If you're looking for a home or a lot in East Manhattan Beach, that's probably because you want one of those larger 7500 sq. ft. lots that are relatively standard east of Sepulveda.
With one of those big 50 x 150 lots, you can build well over 4000 square feet of house without digging a basement, and still end up with a sizable yard.
The question is, what's that big lot going to cost you?
Like everything, East MB lots are now getting much more expensive.
There are 2 next-door neighbors really far east that have both just sold and seemed to raise the bar for land values.
1721 Gates (pictured) sold in March right at the asking price of $1.400M. Though it's east of Redondo Ave. and just about a dozen homes up off of Aviation, the lot is almost perfectly flat, which makes home design easier.
And it's just a 2-block walk to the west to get to the local elementary and the high school. But still, pretty far east.
Now, the next-door neighbor at 1727 Gates has sold, for $1.453M.
1727 has a 3br/3ba, 1500 sq. ft. house on it that's livable, but wants updates.
Regardless of the buyer's plans, the vast majority of that value was in the land, owing to the neighbor's recent sale.
So if these less-prime, full-size lots went in the $1.4s, what is the land worth on a quiet street, further west, say, nearer to the elementary?
And by the way, if we get spec homes on these lots, how deep into the 3's are they going to have to sell to be profitable?
We'll come back to these questions as the market gives us answers.