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Home Prices in Manhattan Beach Are Extra Insane Right Now

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Before the latest Case-Shiller numbers come out tomorrow and remind us again how nutso the real estate market is, The Hollywood Reporter is here with a glimpse at one of the nuttiest towns in Southern California: Manhattan Beach. Home prices across the rest of the region have gone up 30 percent in a year, and Manhattan Beach has seen a 17 percent increase just since March. Here's a peek into the madness: In June, this four-bedroom, 3,100-square-foot house on a walk street listed asking $3.5 million. It received 10 offers--eight of them all cash--and wound up selling for $4.225 million earlier this month. The beach town wasn't exactly hurting last year, either; it had the most $1 million sales of any Southern California city in 2012. THR pins the city's popularity on the beach, the celebrities, the walkability, the laidback vibe, and the proximity to film/tv production and sports facilities.
· Manhattan Beach Real Estate Prices Go Wild [THR]