Manhattan Beach was the only one of the beach cities to post luxury home sales during the month of February 2012. Redondo and Hermosa did not break the $2,000,000 barrier with any sale during the month.
Property One, located on a walk street and close to the water, sold for $3,000,000. The 3-bedroom, 3-bath 1,980 square ft. home claimed 3,605 square ft. of prime Manhattan Beach land. The property was on the market for 26 days and original list price was $3,399,000. The $1500 plus a sq. ft. sale price drives home the old adage: Location matters.
Property Two, located in the Tree Section of Manhattan Beach, sold for $2,100,000. The 4-bedroom, 5-bath 3,893 sq. ft. home was built in 2000 on a 5,020 sq. ft. lot. The property was on the market 379 days and original list price was $2,299,000.
Property Three, also located in the Tree Section of Manhattan Beach, sold for $2,000,000. The 5-bedroom, 6-bath 4200 sq. ft. home was built in 2005 on a 5,120 sq. ft. lot. Yes, land is a precious commodity in Manhattan Beach. The property was on the market 148 days with an original asking price of $2,279,000.
Breakdown of luxury properties (including condos and townhouses) priced $2,000,000 and up currently for sale in the beach cities:
Manhattan Beach: 33 Properties ranging in price from $2,100,000 to $24,900,000 for a prime location on The Strand.
Hermosa Beach: 7 Luxury properties ranging in price from $2,099,990 to $4,999,900 for a piece of The Strand.
Redondo Beach: 3 Luxury properties ranging in price from $2,499,000 to $10,000,000 for a place on the Esplanade.
How is the luxury housing market doing in the South Bay Beach Cities of Greater Los Angeles? Let’s let the statistics drive home the facts–there are currently 24 beach cities luxury properties in pending and backup status. Looks there will be a plethora of new homeowners enjoying the surf and sand this summer.