Pushing $6m in the South End

Posted by Dave Fratello on Tuesday, August 28th, 2012 at 4:21pm.

As the beach gets richer, only the rich will move to the beach.

That's the sense you get from 2 new listings down in the South End, one each on either side of $6m:

224 6th (rendering)
224 6th (5br/5ba, 4100 sq. ft.) is a planned new home, just a few months from completion, maxed out on a 2700 sq. ft. ocean-view lot. Some nice names are attached to the project.

They're running with the "plantation" style that's been sweeping town since someone used 3 lots on The Strand to show off the style in maximal fashion. (That's 212 The Strand; see "Big, Beautiful, Too Much?")

Asking price for this new one: $5.5m.

That would put 224 6th on a par with the biggest spec construction sale of the year, at 128 18th (5br/5ba, 4000 sq. ft.) a "tropical contemporary" that began above $6m and closed at $5.650m. (See "Close the Books on 128 18th.")

The only higher sale this year in the Sand was at 128 5th, a recently new spec home that was radically updated and furnished before selling for $5.850m. (See "128 5th Closes Under $6m"; see our review from late April.)

Both of those were obviously 100-block addresses, a pure barefoot shuffle to the beach. The new home at 224 6th will be 2 plots west of Highland, with Bayview and Manhattan Ave. to the west.

The land underneath this newbie sold for $2.8m late last year (Nov. 2011). That was pretty much what we expected as the fate of the yucky 70s duplex that was then on the site. We enjoyed looking back at this passage from our review of the duplex one year ago:

Ahhh, the 70s in Manhattan Beach. By lore, the town was populated mainly by flight attendants, surfers and dope dealers, with Thomas Pynchon lurking around El Porto. And folks were building quickie duplexes all around town to house this eclectic, transient mix of residents. One was 224 6th, sporting a 1975 completion date and a few updates here and there since...

[But this] ain't the 70s anymore, and what happens to places like 224 6th is they get replaced with 4200 sq. ft. moderns. Just a prediction.
We were wrong about the "modern" part of that prediction. It's a "plantation." Regardless, bye-bye, 1975.

The other $6m+ listing in town...

132 2nd (5br/6ba, 4300 sq. ft.) may seem familiar at first, because a home at this address was listed on-and-off from 2008-2009.

It famously (infamously?) drew an offer, off-market, for over $6m back in 2008; $6.225m, we heard.

When that would-be buyer walked out, the sellers nonetheless continued to dream of $6m. It took a very long time for them to come to terms with the fact that the market was much lower – eventually letting the property go for $3.3m in Jan. 2010. (Details and links in "Close the Books on 132 2nd.")

The 2010 buyers went to work. They took this 90s original, "completely gutted and refinished" it (per the current listing) and brought it into the 21st century with a unique flair. And now they're looking for more than $6m – $6.5m to be exact.

Yes, it's extraordinary, as they claim. It certainly calls to mind 128 5th, the recently re-sold, hugely upgraded, newer walkstreet house. Both display an intense and personal style with very high-end materials.

Now the question is, can this version of 132 2nd get $6m+ this time?
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