Aimed for the Moon, But Sold for Market

By Dave Fratello | July 17th, 2019

300 28th Street 1 Manhattan Beach CAYou see a Sand Section townhome. You know there's a good amount of inventory like that. There will be plenty of comps.

So when 300 28th #1 came out in March this year, we were mildly shocked to see it priced over $3M.

The 2004-built corner-lot Mediterranean (3br/4ba, 2145 sqft.) was in decent shape and has some compelling views, but... $3.049M?

Nearby 2208 Highland (3br/4ba, 2100 sqft.), with views but not quite of the same caliber, tried on market in late 2018 in the low $2.2s, but couldn't sell then. It did later come back and closed for $2.173M about a month after 300 28th hit the market.

A half block up behind 300 28th, in a quiet spot with terrific views, was 2816 Crest (3br/4ba, 1900 sqft.) which sold for $2.475M in December 2018.

Neither of those really argued for $3M for 300 28th.

While 300 28th was sitting on the market priced $250K higher, a crisp, modern TH on the west side of Highland (big difference) at 2909 Highland (3br/4ba, 2030 sqft.) got an offer, eventually closing for $2.700M.

300 28th Street 1 Manhattan Beach CAGradually, 300 28th made its cuts.

To $2.875M after 2 weeks.

To $2.690M after 2 months.

At 3 months, they got an offer.

Now that the sale has closed, it's at market level, not up in the stratosphere: $2.325M.

It's a remarkable drop of $724K and 24% from start.

How do you even start 24% too high?

But hey, it's not always fatal. Really not.

Not only did they sell, the listing agent represented the buyer, too. Which doesn't exactly serve as a warning, like, "don't over promise or overprice just to get the listing, because you'll fail and lose it." Nope... pretty much the opposite.

We conclude this post with a little bit of a photo gripe.

Same listing, 300 28th, has two photos involving the Manhattan Beach pier.

Here's one, showing more or less what you see if you stand on the front balcony, looking over Highland and Bruce's Beach Park:

Nearly at the exact center of that photo is the pier. It's just to the left of a palm tree that's in view around there.

So, you see, this home has a view of the pier.

Now, here's how the A#1 photo in the listing shows the pier view:

Which one is a more fair representation?

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