What's Hot in MB Real Estate (5/29/15)
May 28, 2015 02:45PM ● By Jeanne Fratello
What does the price per square foot top off at for a non-Strand property? And what's the most you could get for a Tree Section flipper? Dust off your old assumptions, because this week Manhattan Beach real estate has seen some eyebrow-raising numbers, according to Manhattan Beach Confidential.
The news begins with 3300 Ocean Drive, which just closed for $4.000M. The sales price on that 3bd/2ba, 1850 square foot townhome comes to to $2,162/PSF. And if you're thinking that sounds high, you're right: It's the highest PPSF (price per square foot) racked up recently on a non-Strand home – exempting lot sales, with their crazy PPSFs on tiny older homes.
The closest that a similar structure has come in recent months was also on Ocean Ave., specifically 1904 Ocean Ave. , a 2br/2ba, 1800 sqft. modern SFR with a 2011 build date. That home sold for $3.250M (off-market) and the PPSF came in at $1,806/PSF. The new mark set by 3300 Ocean comes in at a full 16% higher than its neighbor down the street.
Also worth pondering: How much can you make on a property you're fixing to flip? That question was neatly answered earlier this week with a Tree Section remodel at 3613 Walnut (4br/5ba, 3545 sq. ft.).
The original house needed everything, top-to-bottom, and the flippers gave it high-quality finishes in an updated Cape Cod style. (See the transformation at "Before and After at 3613 Walnut.") After 157 days on market, and a series of price chops, the house closed at $2.429M.
The news begins with 3300 Ocean Drive, which just closed for $4.000M. The sales price on that 3bd/2ba, 1850 square foot townhome comes to to $2,162/PSF. And if you're thinking that sounds high, you're right: It's the highest PPSF (price per square foot) racked up recently on a non-Strand home – exempting lot sales, with their crazy PPSFs on tiny older homes.
The closest that a similar structure has come in recent months was also on Ocean Ave., specifically 1904 Ocean Ave. , a 2br/2ba, 1800 sqft. modern SFR with a 2011 build date. That home sold for $3.250M (off-market) and the PPSF came in at $1,806/PSF. The new mark set by 3300 Ocean comes in at a full 16% higher than its neighbor down the street.
Also worth pondering: How much can you make on a property you're fixing to flip? That question was neatly answered earlier this week with a Tree Section remodel at 3613 Walnut (4br/5ba, 3545 sq. ft.).
The original house needed everything, top-to-bottom, and the flippers gave it high-quality finishes in an updated Cape Cod style. (See the transformation at "Before and After at 3613 Walnut.") After 157 days on market, and a series of price chops, the house closed at $2.429M.
Never mind the price cuts or the time on market: The final sale represents a healthy markup of $802K over the April 2014 acquisition price of $1.625M - almost certainly a nice profit for the flippers.
Want to stay up to date on these and all recent transactions and offerings? Visit Manhattan Beach Confidential to get daily news and analysis on the Manhattan Beach real estate market.
