What's Hot in MB Real Estate (10/22/15)
Oct 22, 2015 11:00AM
By Jeanne Fratello
The first property, 1000 The Strand (9br/8ba, 5687 sqft.), is a corner lot that's just shy of 5000 square feet, near the Manhattan Beach Pier. In its 5th month on market, the list price remains the same as on Day 1: $28.900M. MB Confidential first wrote about the property in June here.
Meanwhile, this week's new listing, 2722 The Strand (8br/9ba, 6025 sqft.) is on a true double lot. (It's pictured in our first photo above.)
The lot, which measures in at 6925 sqft., is actually a trifle more than the size of two 3300 sqft. Strand lots. It is situated at a midtown location just past Bruce's Beach Park, with a start price of $28.500M.
Both are older properties on oversized lots, so the prices reflect land value. But how do either of these Strand lots stack up, price-wise, against anything comparable? The short answer, according to Manhattan Beach Confidential, is: There's no precedent. But in 2015 in Manhattan Beach, does that fact matter to anyone?
Looking at the more "normal" end of the market, this week's MB Market Update captures stories of both low and high prices.
One sale, 966 Rosecrans (3br/1ba, 1050 sqft.), recently closed at $1.170M, becoming just the 5th home to sell for under $1.200M west of Sepulveda all year. Of the five sales under 1.2, there were three on Rosecrans like this one, one on a 2500 sqft. skinny lot on Valley, and one was almost a half lot on an alley at 440 35th Place.
At the other end of the spectrum, a different sale - this one a townhome in Manhattan Village - blew away the previous sales record by 27% with a sale at $2.100M.
17 Fairway Dr. (3br/3ba, 2630 sqft.) was was custom-built by the original developer of the Village for himself. It's bigger and sports some extras, including extra rooms you wouldn't find in the others. Nevertheless, that number marks a new high in an area that previously hadn't seen a "2" in front of any price tags.
For more mid-month statistics, see the inventory list here.
For the latest stories, updates, and commentary, visit Manhattan Beach Confidential.