bidding war

There are currently 39 blog entries related to this category.

Prime lots in the Tree Section have been hitting $2M and a touch above.

It was only a matter of time before the American Martyrs area asserted itself (again) with an even higher high.

Now the sale of 608 14th has done exactly that.

The dated, 4br, 3000-ish sqft. house is fine, but it's the 5800 sqft. plot of land that's got the real value here.

Specifically, the market said: $2.950M. The sale closed this week.

Call it the American Martyrs neighborhood's first $3-million-dollar lot.

As the listing launched 5 weeks ago in June, they weren't necessarily pushing the ceiling too high. The asking price was $2.7M.

But competition and must-have properties means new, ever-higher prices must be paid.

We can't really find anything like 608 14th in very recent…

When all is said and done at 217 27th, and we mean way down the road, you can expect to see a new landmark for midtown Manhattan Beach.

Looming over Bruce's Beach park, the current, obsolete structure gets pretty terrific views.

The next structure is sure to be designed to rock it.

We realize that this little 400-pixel image of the views (or a smaller image, on your phone) isn't able to convey much. But trust us.

If you know Manhattan Beach, if you know ocean views, if you know Bruce's Beach Park and its expansive, wide-open ocean views, and if you know the value of all these things combined, it's rather easy to see why elite money – big dollars – would chase this particular plot.

The potential for a new home with unobstructable views is unlimited.

To judge by the most recent closed sales come in, you'd think no one knows how to price a house anymore.

We've seen markets where nearly every listing price seemed to be an overreach. Today, start prices seem to be literally just the starting points. Consider these very recent closings:

510 23rd (4br/4ba, 3200 sq. ft.) is a 2009-built Spanish in the gaslamp district.

Start Price: $2.699M

Sold Price: $2.826M

Amount Over Asking: +$127K / +4%

Note: That result was different from when the same home debuted back in 2008-09. It ran 7 months on market and sold for 16% under the asking price way-back-when, the year your kindergartner was born.

1901 Lynngrove (3br/1ba, 1100 sq. ft.) is a mostly original corner-lot cottage in Liberty Village. The home has

Back a bit before Christmas, we tried to calm MBC readers who were thinking that the the ocean-view lot at 864 5th in the Hill Section might be selling for less than $2M. Such a deal?

In "No, That's Not a Lot Under $2M," we pointed out that the active listing price of $1.949M had already been exceeded in a first-round bidding war.

The price had settled around $2.6M, but that was pending an all-important "court confirmation" with a potential for overbids in court.

That court hearing happened Jan. 23, and overbidding happened there.

The closed sale has now posted: $2.900M. That's for a 5700 sq. ft. lot that gets some views from front and back (that photo's from the back deck of the current structure).

Next stop: New construction. And do you even want to…