping to see complete chaos in the housing market. As we have seen in the last few months when the economy takes a dive it affects everyone.

South Bay-Beach Cities: Sold December 2008

South Bay-Beach Cities: Sold November 2008

South Bay-Beach Cities: Sold October 2008

South Bay-Beach Cities: Sold September 2008

South Bay-Beach Cities: Sold August 2008

South Bay-Beach Cities: Sold July 2008

South Bay-Beach Cities: Sold June 2008

South Bay-Beach Cities: Sold May 2008

South Bay-Beach Cities: Sold April 2008

South Bay-Beach Cities: SOLD March 2008

South Bay-Beach Cities: Sold February 2008

South Bay-Beach Cities: Sold January 2008

South Bay-Beach Cities: Sold November 2007

South Bay-Beach Cities: October SOLD 2007

South Bay-Beach Cities: September SOLD 2007

South Bay-Beach Cities: August SOLD 2007

South Bay- Beach Cities: July Sold 2007

South Bay-Beach Cities: Sold June 2007

South Bay-Beach Cities: Sold May 2007

South Bay-Beach Cities: Sold April 2007

South Bay-Beach Cities: Sold March 2007

South Bay-Beach Cities: Sold February 2007

South Bay-Beach Cities: Sold January 2007

Manhattan Beach Open House: 511 N. Dianthus Open Saturday Jan. 3 and Sunday Jan. 4. 2008 1-4 PM

Open Saturday January 3 and Sunday January 4, 2009 1-4 pm

This is a great opportunity for buyers who want to move to the Hill section of Manhattan Beach. The price has been reduced to $1,200,000 making it one of the best priced homes in the Manhattan Beach Hill Section. In addition to a lower price, the owner will consider holding a second trust deed for a qualified buyer. This will allow a buyer to purchase with confidence in today's often confusing financial market. Many lenders will not lend as much as they would a few years ago even to well qualified buyers. If you have been considering purchasing a home in Manhattan Beach but have been a bit unsure about financing alternatives this might be a home to consider.

511 Dianthus in the Manhattan Beach Hill Section offers a good choice for buyers who are deciding to follow a more conservative path. This lovely home has over 1900 sq ft, 3 bedrooms, 2 baths, large dining area, delightful family area and a great entertainment room with space to spare for the big TV and a view that doesn't stop. The serene rear garden and soothing sounds of the waterfall bring a sense of calm after a busy day. A new price makes this home worthy of consideration.... $1,200,000.