At today's prices, you see sellers asking - and buyers paying – as much, or more, for little lots than you would expect to see for an actual livable house.
Look at just a few half lots on the market recently:
209 15th just made a deal with a list price of $2.299M.
The smallish, 2-story house is dated and…
At today's prices, you see sellers asking - and buyers paying – as much, or more, for little lots than you would expect to see for an actual livable house.
Look at just a few half lots on the market recently:
209 15th just made a deal with a list price of $2.299M.
The smallish, 2-story house is dated and you have to say the bulk of the value is in the land, all 1345 sqft. of that plot. Despite a busy intersection nearby, they've pulled in a deal fast.
We noted last week that the back unit, the companion half lot to 209 15th, known as 210 15th Place, is pushing for a ton more, listing for $2.889M.
317 11th is new to market, a half lot right on the periphery of downtown Manhattan Beach.
The 1350 sqft. lot sports a small, 2br. house with very decent updates, but the listing call the plot "undeveloped," pointing to the fact that it's the dirt value driving the price.
Those listings put into context another pending sale.
Much closer to the beach and away from downtown, a 1350 sqft. half lot at 116 24th is pending with a list price of $1.850M. (Update: 116 24th has now closed for $1.916M.)
By comparison, that little plot looks cheap – but we'll see where it settles.
Thinking really big is 2600 Highland. The lot's bigger than a half, at 1750 sqft.
It's also (obviously) right on busy Highland Ave., but not so obviously, it's got unobstructable views across Bruce's Beach Park. Asking price: $3.200M.
That's a recent $200K bump upwards from the April start price of $2.995M.
They're not looking at half lots and so forth as comps: They're looking at the 2 lots – all 1750 sqft. – along Bruce's Beach that all listed recently around $4M and found buyers quickly:
It's no coincidence that all of these lots we're talking about are in the Sand Section. Beach-adjacent property is always going to command top dollar.
But the actual "top" for where those dollars will go seems not yet to be in sight.
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 18th, 2024 at 7:25pm 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.