Manhattan Beach: Market Snapshot... September 29, 2007
By Kaye Thomas, e-PRO, Manhattan Beach CA
(Real Estate West)
Polliwog Park..We are beginning to see the effects of stricter guidelines on loans coupled with fears about big price declines on Manhattan Beach real estate. September sales are below those in August and pending sales are sparse....as of today only 7 homes went into escrow in September out of 121 active listings. The townhome market however is holding it's own with 9 pending sales and 15 active listings. Manhattan Village saw two sell within days. If rates on Jumbo loans drop below 7% we may see an uptick in home sales. I think 7% is a real barrier for many who remember significantly lower rates and are waiting(praying) for rates to drop. I'm not sure that's going to happen. I suspect we are going to have to get used to higher rates which means higher home costs. A 1% increase in inte...