Big Lots Mean Big Numbers

By Dave Fratello | October 27th, 2015

Plus-size lots are continuing to come to market demanding big dollars.

1156 6th Street Manhattan Beach CAQuick to make a deal recently is the oversized East MB lot at 1156 6th, along the corner with lightly trafficked Johnson St.

This one is listed as 15,311 sqft., a minor (but perhaps significant) 311 sqft. larger than a typically "permissible" double lot. What that might mean is that the buyer will either have to split the property into two lots (as is envisioned in this image from the listing) or somehow shed 311 sqft. in order to build on one double-size patch of land. Depends on the city's take.

So, one big home, or two? The double-plus-sized lot was listed at $3.500M. We'll see where that ends up.

500 Pacific Avenue Manhattan Beach CAWest of the highway, 500 Pacific offers an 11,400 sqft. corner lot in the Hill Section for $6.825M.

There will be views down wide 5th St. that should capture a line of blue, treetops from the greenbelt and South End Sand Section rooftops.

This plot's ostensible competition is 1007 Pacific, a nearly 10,000 sqft. corner lot with somewhat higher position on the hill – and perhaps broader views.

1007 Pacific is now $800K lower, at $5.990M and showing only 14 DOM – but that's not quite accurate. Tomorrow (Oct. 28) will mark one full year since the property first came to market, asking $6.600M at the time. That dusty old listing was canceled in mid-October this year and replaced immediately by the current one with a new DOM clock.

What if both Hill Section plots are too high? Or what if a third large lot comes to market?

One recent sale that could factor in is 828 Highview, about 9000 sqft. and located right between these lots. It listed in Spring 2014 at the "firm" price of $6.350M before selling a few months later for the (apparently "less firm") price of $5.400M.

All of these Hill Section offerings cast an interesting light on the simply shocking off-market bargain that a developer pulled off in grabbing 822 5th St. one year ago.

That lot – in sight of 500 Pacific, with both shown in this satellite view via Zillow – is almost 9200 sqft. and gets views to the south and west.

Given these other sales and market offerings, you might have expected to see it sell in the range of $4-$5M or so.

But no. The developer got it for $3.300M in late 2014. Wow. New construction is under way there now.

1820 North Poinsettia Avenue Manhattan Beach CAHeading over to the Tree Section, there's a double lot new to market.

At 1820 Poinsettia, you have a double-wide lot totaling 8700 sqft., or slightly more than twice the typical 4200-4300-odd sqft. lots that are common along the street.

For this stretch of land, they're asking $3.200M.

Yes, that's quite a base from which to build an "estate" (as the listing hints that a buyer might wish to do) but it might prove attractive for a lot split for development... almost. You need to be clear about how people feel about the location.

Still: Two nearly typical-size Tree Section lots at $1.600M each? In today's market for Tree Section dirt, that almost sounds like a bargain. We'll need to see see where that ends up, too.

It's funny to say that each of these lots offered on the public market is somewhat more "typical" and less wildly priced than the two oversized Strand lots that we pointed to just last week. (See "Battle of the Giant Strand Lots Begins.")

But that's The Strand. Everything is relative here as we move from section to section, and see new price records set from one block to the next.

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