Builder Hung On, and On, Got Near Asking

By Dave Fratello | February 24th, 2022

509 Marine Avenue Manhattan Beach CAIn 2021, a new construction home in the Sand Section at 509 Marine (6br/5ba, 4179 sqft.) pulled off what seemed a very rare feat.

It listed, but didn't sell.

The new home came to market on April 20, 2021.

On Dec. 31, 2021, it was still on the market, still trying to find that buyer.

The start price: $4.399M.

The price 8 months later: $4.399M.

Notice how the builder took no markdowns?

They set a price, and waited for a buyer to pay it.

On Jan. 5, they made a deal.

Now it's closed. They got pretty close to asking. The sale just closed for $4.351M (-$48K / -1%).

Sure, it helped to have a market that was rapidly inflating throughout the 8-month listing period, and it helped to be the "last man standing" as buyers scoured the market at year end/early January.

But at some level, you have to admire the principled stand the builder took:

This is the price.

This is what we're selling for.

And they were 99% right.

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