John Condos Are Gone Condos

Posted by Dave Fratello on Monday, January 11th, 2010 at 4:58am.

It was going to happen sooner or later – they've now sold out all 3 of the "green" contemporary condos conveniently located steps from MBB.

The end result was much less than had been projected for the development.

Recall from our first story, "A Surprising Development on MBB," that the collection of 3 new condos was first offered for start prices ranging from $1.299m-$1.792m.

The total of the 3 start prices: $4.5m.

The smallish condos were described breathlessly:
  • "At last, this magnificently designed property in the Manhattan Beach Hill Section, is ready for you.
  • "A 'Must See Property' in Manhattan's Hill Section, close to everything wonderful Manhattan Beach has to offer."
  • "A very unique property. You gotta' see this one!"
Alas, no one beat a path to the door. (Well, MBB was resurfaced during this time, but that's not the same.)

All 3 have now closed (click highlighted address for more pics & details via Redfin):
  • 1106 John (2br/2ba, 1550 sq. ft.) for $725k;
  • 1108 John (2br/2ba, 1800 sq. ft.) for $810k; and
Many readers have done the math in their heads already, but that's a total of $2.535m, fully $2m and 44% less than the hoped-for start prices – well outside any margin for error for the project, one might reasonably assume.

At least there will be some income from the commercial space fronting MBB on the first floor.

Back in 2006, when the project was brought to the city for approval, city staff said they were "unaware of any existing mixed use condominium developments in Manhattan Beach."

The brave new office/condo project was described at the time in the developers' proposal thusly:
Recognizing the prominent location on Manhattan Beach Blvd., the project aims to be a model development for the City of Manhattan Beach, California, and the Nation.
A model development? Maybe it depends on your standards.

Don't assume that developers are finished trying.

Just east down the block a bit on MBB, there's another modern new development being readied for new residents. Maybe we'll see soon if they've picked up any lessons from this trio.
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