Big Fish(es) Reeled In

Posted by Dave Fratello on Thursday, May 31st, 2012 at 12:29am.

Some big-ticket properties have newly reached deals – reeled in their big fish, if you will. 

The priciest non-Strand home in MB is one. It needed just 6 weeks to find a buyer.

128 5th
128 5th (5br/6ba, 4225 sq. ft.) was new last year but blank. Its buyer paid $5.250m in May 2011 and went to work inside, spending gobs on a full, high-end customization, including custom furniture, art and electronics.

The finished, furnished home has never been lived in.

The buyer changed course and bought a waterfront property 3,000 miles away. Turns out he needed yacht parking, and MB does not (currently) offer that. It was time to unload 128 5th here in MB, after all that work.

The list price: $6.799m.

Time on market: 43 DOM.

(For our review from late April, click here.)

This could become a new record sale for the type. We've seen some sales in the 100 blocks south of the pier go for values in the high 5's and low 6's. They're just rare without a Strand address.

Go back to January 2011, almost a different world.

128 6th
Then, 128 6th (5br/5ba, 4025 sq. ft.) pre-sold off-market during development for $5.595m. That's an "Island modern" home that was built on a lot that looks like one of the steals of the last 5 years.

The ground underneath was purchased for $2.625m in Dec. 2008, as the world slid toward Depression and even the Manhattan Beach real estate market was shakier than most had seen it in years. Buying the dirt then was a bullish move that seems to have worked out just fine.

Just about the only regret for the developer could be not holding out for more on the sale, but who's got time for regret over what might have been?

121 9th
Just a month before that $5.6m sale, in December 2010, MBC reported that 121 9th (4br/5ba, 4475 sq. ft.) had sold off-market during construction for $6.2m. (See "New High-Water Mark Near Downtown.")

At the time, we said, "That's the highest price paid for a non-Strand property west of Highland since 2008."

The $6.2m we reported was based on completion of the home, but we also had information that the buyer intended to upgrade it further. Is the buyer in for more than $6.5m-$6.8m? Perhaps.

However they wrap up 128 5th, at whatever price, it'll be in the top tier for a while. Of course it's less common for all the interior upgrades, furniture, etc., to be included in a sale, so that jacks up the number – but it's a big number to go into the books regardless.

There's one other new deal that just posted in this rough price range, over on the teen streets west of Highland.

209 16th (rendering)
Over at 209 16th, they've been marketing a pre-completion 4br/5ba, 5000 sq. ft. home for a little over 2 months.

They've been seeking $5.6m, which is a chunk of change in its own right. It's newly pending.

If they get full price on 209 16th, it'll match the previous high-water mark for public sales of new construction west of Highland – the $5.6m paid for the cute new Cape Cod at 200 19th back in March 2008, just before the local real estate market took a dive. (See MBC's "High/Low Prices for 2008.")

And if they fall short by $5k, that's the same as 128 6th early last year. 

Land trade note: The dirt at 209 16th was sold in Summer 2009 for $2.550m. That's quite comparable to the $2.625m paid for the land at 128 6th in Dec. 2008, just as the $5.6m list price here at 16th was near the $5.595m that 6th sold for last year.

Now we're left to wonder, when is 128 18th going to reel one in? That's at $5.850m now.
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