Bullish Signs from New Construx

By Dave Fratello | January 22nd, 2015

It's early yet here in 2015, but a couple of recent sales suggest we're picking up right where 2014 left off.

New construction projects in the Tree Section and El Porto were looking for unprecedented numbers, and seem to have hit them quickly.

228 38th Street Manhattan Beach CAFirst up, we'll take a quick look at the new townhome at 228 38th St. (3br/4ba, 2175 sq. ft.).

It's a wide-open modern with very good views up north toward Malibu. We're told that the lot is a bit wider than the norm (around 5'), allowing for notably bigger rooms.

There are relatively few photos, as the home was not quite complete before it sold. (We never even got a chance to tour.)

The builder knew there was a buzz about it, though, and took an already-ambitious price and jacked it up before the first offer arrived.

Start price: $2.600M.

New price: $2.900M.

A week later, the builder accepted an offer.

Notice: That revised asking price is frightfully close to $3M.

In El Porto.

Why, it was just last Summer when El Porto saw 2 new highs for townhome prices:

229 Sea View (3br/4ba, 1830 sq. ft.) is a fairly elaborate, 2006-built Tuscan TH that sold off-market for $1.869M. As we said at the time in "Big New Numbers in El Porto":

That sale blasts past the longtime record-holding sale for a similar TH in El Porto by more than $150K. It's up by about 9% over the 2007 record.

So all of a sudden, we've gone from El Porto townhomes west of Highland topping out in the 1.6s or 1.7s, to scratching at 1.9.

113 El Porto Street Manhattan Beach CAA much larger, Strand-adjacent TH sold for lots more. 113 El Porto (4br/4ba, 2700 sq. ft.) has fantastic views and awesome, sizzling modern finishes

It sold for $2.775M.

When it sold in 2007 for $2.2M and in Aug. 2014 for $2.775M, both times, the extra-large TH was the one and only property of any type in El Porto to ever garner more than $2M. (Excluding Strand sales.)

Later in August, a big, newer, modern TH at 312 44th (4br/5ba, 2680 sq. ft.) sold for $2.100M. That one's (barely) east of Highland. That sale made it the second El Porto property of any kind to sell for over $2.000M.

The third-ever $2M+ sale in El Porto came in December, with Dave's listing at 209 41st (3br/4ba, 1885 sq. ft.) closing for $2.160M.

Now you have the new construction at 228 38th St. listed far above all of those, and in escrow.

Its twin is 229 Rosecrans Place (3br/4ba, 2125 sq. ft.), listed initially at $2.500M, and bumped up to $2.700M, waiting for a buyer.

3311 Elm Avenue Manhattan Beach CAOver in the Tree Section, we see that there's been quick action on 3311 Elm.

This is the unprecedented new construction we discussed here on MBC last week. (See "Thinkin' Big on Elm.")

It's a large home: 6br/7ba and quite nearly 5200 square feet inside. That's made possible by the oversized 8800 sq. ft. lot.

The list price on this one was $4.679M. We wondered aloud how the market might respond.

It's in escrow.

We won't recap all the comps referenced in last week's post, but really, there are only 2 sales in the Tree Section with a 4 in front that were not immediately around American Martyrs.

This one was rare, huge and with a very crowd-pleasing design, plus a sunny yard capable of hosting a pool and sports court.

People liked it.

So here we go, 2015. New records are shaping up for the furthest-north Sand Section and furthest-northeast Tree Section.

The rest of Manhattan Beach will surely feel the momentum.

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