Close the Books on 337 16th

Posted by Dave Fratello on Tuesday, April 17th, 2012 at 7:18pm.

337 16th
They were the best of times, they were the worst of times. And then the calendar flipped to 2012. 

This year, we saw a deal post at one of the homes with the greatest market exposure in Manhattan Beach over the past 5 years. That's 337 16th (4br/5ba, 4550 sq. ft.), which has exceeded 1,000 DOM since 2007. That's some kind of record for persistence.

We summarized the listing history in our last reference to the property:
  • 5 months in 2007 (mostly at $4m);
  • 6 months in 2008 (mostly at $3.8m);
  • 2 months in 2010 (at $3m); and
  • all of 2011 and 2012 (at $3m, down to $2.699m).
The listing first went into "backup offer" status in mid-February, so call that 6 weeks of 2012.

Now the deal has closed at the most recent asking price: $2.699m. (Side note: The agent who has represented the sellers since October 2010 also seems to have lucked out and represented the buyers here, too. That may at least help cover 14 months' worth of promotional expenses.)

So, we've said it recently, and it's worth repeating: This is the year to sell a home that has previously failed to sell. Almost every offering seems to occupy its market segment alone. (Not exactly, of course.) As 337 16th shows, you can even end 5 years on the market on a happy note. 

We've always called this "a plenty appealing home, very big, with a proper walkstreet layout downstairs," plus ocean views and 4-car parking. We also like the neighborhood – a little pocket right near downtown and the park, with almost untrafficked walkstreets east of Highland. Could the home use some modernizing? Sure, and once the price came down that became feasible for the next owner.

How did this one fare over time? There are 2 prior trades: $1.1m in 1997 (new) and $1.780m in 2001. The home was surely upgraded from pretty its blank condition from 2001. But this new sale 11 years later comes at a nice 52% markup over that time.
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