A $3.3M Keeper

By Dave Fratello | April 10th, 2015

328 6th Street Manhattan Beach CAFrom the day the little cottage at 328 6th came to market, it was endangered.

With just 2br and 1300 sqft. of living space, it's undersized – by a lot – for a Manhattan Beach walkstreet home.

Its 2700 sqft. plot could host a 4100 sqft. new house.

And demand for South End flat walkstreet lots has probably never been higher, or less price-sensitive.

The last 3 flat walkstreet lots to trade were:

316 4th Street Manhattan Beach CA 316 4th St. at $3.770M in March 2015. (Pictured.)

401 5th St. at $2.710M in September 2014.

440 8th St. at $2.700M in August 2014.

By the time 328 6th came to market in February, asking $3.199M, it was well known that a comp for the listing, the now-closed sale at 316 4th, was in escrow north of $3.7M.

So with really all of that $3.2-ish value in the land, there would be hearty competition for 328 6th as a building site.

But today, we don't have to write an obituary.

We're happy to report that the buyers didn't just see the value of the dirt.

They liked the cottage, too. It had been opened up and freshened up nicely.

Could it go up another notch into 21st-century modernity? Sure. But there was something good there.

So for once, a little old place gets saved.

The closed price of $3.315M reflects competition and land value to a great extent.

The $2,550/PSF cost is skewed by the land value and makes this look like a Strand property.

It's not. It's just something cute in a great location in the Sand Section's South End. That will do.

And the cottage lives to see another day.

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