Under water in Manhattan Beach
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Manhattan Beach Confidential posted a slew of new listings last week that are at prices below their original purchase prices. From MBC:
-- 3505 Pacific, a delightful family home (4br/3ba, 2850 sq. ft.) on a nearly double-wide lot with a big location challenge, was purchased for $1.350m in Jan. 2004, but starts now at $1.299m (-$51k). -- 1604 Poinsettia (5br/4ba, 3125 sq. ft., 2004 build) was last purchased in Dec. 2005 for $2.2m, and began this week at $2.099m (-$101k). -- 528 6th (2005 build) is a sharp, angular modern that made a few appearances on MBC in 2008. Last purchased 3 years ago in Feb. 2006 for $2.995m, now offered for $2.799m (-$196k). -- 429 31st (4br/4ba, 3800 sq. ft., 2002 build) is a Cape Cod up on the plateau that takes the biggest hit among these, right out of the blocks. Last purchased in May 2005 for $2.490m, it starts now at $2.199m (-$291k). Also this week, 1821 Palm (4br/4ba, 3525 sq. ft., 1990 build, updated) –- which we noted just last week in ‘Not Worth Their ’05 Prices?’ as one that was ‘slipping closer’ to its April 2005 price ($2.250m) –- chopped below its acquisition price to $2.175m.
Manhattan Beach 90266 saw 271 existing single-family home sales in 2008 at a median price of $1,575,000, according to MDA DataQuick. That was a 3.3% drop from the 2007 median. Expect to see more of these ‘under purchase price’ listings in expensive neighborhoods, many of which have held on fairly well early on in the decline but can’t keep it up forever.
-- Lauren Beale
Thoughts? Comments?
