In 2018, the Manhattan Beach median home price was right around $2.4 million. That is a BIG number. If you are looking to get into this coveted beach home market without breaking the bank, you should consider Liberty Village.
In this sub-market of East Manhattan Beach, there are options for all types of buyers. There are fixer starter homes for under $1.3 million, there are medium-sized turnkey homes around $1.7 million, and of course, there are new construction homes commanding over $2.7 million.
Today, I will be breaking down some of these options to show how Liberty Village is a great option to get you into the Manhattan Beach real estate market.
New Construction
As most of my weekly readers know, new construction prices in Manhattan Beach drive existing home prices. Liberty Village has started to consistently deliver dependable new construction sales over the past few years.
Let’s take a look at two 2018 new construction sales…
- 1401 Lynngrove Drive
- 5 bed, 5 bath, 3,588 sq. ft., 5,420 sq. ft. lot
- Sold Price: $2.68 million
- 2200 Harkness Street
- 5 bed, 4.5 bath, 3,578 sq. ft., 5,398 sq. ft. lot
- Sold Price: $2.78 million
Now, by no means are these homes super affordable, but compared to the neighboring sub-market just to the west in Manhattan Heights, new construction homes are selling for around $3.75 million. The same goes for south of Manhattan Beach Boulevard in the Mira Costa sub-market, which has similar pricing.
Manhattan Heights and Mira Costa new homes tend to offer an extra 1,000 square feet of living space, but even from a price per square foot standpoint, Liberty Village new construction offers a very compelling deal compared to its competitors.
Starter Homes
On the other end of the spectrum, you have the low-hanging fruit of lower-priced fixer or starter homes. Take a look at a couple options…
- 1813 Lynngrove Drive
- 2 bed, 1 bath, 1,215 sq. ft., 5,365 sq. ft. lot
- Sold Price: $1.275 million
- bed, 1 bath, 927 sq. ft., 5,088 sq. ft. lot
- Sold Price: $1.325 million
These are extremely low-priced single-family homes relative to the rest of Manhattan Beach. If you are willing to give them a little love, these homes can be rehabbed for a reasonable price. If you bought for $1.3 million and built brand new construction down the road (the rough cost for a savvy owner would be around $1.3 million), that is a total investment of $2.6 million.
That total investment is still below the current new construction prices mentioned early in this post, which essentially make these starter homes a land value purchase. And, if that’s not enough, look at these cute turnkey starter homes…
- 1713 Wendy Way
- 2 bed, 1 bath, 964 sq. ft., 5,041 sq. ft. lot
- Sold Price: $1.25 million
This sale above was a shrewd purchase that can be enjoyed now and built on later.
- 1634 22nd Street
- 3 bed, 1 bath, 1,085 sq. ft., 4,992 sq. ft. lot
- In Escrow Asking: $1.359 million
Everything Else In-Between
If your budget does not allow for new construction, but you have a bit more to spend than a starter home, Liberty Village still offers plenty in-between.
Take a look at some “Slightly-Better-Than-Starter Homes”…
- 1625 18th Street
- 3 bed, 2 bath, 1,533 sq. ft., 4,983 sq. ft. lot
- Sold Price: $1.545 million
- 1505 Manzanita Lane
- 3 bed, 2 bath, 1,342 sq. ft., 5,394 sq. ft. lot
- Sold Price: $1.565 million
These homes above are bigger and have nicer interiors than the starter homes. Not only do they come close to “land value” like the starter homes do, but they have potential to be remodeled or added-on to increase their value. So, if you want something a bit nicer at a solid price for Manhattan Beach, then these are for you.
Now, let’s take a look at some “Remodeled” Homes below…
- 1300 Harkness Street
- 3 bed, 2 bath, 1,617 sq. ft., 5,318 sq. ft. lot
- Sold Price: $1.665 million
- 2208 Wendy Way
- 3 bed, 3 bath, 1,794 sq. ft., 5,992 sq. ft. lot
- Sold Price: $1.825 million
These are turnkey homes with more square footage than their existing counterparts in Liberty Village and come at a discount for comparable property in other parts of Manhattan Beach.
If you do not want to build new construction in the future, then the starter homes and slight better than starter homes can use these above comps as a model to do additions and hopefully create some equity.
Conclusion
As you can see, Liberty Village has a lot to offer and is super reasonable in many aspects of the Manhattan Beach market:
- New construction homes offer a major discount to other areas of Manhattan Beach.
- Shrewd buyers can find turnkey starter homes close to “land value.”
- Slightly-better-than-starter homes are still near land value and give owners the option to do an addition/remodel or something bigger.
- The remodeled addition homes offer an affordable home on a single-family lot in Manhattan Beach well under the median price for the city.
All in all, this is a healthy market that has a ton of options for Buyers from starter to new construction.
And this area looks to have room for growth. Be sure to keep your eye on the new construction at 1900 Lynngrove Drive asking $3.15 million that is currently in escrow. If it closes above $3 million, then look for all Liberty Village home values to rise as a result.
DRE: 01779425
Richard Haynes
DRE: 01779425
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The Richard Haynes Real Estate ShowA leader in South Bay real estate for the better part of a decade, Richard thrives as an advisor to his clients with over $248 million in sales as a broker or investment principal at his boutique agency, Haynes. Richard is known for his keen local market insights which have been featured in the L.A. Times, The Street, and Forbes, along with his weekly South Bay real estate blog. [read more]