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What's Hot In MB Real Estate - 7/10/15

Jul 10, 2015 11:09AM ● Published by Jeanne Fratello

What goes up must...stay up? That's the theme of the latest Manhattan Beach real estate market update as reported by Manhattan Beach Confidential, which calls a series of recent transactions "quick and shocking."

Specifically, those transactions occurred at Bruce's Beach, a small North End Sand Section park with wide ocean views, bounded by Highland and Manhattan Avenues between 26th and 27th Streets. 

At 217 27th, on the north side of the park, a lot was sold for $4.100M, about $100K over asking, in late May.  According to Manhattan Beach Confidential, that sale seems to have been something of an inspiration to the owners of 2520 Manhattan Ave. and 2519 Bayview, neighboring 1750 sqft. lots on the south side of the park. Both of those properties listed in late June at $4.000M each and both went into escrow immediately. 

For those keeping score at home: That's just three lots (all under 2500 square feet) with sale prices totalling $12 million. 

Also worth noting: Just a few blocks down the street, a spec build on a prime ocean-view walk street has posted a quick high-end deal. 205 20th (4br/6ba, 4750 sqft.), a modern with great views and a fully equipped, spacious home theater, came on the market in mid-June at $8.999M and has already posted a deal. 

Earlier this week, MB Confidential also took a more in-depth look at PPSF (price per square foot) Sand Section townhome trends. The takeaways: 

- PPSF for Sand Section townhomes is up 22% from last year, up 47% since 2011. 

- The average PPSF of Sand Section townhomes is now at $1,338/PSF.

- Sand Section townhome prices are up 65% since 2013. 

- The median Sand Section townhome price is now $2.84M.

Want to know more? See the most recent Sand Section TH sales for yourself at this link

 


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