There are currently 164 blog entries related to this category.
Monday, September 2nd, 2013 at 10:38am. 442 Views, 0 Comments.
We weren't exactly skeptical, but we were surprised early this year when new construction at 705 26th (5br/4ba, 4875 sq. ft.) was listed, during the framing stage, at $3.599M.
In a post in February, we tried to look at some comparable heights hit in past years. Mainly we saw similar new construction hitting $3.2M-$3.375M at the peak of the mid-2000s bubble.
Most of those homes we not near the plus-plus size of 705 26th, where the basement added about 1300 sq. ft. above the other properties.
Now, not only has 705 26th sold for asking price, its near-twin, developed at the same time on a (former) double lot, has sold for more.
That'd be 709 26th (5br/4ba, 5120 sq. ft.), slightly larger, and slightly pricier at $3.700M.
Not only are these sales numbers…
Wednesday, August 28th, 2013 at 8:58am. 431 Views, 0 Comments.
It's a theme you've heard here before: What couldn't sell before, now does.
A couple of recent examples are real eye-openers.
432 23rd Place (3br/4ba, 2250 sq. ft.) is a late-90s townhome on an alley.
This one has had a very difficult time on the market, trying, but failing, to sell in each of the past 4 years, 2009-2012.
But you know how it worked out this time.
The last list price in 2012 was $1.149M. It canceled nearly a year ago in early September at that number.
This year, the home presented differently. In past years, it had been occupied, felt very dated and had a closed-in, walled-off kitchen. That sort of isolation of the kitchen was "out" when the TH was built – a mistake. But this year, they opened up the kitchen to the living area and…
Tuesday, August 20th, 2013 at 5:13pm. 375 Views, 0 Comments.
The Manhattan Beach real estate market is beginning to get its share of spec construction projects here and there. Two ocean-view beach homes that are emblematic of this new wave have now sold above $5 million.
This new run of construction is nothing like the wave of bank-funded speculative projects built in the early late-90s or early 2000s. Generally you see just one at a time, or a couple/few at a time, by each investor (or group), boasting quality names for the architecture and building. Investors are working on a small scale but building for top-dollar return.
And, like the twin projects we'll discuss here, the style of the new builds speaks to what today's high-end buyers want.
Here's a hint: It ain't Caliterranean.
224 6th (5br/5ba, 4100 sq.…
Friday, August 9th, 2013 at 8:17am. 377 Views, 0 Comments.
Can you get $3M for a new home east of the highway?
That's what they shot for at 1200 10th (5br/6ba, 4600 sq. ft.) at one point, but it doesn't look like they'll get it.
But they do have a newly posted deal – the second time this property has gone pending in a 2-week period – with a list price of $2.799M.
If this deal sticks, it will still be an impressive number.
Here's the background:
- July-Nov. 2012, listed at $2.899M while under construction
- MBC ran a post in July 2012, see "$2.9M for New Construx in East MB"
- re-launched in April 2013 at $3.199M
- cut in June to $2.999M
- cut July 15 to $2.799M
- posted a deal July 22
- old listing removed and property re-listed "new" on Aug. 2 at $2.799M
- posted a deal Aug. 6
For our review of the home, please…
Wednesday, June 26th, 2013 at 8:45am. 361 Views, 0 Comments.
We last checked in on the progress of the crop of new construction we've called the Speedy Speckies back in April.
Back then, it was starting to look like the investors behind the speckies were going to have the last laugh.
One of the original crop, 1605 Pine, was due to close near $2M after having failed to sell on the first offering and turning into a rental. (See "Speedy Speckie May Hit $2M;" that post also has a thorough rundown of the crop of Speedy Speckies and their fates to date.)
We said of the builders then: "They're defying the naysayers, and starting to rake."
Since then, they've had even more success.
Thursday, April 11th, 2013 at 10:38am. 687 Views, 0 Comments.
There is a lot of construction going on around MB. It's hard to miss.
Most of it is custom work for owner-users. There are some spec builds here and there, typically higher-end, but they're spread out. There's not one big source of financing out there driving a full wave of new construction, as we have seen in past years.
But there is one unabashed set of speculative builds out there, a group of homes that – back in 2011 – actually brought back the idea of spec construction to MB, after about 4 years without new projects breaking ground.
One of those has now posted a deal at a list price that is the highest for the whole crop of spec homes by the same builder. That's 1605 Pine, a 5br/5ba, 3000 sq. ft. home on a smallish, 4250 sq. ft. lot. (Pictured…
Tuesday, April 9th, 2013 at 11:53am. 747 Views, 0 Comments.
It's been a long time since $5.6M for a 100-block house by the beach seemed like a peak never to be reached again.
The new peak is more like $6.6M, a million-dollar difference in just 5 years. And most of those 5 years weren't "good" years for Manhattan Beach real estate.
That first peak was marked out in March 2008 at 200 19th St. (5br/5ba, 4200 sq. ft.) a spectacular new Cape Cod on one of the great "teen streets" near downtown. (We call it a "100-block" house because it would be 136 19th if the city didn't re-order the addresses to the 200s starting there; with no Manhattan Ave. cutting through the teen streets, a lower 200 is as good as a 100.)
200 19th sold new for $5.6M, and then the world collapsed. (If you'll allow us some dramatic license.)…
Wednesday, March 20th, 2013 at 2:46pm. 853 Views, 0 Comments.
It was a little bit of a surprise, 18 months ago or so ago, to see 112 The Strand get knocked down.
It had been a completely livable, large 1988-built home, and it went for a price you'd think should maybe come with a house: $7.334M (May 2010).
But that turned out to be how someone valued the dirt alone.
They knew what they wanted: A South End lot on The Strand to build on. They took what was available and paid what they needed to pay. And then they got under way. The project has gone on a while, with a vast, deep basement carved out before the current 3-story structure sprouted. It'll be huge.
That $7M+ sale marked out a new high end for South End Strand lot values, but the question was: Would that sort of number be hit again at a time when Strand…
Friday, February 15th, 2013 at 8:44am. 532 Views, 0 Comments.
They're reaching for historic heights with a new listing in the Tree Section.
New construction at 705 26th (5br/4ba, 4875 sq. ft.) is listed at $3.599Mpre-completion.
3.6 in the Trees? North of Valley?
To reach for those heights, first they had to dig down. They dug a basement for this house, as well as the next-door neighbor, also under construction at the same time. (A double lot at the location was purchased last year and split for purposes of the new construction.)
The basements make both new homes unusually large for a fairly standard size lot. On a 5120 sq. ft. plot, you could normally build around 3500 sq. ft., but by digging, they were able to bring the total square footage near 5000 inside.
5000 in the Trees – that's something, too.
Friday, October 5th, 2012 at 3:43am. 458 Views, 0 Comments.
One way to tell (part of) the tale is just to look at some of the most recent closed sales:
424 2nd (3br/4ba, 2550 sq. ft.) is nothing snazzy or special or perfect from any angle, just like all the other recent $1.7m-ish sales in the South End of the Sand Section.
$1.7m seems like the "new normal" for something smallish and flawed, totally livable and kinda lovable, but really needing something more... in the hallowed South End.
The poor photos don't do the home much justice. It's a good layout. Huge garage. Comfy place. But it could use a lot. We hope it does not wind up a lot sale. (We've heard conflicting things about the plans for the property.)
- 552 3rd (3br/3ba, 1850 sq. ft., $1.699m),