30-year Mortgage Rate at Record Low

The average interest rate for a 30-year, fixed-rate mortgage fell to 4.69 percent this week. This is the lowest it has been since Freddie Mac started tracking the data in 1971. Though rates are low, buyers remain cautious due to other economic factors.

Read the full article by Dina ElBoghdady in the Washington Post (06/25/2010)

MB Open Houses on Grand Prix Weekend

You will need to plan your route carefully on Sunday, June 27 to avoid streets closed for the 49th Annual Chevron Manhattan Beach Grand Prix. The bicycle race runs up Valley and down Ardmore, between 15th Street and Pacific Avenue, from 7:00 a.m. to 2:30 p.m. (Grand Prix Map).

These are a few of the newly listed Manhattan Beach homes which will be open to the public this weekend. You can find other Manhattan Beach weekend opens in the Beach Reporter.

See this MLS summary link for more information about these homes.

445 33rd Street ($3,125,000, 5 br/4.5 ba, 3,600 sf - listed by Chris Plank/Shorewood Realtors). This home caught my eye weeks ago, while in the area to see other listings. I’m so glad to have the opportunity to see it today.

Two lots have been joined to provide a 2,700 sq. ft. lot (60 feet wide and 45 feet deep) for this “quintessential beach home.” The custom home has been beautifully constructed with a variety of high-quality materials. It was built in 2009, with a timeless design. But you need to love wide, white, wood panels on the walls, horizontal on some, vertical on others, and just about everywhere. Like many beach homes, the living area is on the top level to maximize the ocean view, with bedrooms on the middle/entry level. Rooms on the lower/garage level can be accessed through the side patio, which also has a convenient outdoor shower. Exterior living space consists of the decks, the front hardscape and side patio, which can be seen in the photo. One of the bedrooms is currently used as an office with custom built-ins. The home also has a three-stop elevator. Landscaping maintenance is minimal, there is no rear yard. There is very little traffic on this block of 33rd Street that ends in a cul-de-sac above Sand Dune Park.
Go see this one - Open Sunday 1-5

2513 Elm Avenue ($1,730,000, 4 br/3.5 ba, 3142 sf - listed by Lauren Forbes/NW Real Estate Brokers). Built in 1996 this home is typical of newer Tree Section homes. The home last sold in 2004 for $1,599,000.
Open Saturday & Sunday 2-4

1237 8th Street ($1,289,000, 5 br/3 ba, 2,400 sf - listed by Lida Sandera/South Bay Brokers). The original home was built in 1975, but it has been expanded and remodeled in 2005, including a new roof and windows. The current owners added wood floors. It has been freshly painted and is move-in ready. While admiring the crown molding, I did notice a bathroom light fixture that was missed during the remodel and is showing its age. This Mira Costa Section lot is 6,750 square feet, which allows plenty of room for the house, large deck and grassy area beyond the deck. This home last sold for $1,350,000 in 2005.
Open Saturday 1-3 & Sunday 1-5

1356 Voorhees Avenue ($1,100,000, 3 br/3 ba, 2,500 sf - listed by Mickey Roughen/South Bay Brokers). The most attractive feature of this property is the large lot (9,900 square feet, about 55 x 180). However, that lot has a terraced, up-sloping rear yard that backs to the Mira Costa High School football field. I would be concerned by the noise from the football games, track meets, lacrosse matches, marching band practices, etc. It is also one house away from MB Unified School District administrative offices, and within a block of a church and Pennekamp Elementary school. The location could be a plus for those who like to be within walking distance to school, but traffic and parking issues are to be expected based on school and church schedules.

The home has an abundance of dark paneling and interior brick that reminded me of a scout lodge. The home has a bedroom and bath above the garage, with the remainder on the ground level. The home is quite dated. The kitchen and all the baths need to be redone and new carpet is a must. Perhaps the lot will appeal to a builder ready to roll the dice on the market. Rumor is there has been an offer. We’ll revisit this home to see what the selling price turns out to be.
Open Saturday 2-5

233/235 42nd Street (MLS link for this income property) ($1,365,000, 2 br/ 2 ba + 1 br/1ba duplex, 1,150 sf + 525 sf - listed by Uni Mayesh/Shorewood Realtors). This duplex is on the corner of 42nd Street and Highland Avenue. The 1 br/1 ba unit rents for $1,700 per month. The upper 2 br/2 ba unit could be used as the owner’s unit or rented at an anticipated rate of $3,500 per month. It was built in 1961 on a half-lot (1346 square feet). The property was last purchased as a probate sale in 2006 for $1,110,000, but was completely remodeled in 2010.
Open Saturday 3-5 & Sunday 1-3

If you would like assistance purchasing the Best Manhattan Beach Home for you, contact Janie Sue Nagy.

MB Open Houses For Father’s Day Weekend

I was able to view a few Manhattan Beach homes while they were open for brokers on Friday. These are some of the homes that will also be open to the public this weekend. You can find other Manhattan Beach weekend opens in the Beach Reporter.

See this MLS summary link for more information about these homes.

438 Altura Way ($969,000, 4br/3ba, 1768 sf – listed by Ed Kaminsky/Shorewood Realtors). You may need to use a map to find this home. Altura Way is only one block long, between Keats Street and Longfellow Drive, three blocks east of Sepulveda Blvd. It is within a few blocks of some magnificent homes along Longfellow. However most of the homes on Altura remain faithful to their more humble 1950’s origins. The rear of the lot slopes downward, providing city and high school views.

A second-level addition to the original home does actually offer some ocean peak views. The upper level room (listed as the master suite) has its own, tiny three-quarter bath. A door divides the upper level from the rest of the home leaving a private entrance. So it could be rented separately. The kitchen is an “L” configuration that functions like a galley kitchen with a pantry wing. The home is livable, but quite dated. The large (7,906 square-foot) lot really wants a new home. It appears to be priced with that in mind. A similar property on Shelley Street with a smaller lot (5,320 square feet), sold about six months ago for $836,000. On my way in, I spoke to a fellow who had read the details posted on the sign. He declared it a deal.

2908 Laurel Avenue ($1,249,000, 3br/2.5ba, 1,984 sf – listed by Lauren Forbes/Northwest Realty). This house has the splits – split garage (a one car garage on each side) and a split foyer, leading up to living areas and down to bedrooms. It has been freshly painted, had counter upgrades and does have a huge deck. However, the baths were not entirely upgraded. Older toilets, tubs and surrounds remain. The flyer calls it the “Best Deal In The Trees.” Given its size, lot, location, age, listing price, and current competition, that appears to be a fair claim.

922 11th Street ($1,295,000, 3br/2ba, 1,525 sf – listed by Jim Van Zanten/South Bay Brokers). This is a smaller, older Hill Section home on a large (7,500 sf), flat lot. The home has been well maintained, but has not been upgraded much over the years. The master suite was added nicely, however the kitchen still has original tile. This property has potential. It has a one car garage, with the potential to add a drive along the side and a two-car garage at the rear of the property. It also has the potential to be razed and replaced with a home that looks like its newer neighbors. Given the size of the lot and comparable recent sales, the asking price is a good place to start.

931 Highview Avenue ($1,500,000, 3br/2ba, 2,056 sf – listed by Denise Lavell/RE/Max Beach Cities). This home is like a trip back to the 60’s. The location is great, it has alley access and the lot has ocean view potential. But it is a way more than a fixer. And don’t even think about asking for repairs. It is being sold as is. Even if you cared to preserve the current architecture, it would need serious updating. But did I mention that it is in the company of architectural gems and awesome new construction? We’ll have to wait to see what the dirt value turns out to be for this steeply sloped 6,340 square-foot lot.

301 2nd Street ($1,659,000, 3br/3.5ba, 2,111 sf – listed by the Parke Group/Shorewood Realtors). This three-level detached townhome (one of two, no HOA fees) is at the corner of 2nd Street and Highland Ave. It has ocean views from the top two floors, with the living area on the top floor. There is a dumbwaiter to get your groceries from the car to the 3rd-floor kitchen, but no elevator to help avoid all those stairs. It was built in 1991 and is move-in ready. In the parking-challenged Sand Section, this property offers a two-car garage, with two more spots in front of the garage and a parking pad to the side. This property is reminiscent of 1516 Highland, a newer, slightly larger, single family residence that ended up leasing in March 2010.

2100 Walnut Avenue ($1,999,000, 4br/4ba, 3,200 sf – listed by Colleen Hartley/Shorewood Realtors). This is a beautiful custom home by architect Louis Tomaro, built in 2000 in the Tree Section. It is just about perfect. The only distraction was the floors. The pine floors (advertised as reclaimed barn wood) seemed out of place to me, go see what you think.

If you would like assistance purchasing the Best Manhattan Beach Home for you, contact Janie Sue Nagy.

Two "New Construction" Homes in the Trees Finally Sell

After more than a year and a half on the market, two “new construction" homes in the Tree Section found their price. The “California Craftsman” by Farnham Construction at 529 18th Street was first listed in the MLS on September 10, 2008 for $4,279,000. It closed escrow on June 2nd for $3,075,000, a reduction of about 28%.

Coming to the market on September 19, 2008, the “Mediterranean” at 848 14th Street built by Gravatt Homes opened at $2,899,000. Escrow closed for this home at $2,150,000 on June 7th, down almost 26%.

One other new construction project from 2008 is still available. 1616 Gates Avenue originally listed on April Fool's Day, 2008 for $2,750,000. By September 2008 it had come down to $2,599,000 and is currently asking $2,495,000. If Tree Section reductions hold true for homes in the Mira Costa Section, this home may have to come down a bit more to find a buyer.

Miles of Art Includes Manhattan Beach

Have you seen the colorful lifeguard towers along Manhattan Beach yet? The tower at 14th Street is shown here. This temporary art project, “Summer of Color” will be on display through September 2010. For more information about the project visit Portraits of Hope.

New Hill Section Homes Minimize Garage Access

It looks like there is a new trend in the design of high-end Manhattan Beach homes. Instead of obvious three-car garages (count the doors) several new, luxury homes in the Hill Section have just a single-car garage door.

872 8th Street, Manhattan Beach

500 N. Poinsettia Avenue, Manhattan Beach

924 Highview Avenue, Manhattan Beach


If a home does not have alley access to the garage, this design improves the appearance of the front façade and adds a bit of mystery as to exactly how many cars can be accommodated in the parking compound behind that one door.