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…
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?
[UPDATE: 500 Pacific closed in March for $5.700M.]
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.
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 30th, 2023 at 11:33am 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.
