Big Adjustments to Liberty Village Modern

By Dave Fratello | April 26th, 2016

1304 Lynngrove Drive Manhattan Beach CAIt was somewhat more than a year ago when we expressed surprise at how 1304 Lynngrove was being listed.

The start price: $3.199M.

This, in the "affordable" Manhattan Beach neighborhood of Liberty Village, was a serious shocker.

With respect, on the blog here we said that that's the kind of pricing that can "make markets" and/or "could reshuffle all thinking about the area." (See "Pushing $3M in Liberty Village?")

To date then, there had never been a home sold in Liberty Village over $2M, and here they were shooting past $3M. Wow.

(In October 2015, 1805 Faymont [5br/4ba, 3500 sqft.] became the highest-ever Liberty Village sale east of Redondo Ave., at $2.060M.)

1304 Lynngrove Drive Manhattan Beach CA1304 Lynngrove was only in framing stages at the time of its first listing at $3.2M, so there was no urgency to getting the price "right." It was a heady time then, early 2015, when sellers were generally betting on a continued upswing in the market – and were being proved right.

Eventually they did finish building 1304 Lynngrove (5br/6ba, 3750 sqft.) and began showing it. Regularly. The first open houses were in December 2015, with the price reset to $2.999M.

Our first open-house writeup called the house "one of the most high-gloss, polished ultramodern new homes built on spec in Manhattan Beach in recent memory. And it's mid-block among a series of mostly remodeled 1950s cottages just a block from the middle school and Polliwog Park."

Further, we called it "a daring bet for a neighborhood that's mostly modest and sensibly scaled."

1304 Lynngrove Drive Manhattan Beach CAThere have been more price adjustments, and the current version of the listing you can see online is #4 since February 2015. Re-listing has reset the DOM clock a few times, so instead of 400+ DOM, it shows 57 today.

Monday, they cut $100K for the second time since March, and the price is now at $2.699M.

That's down $500K from the start (-16%), but still 31% higher than the highest-ever previous sale in the immediate area.

The seller could argue that we're being too fussy about neighborhood boundaries, and that a house is a house in certain parts of East Manhattan Beach. What about the 7 other sales over $2.700M in the same MLS area (146) in 2015-16?

Of course, it's up to buyers to say what the right number is now for 1304 Lynngrove – in that specific location.

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For reference, see "East MB Spec Homes Chop to Sell" (January 2016).

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