

*** These are single family sales from the MLS and do not include townhomes, condos or income property or off MLS sales...
Manhattan Beach Real Estate resource for Luxury homes, townhomes and condos in Manhattan Beach, Redondo Beach, Hermosa Beach, El Segundo, Torrance and Palos Verdes areas of the Southern California South Bay- Beach Cities


*** These are single family sales from the MLS and do not include townhomes, condos or income property or off MLS sales...

Herein lies the problem with our current market. Of the 150 homes for sale only 65( less then half) are priced under $2,000,000. There is very little demand for homes priced over $2,000,000 for a number of reasons, but mainly because of financing. While we have our share of buyers with some big bucks... they are not in the majority. Most buyers looking in Manhattan Beach today have 30%-50% cash needed for a down payment on a home under $2.5 but they still need some type of bank financing. There are lenders offering loans over $1.5 but most lenders really don't want to make loans over that number. So I'm guessing that one of two things will happpen... either these higher end homes will be taken off the market or you are going to see some very hefty price reductions in the future. I also think you are going to see an increase in owner financing to bridge the gap.
Manhattan Beach: Sold January-June 2007-2009(click on graph to enlarge)
Manhattan Beach: Sold April-June 2007-2009

Manhattan Beach: Sold West of Sepulveda January-June 2007-2009
Manhattan Beach: Sold West of Sepulveda April-June 2007-2009

Manhattan Beach: Sold East of Sepulveda January-June 2007-2009

Manhattan Beach: Sold East of Sepulveda April-June 2007-2009


