A Year Later, TH Twin Sells 20% Higher

By Dave Fratello | September 10th, 2015

As you know, we try not to be shocked anymore. The Manhattan Beach real estate market seems to continue to rise faster than one can predict.

For today's example, we're going to focus on a pair of townhomes sold over the span of about 16 months.

116 Rosecrans Avenue Manhattan Beach CAIn Spring 2014, the front unit of a newer (2008) complex hit the market. It was 116 Rosecrans (3br/4ba, 1820 sqft.) (pictured).

Very well-designed and sharp, with notably good views over wide, wide lower Rosecrans, the TH came out listed under $2.2M, by a tad, at $2.185M.

The market gave the seller lots more: $2.280M.

It was the first time the unit had sold, having been completed just in time for the market's big dip some years back.

The sale was something of a high-water mark at the time.

A North End property of any kind at that price? A $2.3-ish number was impressive.

The sale helped reset price expectations for the whole northern part of town, including El Porto.

209 41st Street Manhattan Beach CAThe TH was a comp for Dave's listing of an El Porto SFR at 209 41st (pictured) which sold late in 2014 for $2.160M, substantially more than any prior SFR sale in El Porto.

(Another SFR, 200 Shell, recently listed slightly higher at $2.199M and has been in escrow for 2 months now.)

After the 41st St. sale, new construction came out at 228 38th St. (3br/4ba, 2175 sqft.) and sold for $2.800M, with its back unit, the glass-staircase house at 229 Rosecrans Place, eventually netting $2.565M – both shocking unprecedented jaw-dropping impressive numbers north of Rosecrans.

Now, heading back to Rosecrans, we see that the back unit of the modern complex that started it all has now sold as well.

Would the back-alley unit with the lesser views also sell for less money? (That is what happend at 228 38th/229 Rosecrans Place.)

No no no, because time was a factor.

117 36th Place Manhattan Beach CAThe back unit, 117 36th Place (3br/4ba, 1920 sqft.), has now closed for $2.749M.

It was exactly the asking... all the way down to the spare $500 tacked on to the list price.

That's more than 20% higher than its front-unit twin had sold for in May 2014.

Same building, same size basically, lesser views – almost by definition – and the sale upends the conventional wisdom about the alley units taking a discount.

In 2015, you're not shocked by that. It's just the way the news goes.

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