It's like yesterday... just 2 weeks ago.
The Hill Section lot sale at 512 Pacific came to market determined not to waste one minute. And there was no time wasted.
The starting price for this 11,400 sqft. plot was $4.599M, a "come hither" price if there ever was one. (In our blog post, we called the number "a clarion call that echoed across the Manhattan Beach landscape.")
Multiple offers came immediately, the price shot up, and the sale has now closed. My, that was all quick.
Closed price: $5.500M on Tuesday.
Now, what does that say about the neighbor, 500 Pacific, now in its 5th month on the market, priced 14% higher today at $6.280M?
As we said in that prior post, "the lots are the same. Both 11,400 sqft. Couldn't be more comparable unless they occupied literally the same physical space." There is a slight difference in the kinds of views from each, with 512 being higher up.
Maybe they should just wait a few more months for prices to rise 14%.
Back at 512 Pacific, at $482/PSF for dirt, this land sale is the highest public-market sale for land in the Hill Section in about 18 months.
The most recent comp is 613 6th (7125 sqft. near the intersection at Ardmore) at $3.275M and $460/PSF.
In between these 2 sales, you saw an ocean-view lot at 319 S. Dianthus (5950 sqft.) go for a bunch less: $1.950M and $328/PSF for the land.
The dirt average over time among several sales has been around $400/PSF, with higher numbers, obviously, for the most recent sales, best views and bonuses like location and pure size.
This could be an interesting year for Hill Section lots. We'll come back to the subject.