It was somewhat more than a year ago when we expressed surprise at how 1304 Lynngrove was being listed.
The start price: $3.199M.
This, in the "affordable" Manhattan Beach neighborhood of Liberty Village, was a serious shocker.
With respect, on the blog here we said that that's the kind of pricing that…
It was somewhat more than a year ago when we expressed surprise at how 1304 Lynngrove was being listed.
The start price: $3.199M.
This, in the "affordable" Manhattan Beach neighborhood of Liberty Village, was a serious shocker.
With respect, on the blog here we said that that's the kind of pricing that can "make markets" and/or "could reshuffle all thinking about the area." (See "Pushing $3M in Liberty Village?")
To date then, there had never been a home sold in Liberty Village over $2M, and here they were shooting past $3M. Wow.
(In October 2015, 1805 Faymont [5br/4ba, 3500 sqft.] became the highest-ever Liberty Village sale east of Redondo Ave., at $2.060M.)
1304 Lynngrove was only in framing stages at the time of its first listing at $3.2M, so there was no urgency to getting the price "right." It was a heady time then, early 2015, when sellers were generally betting on a continued upswing in the market – and were being proved right.
Eventually they did finish building 1304 Lynngrove (5br/6ba, 3750 sqft.) and began showing it. Regularly. The first open houses were in December 2015, with the price reset to $2.999M.
Our first open-house writeup called the house "one of the most high-gloss, polished ultramodern new homes built on spec in Manhattan Beach in recent memory. And it's mid-block among a series of mostly remodeled 1950s cottages just a block from the middle school and Polliwog Park."
Further, we called it "a daring bet for a neighborhood that's mostly modest and sensibly scaled."
There have been more price adjustments, and the current version of the listing you can see online is #4 since February 2015. Re-listing has reset the DOM clock a few times, so instead of 400+ DOM, it shows 57 today.
Monday, they cut $100K for the second time since March, and the price is now at $2.699M.
That's down $500K from the start (-16%), but still 31% higher than the highest-ever previous sale in the immediate area.
The seller could argue that we're being too fussy about neighborhood boundaries, and that a house is a house in certain parts of East Manhattan Beach. What about the 7 other sales over $2.700M in the same MLS area (146) in 2015-16?
Of course, it's up to buyers to say what the right number is now for 1304 Lynngrove – in that specific location.
------------------------------------
For reference, see "East MB Spec Homes Chop to Sell" (January 2016).
Please see our blog disclaimer.
Please see our blog disclaimer.
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 18th, 2024 at 8:50pm 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.