Bayview Building Goes Bananas

By Dave Fratello | January 12th, 2015

109 Bayview Drive Manhattan Beach CAJust 14 months ago, there was a bidding war for 109 Bayview.

The ocean-view townhome (3br/4ba, 2030 sq. ft.) in the South End of the Sand Section was built in the early 90s and still looked very much like that in 2013. And the floorplan's a bit choppy.

109 Bayview Drive Manhattan Beach CAStill, it was easy to see why multiple bidders drove the price up $200K at the time: Ocean views that are simply jaw-dropping, awe-inspiring... heck, they're darn near a religious experience. (Over the top?)

Those views are partly thanks to favorable topography, and partly thanks to old height limits. You can't build this tall again, so there's a special kind of scarcity factor built into this building.

In November 2013, the sale closed at $2.600M. Then the new owner started thinking through a remodel.

That remodel never happened, though. Instead, 109 Bayview has just resold, off-market, for a ton more: $3.250M.

That's a cool 25% markup ($650K) over the span of just 14 months. The market hasn't necessarily jumped that much in the same span (see "MB Median Prices Rocket to New High in 2014").

But sometimes when "I gotta have it" meets "hey, it's mine," you see a big number result. Like $3M+ for a townhome that still needs re-envisioning. It's just another sign of how demand is playing out in this hot market.

Listing notes: This listing for 109 Bayview is the 2013 version, with multiple photos, while this listing for 109 Bayview covers only the most recent sale, offers no description language and only one exterior photo.

In between these two sales at 109 Bayview, the front unit sold in 2014.

108 Manhattan Avenue Manhattan Beach CAThat was 108 Manhattan Ave. (3br/3ba, 1850 sq. ft.).

Wouldn't you know it, there was a bidding war.

The townhome was listed at $2.199M, and the sale price went up modestly to $2.320M (closed in April 2014).

Like the back unit, 108 Manhattan showed clean, but distinctly original/early 90s. (Dave had clients in the mix, though they didn't want to buy it over a certain number, because they were contemplating a pretty major renovation.)

So after 3 sales in 14 months, it would seem that this 2-unit building is finally ready for all the remodeling everyone seems to want to do, inside and out.

Unless someone wants to belly up and take 108 Manhattan off the new owner's hands first.

Please see our blog disclaimer.

Latest Listings Among
Manhattan Beach Homes For Sale