Really, actually I grew up here and own here kook. Next.
MB is definitely different. Its a shame, the hollywood crowd/obnoxious USC trust funders/Hedge fund folks who used to go to Bel Air or Santa Monica now have "discoverd" Manhattan. Instead of playing volleyball or taking a dip, or riding a beach cruiser they prefer to sip a nice reisling on the balcony to "ejnoy" the view and dispatch visiting relatives to rollerblade on the strand. Heck my neighbor lives in London 50 weeks a year, is out here two, and paid 6mm for his place. Its regressing back to a vacation town, albeit a vacation town for the uber rich. We can complain but unfortunately there is nothing you can do...
Agreed, although you are a bit of an anomoly--a smart trojan. We are facing the worst economic crisis since the great depression, I think prices are going to late 90's levels at least. Other markets have plummeted, yet MB seems to be sailing along, slowly accumulating listings, folks in denial that still won't take a dime of a loss...Removing the band aid very very slowly...
Good observation. I grew up in the house next door and Manhattan Ave is NOISY. Good location for beach going, and a walk to downtown, but the noise and traffic is constant, and 125 was rebuilt far too big and has a minimal water view.s With the new home on the strand on the north corner and the white place next door your veiws are severely limited. For 5mm its an absolute joke. Your buyer capable of dropping that kind of cash is going to want more value--and assuredly his or her priorties won't be proxmity to Mucho and the volleyball courts--they're gonna want a view. And to that second guy in this thread, calm down!
I agree, thats the issue with the entire MB market right now. Nobody wants to take a loss. The only diff between some other zip codes and 90266 is that the 66 folks have the cashflow to sit on things or don't have mortgages. We are going through the worst economic downturn since the depression but us MB homeowners like to think that despite the nationwide woes our values won't drop below 2002 prices....the Ostrich in the Sand Section mentality...
Maybe I forgot guys like you who've owned here for 20 years? That dump you bought in 1989 for 400k which was worth 3.6mm two years ago, is surely to rebound in 2010. Hey why rent when you can own for 6x the debt service....
Actually I'm not saying its the brokers doing. The market is the market. Brokers are there to maximize the price, and they do that in rapidly inflating markets just like rapidly deflating markets. I guess my only point is that we're not quite there yet. Manhattan as a submarket has not matched LA county's correction. That being said, open the beach reporter and note how 80% of it is broker's ads. With more broker activity there are theoretically better "brokers" at the top of the food chain, better brokers sell better....
Just the beginning. These homes were 500k 10 years ago. Now they've allegedly quadrupled in value? I've got news, manhattan will continue regressing to the mean. Realistically these places should be about 1mm. Too much speculation, and overhyped "beach town" sales pitches from brokers, have caused these markets to balloon. Walkstreets are great, but there isn't much of a market premium when sellers are expecting insane psf prices.
Man, you guys are all crazy. MB property values are on the way up. I mean a 3 bedroom 1955 original construction with a veiw of Chevron is a steal at 2.1mm. I mean the MB address is worth at least 1mm. Better get in now whil MB is down 10%, b/c homes here are going to be 3-5 million on average in a year. Forget 1990 when the bottom fell out of the "beach dream market" You could get stuff on manhattan ave for less than 400k.
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