It's just what's in the air now, it seems.
With the closing Tuesday of the sale at 801 11th (4br/3ba, 3035 sq. ft.) at $1.930M, we see another sale at a big markup to a 2010 acquisition price.
2010 wasn't so long ago, folks.
But back then, late in the year (call it 3 1/2 years ago), someone grabbed the…
It's just what's in the air now, it seems.
With the closing Tuesday of the sale at 801 11th (4br/3ba, 3035 sq. ft.) at $1.930M, we see another sale at a big markup to a 2010 acquisition price.
2010 wasn't so long ago, folks.
But back then, late in the year (call it 3 1/2 years ago), someone grabbed the custom Mediterranean at 801 11th for $1.380M.
The resale now comes at a markup of $550K over that last market sale, a solid 40% above the same home's value in a different market.
Is the Manhattan Beach real estate market really up 40% in just 3-4 years? Well, the market for this home is.
And in last week's "To Have a Time Machine" post, we pointed to one resale that nabbed 28% more than a 2010 price, another seeking 36% more and a third that sold last year for 41% over 2010. (After some remodeling in that last case.)
It was early this year when we first featured 801 11th in a post titled "Steal & Sell."
In sum, this home had a more difficult history in a more difficult market. Its location – backing up to commercial, with a busy intersection nearby – was more concerning to buyers then. When the sellers had to sell, they couldn't.
In 2009, NODs began and foreclosure loomed. A 2010 effort to sell short at $1.600M failed. The lender took a big hit when an investor paid $1.320M in June 2010 on the courthouse steps.
That investor, undeterred by the recent market failure at $1.6M, tried at $1.590M. But after 3 months, the investor cut and cut and finally made the best deal (then) possible: $1.380M to someone not afraid at the time.
Fast forward four years and forty percent, and you've got Tuesday's sale – and another buyer from the down market looking brilliant in the rear-view mirror.
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Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 19th, 2024 at 4:10am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.