More than 2 years ago, an opportunity arose for a double lot in East Manhattan Beach.
The 15,300 sqft. plot at 1156 6th drew suitors pretty quickly, and sold for $3.300M in December 2015.
As the planning progressed, the buyer had a change of heart, and decided to resell the lot.
In June 2017, the property…
More than 2 years ago, an opportunity arose for a double lot in East Manhattan Beach.
The 15,300 sqft. plot at 1156 6th drew suitors pretty quickly, and sold for $3.300M in December 2015.
As the planning progressed, the buyer had a change of heart, and decided to resell the lot.
In June 2017, the property came out at $3.795M, nearly a $500K markup, reflecting, in part, the rise in the market from Dec. 2015 till then, plus maybe a wish to get out of the property whole (after transaction costs).
Now the lot is officially resold, for $3.600M, and it sure looks like the seller got out with costs covered and perhaps a modest profit.
Land in East Manhattan has been going something like that. Values are up as owner/users are trying to get lots, and spec builders have been scoring with new construction. New homes in East Manhattan drove the citywide increase in median price last year, with more than a dozen going over $3.0M.
Underscoring that trend for spec builders, a splendid new home on a corner at 1350 23rd (5br/5ba, 4800 sqft.) made a deal in 4 days with a list price of $3.649M, challenging for the highest-ever sale price for a home on a typical lot in East MB.
A "standard" 50' x 150' plot has risen in value over the last few years from $1.2M up to the $1.5-$1.6M range. Usually you'd expect a bit less for the occasional 5000-6000 sqft. lots sprinkled around east of the highway.
(The double lot at 1156 6th averages out to $1.800M per 7500 sqft. plot, if you want to look at it that way, and building in some extra for the uniqueness of the double lot and corner position.)
About the same time as 1156 6th closed and 1350 23rd made its deal, two more East Manhattan lots found buyers.
1142 23rd (6000 sqft.) is a corner lot along a small alley. We found this one compelling thanks to a gentle elevation that could deliver views north toward the mountains, downtown LA and the Hollywood sign, but also because that alley would allow a new build to stash the garage along the side/back of the house, instead of at the front.
List price: $1.525M. Action: Immediate. (It's in escrow now.)
1300 Curtis is a corner lot (5175 sqft.) raised up a bit from (busy) Meadows Ave. and with potential for some interesting views toward PV and the ocean to the south.
Asking $1.399M, it took 13 DOM to make its match.
Now, it's early still, and either Curtis or 1142 23rd could wind up in the hands of buyers who wish to remodel rather than build new. The essential point is the same: Demand is driving up land values east of Sepulveda, and there are buyers for land or finished product.
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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 2:25am 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.