Breaking $1,000/PSF in The Village

By Dave Fratello | January 9th, 2018

It may seem that Manhattan Village came a little late to the party, but life behind the gates is getting pricier than ever.

You've seen it with the 2br "court homes." Last year (2017) was the year that they routinely exceeded $1M for the first time.

You've seen it with the townhomes - on the golf course, off the golf course, remodeled or original. The bar keeps getting raised.

And now the rarely-offered single-family "estate homes" are commanding higher prices than ever.

9 Westport Manhattan Beach CAA modestly sized single-story SFR at 9 Westport (3br/2ba, 2050 sqft.) has just closed for $2.270M after multiple offers drove it 14% over asking ($1.999M).

To put that almost-$2.3M figure in perspective: At the time this one-story unit went into escrow (in November 2017), there were only 4 sales ever to go at $2.3M or higher among the estate homes.

All, of course, were much larger, 3000+ sqft. in every case.

It was something of a big deal when a somewhat remodeled 23 Village Circle (4br/4ba, 3200 sqft.) closed for a reported $2.600M in December.

It was the highest MLS-reported sale in the Village and on a par with the sale of largely original 10 Westport (4br/3ba, 3300 sqft.) at $2.550M in Oct. 2016 (off-market).

The sale at 23 Village Circle was the first estate home to exceed $800/PSF.

And then along came 9 Westport at $1,100/PSF!

($1,104, to be exact.)

No SFR in the Village has come close. In fact, only one Village property at all can be found over $1,000/PSF: A fixer TH at 19 Fairway (2br/2ba, 1350 sqft.) that sold for $1.425M a couple years ago.

9 Westport Manhattan Beach CANow, if there was going to be a PPSF record in the Village, then 9 Westport was a good candidate for it.

We liked it. On the blog, we called it a "very private single-story SFR in the Village on a quiet cul-de-sac," calling it "a nice alternative to a townhome for those looking behind the gates." (It's also the 4th property in this video; forward to 1:57 to see it.)

An alternative, yes: Because it's got a large lot - officially more than 8,000 sqft. - much of it planted hillside, with charming steps up and down the hill to make it an accessible garden.

While there have been upgrades, we think a lot of buyers would want to raise the game and modernize the home much further.

There were multiple offers - as there always seem to be these days in the Village - and it took a serious leap for the buyer to get this one.

Now they've left behind a set of buyers who want much the same kind of thing, but who are going to have to be ready to jump the newly raised bar to get it.

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