LA Luxury Home Market Gets Off to Quiet August Start

Manhattan Beach’s residential market is standing tall even as the number of signed contracts for Los Angeles County shrinks.

The nine-bed, 11-bath home at 763 31st Street in Manhattan Beach was last week’s largest property under contract, with an asking price of $10.5 million, according to the Eklund Weekly Luxury Report L.A. The roundup counts signed contracts of residential listings within the county priced above $4 million.

The Spanish Colonial home on 31st Street totals 7,308 square feet with glass walls, cathedral ceilings, space for a home theater and a pool with waterfalls.

Property records show the seller is a family trust tied to Gregory Hartmann and Dana Hartmann.

Claire Gillespie and Margaret Gillespie with Vista Sotheby’s International Realty have the listing.

Manhattan Beach notches another victory with the contract.

Two weeks ago, a home in the city’s Hill Section neighborhood was the top contract in Eklund Gomes’ report, with a $16.9 million ask for the property at 934 1st Street. The city also saw its priciest home sale ever last month when 1800 The Strand traded for $24.5 million.

Elsewhere in L.A. County, a Hancock Park home with a listing price of $9.4 million was last week’s second-largest property under contract.

The home at 434 South Rimpau Boulevard has served as a well-known local attraction during Halloween, when homeowner Richard Correll decks the property out with items he’s collected from various film sets over the years. Correll is a director, actor, writer and producer who co-created “Hannah Montana.” He has also directed episodes of “The Suite Life of Zack & Cody,” “Family Matters,” “That’s So Raven” and “Fuller House” among other television shows.

The Colonial Revival is listed by Coldwell Banker Realty’s Anne Loveland and Sue Carr. It hit the market less than a month ago, according to Zillow.

The property has five bedrooms and eight bathrooms across 9,113 square feet. Highlights include a second-floor atrium, guest house and backyard with a trampoline and zipline.

Overall, Los Angeles County counted 13 contracts for the week ended Aug. 4, which is off from the 16 signed in the prior seven-day period, according to the Eklund report. Last week’s contracts equated to total volume of $81.5 million, which compares with $136.6 million in the prior week.

Meanwhile, demand for luxury condos remained thin as the segment saw its third straight week of no signed contracts.