Not everyone is getting more today for a property than they might have in, say, 2014 or 2015. If the Manhattan Beach real estate market hasn't turned, its upward momentum has at least paused for a bit.
But for the folks who purchased a lot to build on in the Tree Section near town, at 1800 N. Ardmore, there was a modest profit to be made on a 2014 acquisition.
The big lot, a bit over 6500 sqft. on a rising corner, will make for a nifty building site, with the park, greenbelt and downtown all nearby.
"fully approved and permitted plans for a 6-bedroom, 5200 square foot contemporary masterpiece with basement..."
So, unlike your typical land purchase, if you like the design here, you can start work right now.
That was the pitch, and the sellers closed the deal on Tuesday, getting $2.450M for the lot.
They had paid $2.225M back in September 2014 – call it exactly 2 years ago – meaning they raked in a nice 10% profit, just about enough to cover costs of sale and demo and architectural plans, don't you think?
Now, like many sellers these days, the onetime owners of 1800 Ardmore had greater ambitions than that to begin. They initially sought $2.749M in the first version of the listing back in June. That would have assumed 24% appreciation. Ummmm.
Various corrections were made, listings rebooted and so forth before a buyer knocked.
But the end of the story is still a gain over 2 years. Good for the sellers, and maybe a good sign for the market in general.