Buying a Home in Manhattan Beach

Buying a Home in Manhattan Beach

  • Jenn Caskey Group
  • 04/10/23

Situated outside of Los Angeles on the glorious coast of California, Manhattan Beach has long served as a sanctuary for creative artists, young families, and corporate professionals. A small population lends itself well to a tight-knit community feel and a warm, inviting energy. Its proximity to downtown Los Angeles, Hollywood, and Beverly Hills mean its residents don’t need to travel far to experience first-rate entertainment, excitement, and shopping.

If you’re on the hunt for Manhattan Beach real estate, you are in the right place. Read on for the Jen Caskey Group’s deep dive into the most efficient methods for buying a home in Manhattan Beach.

Why should you buy a house in Manhattan Beach?

Between its world-class setting on the luminous Pacific Ocean and its low-key elegance, Manhattan Beach has a glowing reputation as one of the most desirable places to live in California. Specifically, Manhattan Beach is known for its:

Fabulous dining

Los Angeles is a veritable mecca for foodies, and Manhattan Beach contributes to this fame. The beachy gem boasts a magnificent array of casual, surfer-chic cafes and upscale eateries, cozy coffee shops, and enticing bars. Whether you’re in the mood for fish tacos punctuated with avocado and cilantro or a seven-course feast created by a widely acclaimed chef, Manhattan Beach has a phenomenal dining scene.

Ample serenity

Los Angeles is the second largest metropolis in the United States, but Manhattan Beach exists in a wonderful universe of its own. Here, you’ll find fewer crowds and the abundance of tranquility that arrives with it. This naturally leads to a more serene ambiance which allows its residents to frequently savor the simpler pleasures in life, with the beach being chief among them.

Beautiful estates

Manhattan Beach has a panoply of stellar real estate options. Custom-built homes are perched in just the right places to offer epic vistas of the ocean. Waterfront gems give residents the chance to wake up to the sound of the waves. And lovely, single-family homes with top-notch amenities perpetuate the sun-lit lifestyle of South LA.

Terrific outdoor recreation

Southern California’s impeccable weather urges its residents to spend as much time as possible outside. That they do, with Manhattan Beach locals often enjoying a bounty of outdoor activities. Hiking is a common pastime in this tony enclave, with more than a dozen dedicated and pristine treks around the town. Surfing is another beloved sport here; some of its waves are considered the best in the Golden State. From outdoor yoga to beach volleyball, there are countless ways to relish this irresistible climate.

Top neighborhoods in Manhattan Beach

The neighborhoods in Manhattan Beach are united by their beauty, but each has its own character. The regions with the highest appreciation include:

  • North End
  • Manhattan Beach East
  • Eastside
  • Sand Section
  • City Center
  • Hill Section

What to know about buying a house in Manhattan Beach

Median house price

The average price of a home in Manhattan Beach is $2,108,359, rendering it one of the most affluent cities in North America.

Closing costs

Closing costs are dependent on several variables, but the estimated amount for the median price of a home here would be $41,427 on a fixed, 30-year loan, assuming that 20% would be put down on the house.

Property taxes

Property taxes in Manhattan are around 1%.

Requirements for buying a house in Manhattan Beach

Manhattan Beach’s desirability translates to a competitive market. It’s generally advised to put 20% down on a home, if possible. Unless you’re paying with cash, you may have the following options to secure funding:

Conventional loans

Conventional loans
are, simply put, loans taken out from a private lender. These loans are not secured by the government. To qualify for one, you may need a high credit score, among other factors.

FHA loans

Unlike conventional loans, FHA loans are, essentially, mortgages that are backed by the Federal Housing Administration. A minimum credit score of 580 is needed to qualify for homes with a 3.5% down payment. Credit scores of 579 or less require a 10% down payment.

VA loans

A VA loan is another form of a mortgage loan. These are available only to service members, veterans, or surviving spouses. Offered through the U.S. Department of Veteran Affairs, VA loans often make purchasing a home viable. In some cases, for example, no down payment is needed.

Investment tips for buying a house in Manhattan Beach

Find the best mortgage rate

Interest rates change frequently. This is one of several reasons it’s vital to work with a seasoned real estate agent who specializes in Manhattan Beach properties. They can advise you on the best time to purchase a home, and point you toward the most reputable lenders who will work hard to secure the most attractive mortgage rate.

Increase your credit score

The higher your credit score, the better your chances of securing a tenable mortgage interest rate. If yours is less than stellar — generally, any number below 580 is considered poor credit — work to raise your score prior to shopping for a home in Manhattan Beach and beyond.

Are you intrigued by Manhattan Beach’s luxury lifestyle? Call Jen Caskey today to get started looking for your new home. As the owner of the Jen Caskey Group, she has more than 30 years of experience in South Bay’s real estate scene. Schedule a consultation with her today to turn buying a home in Manhattan Beach into a reality — and enjoy an impeccable experience while you’re at it.

*Header photo courtesy of Jenn Caskey Group

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The Jen Caskey Group can assist you in determining your current property value, crafting a competitive offer, writing and negotiating a contract, and much more. If you're buying or selling real estate in Manhattan Beach, Hermosa Beach, or Redondo Beach, contact us today!

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