lot values

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It took a few months, but they've now sold 828 Highview, a favorable, large corner lot with potential views from the second floor of a new home. (Lot size: 8900 sq. ft. and change.)

The price for the lot: $5.400M.

And from there, you have to start spending to create a home to take full advantage.

The sale price here is quite a drop (-15%) from the start price of $6.350M, which everyone was told was "firm." Until it wasn't, apparently.

One of the comps for this lot would be 724 10th, a slightly bigger lot (10,500 sq. ft.) just a couple blocks north. That one had been a frequent traveler on the MLS in 2011-2013, with asking prices from $5.690M down to $4.895M. It finally sold off-market in March this year for $5.630M. (Looks like that 2011 start price

It was only this past January when an auction for 104 The Strand resulted in a big number for the plot: $9.500M.

Now, before they get under way with any new construction, the new owners are offering it back.

For $4.400M more: $13.900M.

Now, this little rectangle of dirt was already scarce when offered in January for $8.0M. It's really the last lot from the Hermosa border north up till around 4th St. on The Strand that seems ripe for total new construction. (See "Last South End Strand Lot Will Sell," from January 2014.)

And we know that the South End of the Strand has been developing into The prime piece of MB's prime real estate for some time. (See "Knocking Down the South End Strand," from May 2013.)

One way or another, the old structure has a date…

You could be forgiven for not noticing the old Spanish at 10th/Highland downtown.

921 Highland is a 1930s original on a double lot (5400 sq. ft.).

If you were to rewind time a bit (which is hard), we'd hazard that the big house was once all but alone on the stretch of Highland near Center Street and the pier. There are stories, to be sure.

Now, though, the question turns to what to do on the site. Someone has just paid $5.400M for the home, and we're not really thinking it's because they're preservationists.

A double lot with ocean views on a walkstreet right in the thick of MB's now-bustling core should probably have a lot of new stuff on it that reflects what MB is today.

You could built one heckuva single-family home, something you could even call…

One way to track the Manhattan Beach real estate market is to watch what's happening with the oldest, and often smallest, homes in town.

In the Tree Section, there have been several recent sales.

Today, Dave's listing at 1600 N. Poinsettia (2br/1ba, 920 sq. ft.) just closed for $1.370M, somewhat over the asking price of $1.350M. That's a mostly original 1940s cottage that will be getting a makeover by the new owners.

Very similarly, slightly larger 1500 N. Poinsettia (3br/2ba, 1230 sq. ft.) sold 7 weeks ago for $1.399M, and will also be remodeled. (Dave represented the buyers there.)

Both of those Poinsettia homes have lot sizes a bit under what's typical for the Tree Section, at about 4200 sq. ft. each. Both drew interest from buyers who would have…