bidding war

There are currently 29 blog entries related to this category.

Earlier this year, we were already amazed at the runup in land values in the Tree Section. (See "Tree Section Lot Values Spike Again.")

The newest closed sale exceeds the points of reference we had before.

That's at 738 29th St., a standard-size 4800 sq. ft. corner lot in a very quiet, favorable location along Agnes.

They listed it publicly at $1.495M, conscious that a larger, nearby lot with a nice location at 750 30th had recently settled for $1.515M.

But that $1.5-ish price turned out to be just the starting point.

A rush of early offers came in, and the victor paid $1.750M.

Our information is that the buyers are, as they say, "owner/users" intending a custom new build for themselves. Spec builders were in the mix at this price level as well.

You have to be careful not to be continuously shocked, or your systems may burn out. You may become numb to news that really is big.

We're conscious of all that, and kinda hate to ring the "shocker" bell too often in this rising market. But we have occasion again today with the sale at 768 26th in the Tree Section at $1.900M.

The most ridiculous way to analyze this one would be by price per square foot. Because on this 3br/2ba, 1443 sq. ft. cottage, the PPSF wound up at $1,317/PSF.

Check that. You'll typically see those kinds skewed figures only when looking at a land sale – a small house contributes almost nothing to the value that someone places on the plot, so the math gets screwy. Recent examples in the Trees are 750 30th ($1.515M, $1,308/PSF), 636

On occasion we like to capture and share some of the better ocean views around Manhattan Beach.

This past weekend saw some of the clearest skies of recent weeks, and it was warm, to boot.

So we did what real estate bloggers are supposed to do: Head out to homes that have recently been on the market and check out the views. Enjoy our brief video.

 

The first panorama in the video was taken from 648 12th St., a 2-story home near downtown up at the top of the hill in the Martyrs area. This one has a roof deck that is really worth heading up to – high above nearly all the neighbors, you can see for miles. The home was listed recently for $2.100M and is in escrow now.

Our second view is from the home at 620 8th St. in the Hill Section. Though lower down

It did not take very long for this year's market to give us a new shocker.

1417 Pine (4br/3ba, 2350 sq. ft.) is a unique remodel of a 1940s original with a great sense of style. It's a darling place that triggers feelings – call it "an emotional house," as one of our colleagues sometimes does.

This home launched at $1.850M, but didn't make it to the first open house.

This one came out before the Super Bowl, at a time of epic low inventory, and then, added to the stew, there's cheap money and the sense of a rising market and the emotional "must have" quality of this house and... whew, it was off to the races.

The winner of the bidding war paid more than $300K over list: $2.162M.

It's all the more amazing when you consider the limitations of the home: