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31st St. New Construx 2nd-Highest for Area

A new construction home at 591 31st St. (7br/8ba, 4985 sqft.) has now closed, making for some interesting data points.

Originally asking $6.995M, the sale has closed lower now at $6.675M (-$320K / -4.6%).

591 31st Street, Manhattan Beach,

The closing marks 591 31st as the 2nd-highest new-construction sale in this pocket of the Tree Section, north of Valley and west of Pacific below the Sand Dune.

746 29th Street, Manhattan Beach, It slots in just behind the record new-home sale for the area, last September's sale at 746 29th Street (5br/7ba, 5527 sqft.), which came in at $6.900M. (See our year-end roundup of top sales of new homes in the Trees for more.) 

Of course, 746 29th was about 10% larger, so its final value had a lower PPSF. 

746 29th: $1,248/PSF

591 31st: $1,340/PSF

Just as the overall price for 591 31st ($6.675M) is the 2nd-highest for new construction in the neighborhood, that PPSF is also 2nd-highest. 

559 33rd Street Manhattan Beach CATops: 559 33rd (5br/5ba, 4442 sqft., $6.000M) at $1,351/PSF. (May 2022)

Worth noting: 615 23rd (5br/6ba, 4388 sqft.), a 2019 build, resold in July 2022 for $6.225M and a higher PPSF: $1,419/PSF.

Some may have bet against 591 31st selling so high.

After all, sales in recent years of similarly sized new construction properties in the area had come in between $5.500M-$6.325M:

  • 644 29th (5br/7ba, 5077 sqft., $6.325M) (April '23)
  • 641 27th (5br/6ba, 4697 sqft., $5.900M) (Nov. '22)
  • 559 33rd (5br/5ba, 4442 sqft., $6.000M) (May '22)
  • 559 31st (6br/8ba, 4942 sqft., $6.100M)  (Nov. '21)
  • 605 29th (5br/6ba, 5002 sqft., $5.500M) (Sept. '21)

And the listing kinda hung around after a February debut, with the seller holding the line, not making any price cuts until late June, 4 months in. 

Soon after, the right offer came along.

And now the sale takes it place in the record books.

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Here's more detail from the listing for at 591 31st St. (7br/8ba, 4985 sqft.): 

591 31st Street, Manhattan Beach, From the official description:

591 31st Street, Manhattan Beach, "Stunning California Contemporary-Style new construction, located in the most hallowed enclave of the Tree Section, 31st Street, tree-lined and lit with classic gas lamps. This street-to-alley home boasts high ceilings, 7 Alluring Bedrooms, 7.5 Elegant Bathrooms, and nearly 5,000 square feet of thoughtfully designed space including full finished basement. Step through the dutch-style front entry door into an open concept floor plan filled with natural light. Stroll across the European wide-plank french oak hardwood floors and discover an Instagram-worthy chef's gourmet kitchen outfitted with porcelain slab counters, Premium Professional Thermador appliances include a 48-inch 6-burner gas range with double ovens, 30” refrigerator/ 24” freezer, 24” built-in wine column, loads of built-in cabinets for storage and a walk-in pantry."

591 31st Street, Manhattan Beach, "Continue through the Fleetwood sliding glass door to a spacious backyard and outdoor patio with built-in Infratech exterior heater creating lavish ambience for peaceful meditation or Al Fresco dining. Up a few steps and over the garage, a Bonus Room outfitted with full bath and mini split heating/cooling. Create an Office, Guest Quarters, Private Gym, or Kids Retreat. Back in the main home, ride the 3-stop elevator to the upper level and find 4 Ensuite Bedrooms and a large laundry work room. Relax in the sun-drenched oversized Primary Bedroom and enjoy the views of assorted trees gently swaying over the gas lamp street. The Spa-Style Primary Bath includes dual sinks, Newport brass plumbing fixtures, free-standing soaking tub, w/ a rainfall shower."

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