Manhattan Village Market Update
Manhattan Village is the only private, gated community in Manhattan Beach, located in the northeast side of the city. Manhattan Village is known for safety, its meticulously landscaped park setting and the HOA fees to support these conveniences. Less than one mile away from the Pacific Ocean, most homes in this planned development were built from 1983 to 1995 and many have been upgraded and/or remodeled since then. There are over 400 homes offer a mix of housing styles and floor plans ranging in size from larger estate homes to single level townhomes. Some homes have views of the adjacent golf course.
The Village residents have a lot of pride and do not turn over frequently. On average over the last 3 years, there is an average 3 active listings at any given time and only 17-23 closed sales per year. The community gives residents the opportunity to buy in our pricey, northern-most beach town at a fraction of the cost of the average home in other neighborhoods.
I think if there has ever been a strategic time to buy in the Village, that is now with the quality of life being invested in the neighboring "Manhattan Village Mall" with restaurants, outdoor spaces and high-end commercial development. I would want to find a unit that you really felt like you could be at home in and enjoy. As with all of Manhattan Beach, inventory is very limited. Units that are completely remodeled with a maximized floorplan can go way over average price. As we know in all of residential real estate, buyers will pay others handsomely to do the work they do not desire/have the time/have the vision to undertake themselves.
Data Points for Manhattan Village compared to Manhattan Beach :
Jan 2015: $1.26M
Mar 2017: $1.3M
Mar 2019: $1.338M - 9% increase from 2015
Jan 2015: $1.887M
Mar 2017: $2.150M
Mar 2019: $2.360M - 20% increase from 2015
Tight Inventory - The Village remains very constricted, under 2 months of inventory while Manhattan Beach overall has almost double the inventory at 4 months.
Days on Market is still very tight, with the average Manhattan Village (and Manhattan Beach) property on the market 3 weeks.
In the last 3 years:
Record Sale: 23 Village Circle // DEC 2017 // 4 beds, 4 baths, 3,184 sq ft, $2,600,000.
Lowest Sale: 21 Tiburon Court // NOV 2016 // 2 beds, 3 baths, 1,583 sq ft, $1,100,000.
Notably in the last 3 years, there have been four sales over $2,000,000 in the Village.
Is now the right time to make an investment? With interest rates still bordering epic lows around 4%, and for well-qualified buyers, even in the 3% range, borrowing money can go a long way right now. Our local economy has a lot of up-and-coming investment. As all long-term residential real estate investors say, "Don't wait to buy, buy and wait.".
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