A Nice Little Tree Section Cottage Costs...

By Dave Fratello | April 27th, 2018

Let's say you're just looking for a little home, a "starter" as they sometimes call it, but you'd like to be in the Tree Section.

Check out where the market's at now.

861 12th Court Manhattan Beach CA861 12th Court (3br/2ba, 1200 sqft.) is just about the most completely modernized little cottage we've seen in a while, totally dialed in.

It's just a tad under 1200 sqft. inside.

The list price of $1.999M may have raised eyebrows, but more importantly, buyers raised their hands.

It's in escrow now. And it won't look as jarring when you see that the current owners paid $1.810M for a refreshed, but nowhere near as completely remodeled/modernized home about 30 months ago in Sept. 2015. (Click on this sold listing and compare/contrast the photos between them.)

When first listed, 861 12th Ct. was showing as $1,684/PSF.

Also this week, we saw two closed sales much further north in the Tree Section.

3605 Laurel Avenue Manhattan Beach CAOne was 3605 Laurel (3br/2ba, 1150 sqft.), which sold pre-market and has posted a sale price at $1.800M.

That's $1,563/PSF for a fairly recently remodeled cottage bearing a 1956 build date.

You can look back at the 2012 sale listing here and see the home in comparable condition. The price 6 years ago? $1.059M.

The rise in value over that time? Gulp. 70%.

Also at around the same time, a much smaller, original cottage at 3529 Pacific (2br/1ba, 950 sqft.) has just closed for $1.499M.

That's the last block before Rosecrans. Call it $1.5M for something like land value.

This phenomenon for pricing in the Trees really isn't new. The sales this week mainly confirm the trend.

We recently pointed to the sale of a slightly bigger fixer cottage at 721 35th ($1.925M) as a sort of reality check for potential buyers, and relevant info for sellers. (See "Up, Up, Up on 35th.")

For your edification and entertainment, here below is a complete list of all homes sold in the Tree Section with less than 1500 sqft. of interior space going back a year. Newest sales appear first. (Email subscribers will need to view this post in a browser to see all the listings.)

Tree Section Sales <1500 sqft.

ADDRESS BD/BA SQFT LOT PRICE $PSF DOM START $ START
Address 3405 Pine Avenue BD/BA 3br/2ba SQFT 990 sqft LOT 4640 PRICE $1,600,000 $PSF $1,616 DOM 7 DOM SOLD SOLD 06/04/19 START $ $1,600,000 START 06/04/19
Address 3620 N Poinsettia Avenue BD/BA 3br/2ba SQFT 1350 sqft LOT 5312 PRICE $1,415,000 $PSF $1,048 DOM 63 DOM SOLD SOLD 03/14/19 START $ $1,499,000 START 03/14/19
Address 621 25th Street BD/BA 3br/2ba SQFT 1418 sqft LOT 5121 PRICE $2,200,000 $PSF $1,551 DOM 0 DOM SOLD SOLD 03/04/19 START $ $2,200,000 START 03/04/19
Address 2801 N Valley Drive BD/BA 2br/1ba SQFT 985 sqft LOT 2453 PRICE $1,475,000 $PSF $1,497 DOM 7 DOM SOLD SOLD 02/22/19 START $ $1,349,000 START 02/22/19
Address 1145 Pine Avenue BD/BA 4br/2ba SQFT 1228 sqft LOT 4467 PRICE $1,608,000 $PSF $1,309 DOM 0 DOM SOLD SOLD 01/31/19 START $ $1,608,000 START 01/31/19
Address 2800 N Ardmore Avenue BD/BA 3br/2ba SQFT 1274 sqft LOT 6005 PRICE $2,150,000 $PSF $1,688 DOM 2 DOM SOLD SOLD 01/30/19 START $ $2,200,000 START 01/30/19
Address 3213 Pine Avenue BD/BA 3br/2ba SQFT 1354 sqft LOT 4641 PRICE $1,710,000 $PSF $1,263 DOM 6 DOM SOLD SOLD 09/21/18 START $ $1,700,000 START 09/21/18
Address 1604 Walnut Avenue BD/BA 3br/2ba SQFT 1316 sqft LOT 4202 PRICE $1,803,000 $PSF $1,370 DOM 4 DOM SOLD SOLD 08/07/18 START $ $1,600,000 START 08/07/18
Address 3412 Palm Avenue BD/BA 2br/1ba SQFT 1163 sqft LOT 6154 PRICE $1,720,000 $PSF $1,479 DOM 103 DOM SOLD SOLD 08/02/18 START $ $2,049,000 START 08/02/18
Address 3513 Pine Avenue BD/BA 3br/2ba SQFT 1165 sqft LOT 9276 PRICE $2,825,000 $PSF $2,425 DOM 61 DOM SOLD SOLD 07/18/18 START $ $3,300,000 START 07/18/18
Address 750 29th Street BD/BA 2br/2ba SQFT 1078 sqft LOT 4803 PRICE $2,050,000 $PSF $1,902 DOM 6 DOM SOLD SOLD 07/18/18 START $ $2,050,000 START 07/18/18

 

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