Quick: What's a double lot in the Hill Section worth?
Go ahead and guess – anything.
OK, ready?
Now, did you come closer to $8m, or $5m?
Last year at about this time, 222 N. Poinsettia, a double lot totaling 13,800 sq. ft. with some views, hit the market at $7.9m.
That was a guess.
There have been adjustments since.
This…
Quick: What's a double lot in the Hill Section worth?
Go ahead and guess – anything.
OK, ready?
Now, did you come closer to $8m, or $5m?
Last year at about this time, 222 N. Poinsettia, a double lot totaling 13,800 sq. ft. with some views, hit the market at $7.9m.
That was a guess.
There have been adjustments since.
This week, it's down yet again – $700k in one chop. Now all the way down to $5.295m.
This, at least, is an educated guess.
Experience showed that the dirt wasn't going to fetch $8m, or $7m, or $6m. So it was time to get closer to $5m.
As the property history (via Redfin) here shows, a cut of $700k was the smallest yet. The previous cuts were each at, or near, $1m.
Total chops to date: $2.605m (-33%). That has to be some kind of record.
It's still the priciest of several lot offerings in the Hill Section (see "More Hill Dirt Options" from February).
Earlier this year, when the listing for 222 N. Poinsettia was still at $5.995m, your blog author tiptoed out onto a limb and said:
At this point, we would not be shocked – though the sellers might be – to see another $1m shaved off before a deal is made.
The price is still $300k above the level that would make that sorta-prediction turn out to be correct.
Off the hill, down by the sand – well, right on the beach – there's a similar situation at 3216 The Strand, another would-be trophy property that has been working on finding its market price.
Briefly, try the same exercise as before. A Strand lot in the 30s. What's the value?
$7m? $5m?
The current listing began at $5.9m in early March, but that wasn't the opening bid.
Last November, this one was touted as "charming and livable" and yet listed "for lot value" at $7.3m. (See "And Then There Were 4.")
Now 3216 The Strand is at $5.199m – down $2.101m from that high start.
It's still listed for lot value – $2m later – and now touted as the "Best priced piece of land available on The Strand in Manhattan Beach."
Unlike the Hill Section double-lot, which suffers partly from a lack of recent land sales or other comps, there are a few recent Strand sales, including scrapers, providing some data.
Most significant among them is nearby 3404 The Strand, which closed for $5.35m in early May. But at 3404 the buyers got a big, unique home that just needs updates if they keep it. At 3216, no such luck – that duplex has to go.
Both of these lot sales could go near $5m. Just a guess.
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 19th, 2024 at 4:40am 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.