Bye, Bye, Oak Record

By Dave Fratello | September 25th, 2015

1817 Oak Avenue Manhattan Beach CANew construction at 1817 Oak (5br/6ba, 3120 sqft.) has now completely smashed the prior record for prices on the street.

Oak ordinarily sees lower values because the street is the first block in off of Sepulveda. But sales activity on the street has been busy and values have reached new highs up and down the block.

The sale price on this bold, undersized and slightly different new construction was $2.699M.

You could note that the sale is $300K under asking, exactly 10%, but that's not the story.

The highest price ever for any home on Oak came 11 months ago at 1720 Oak (4br/4ba, 3470 sqft.), a spectacular remodel on the "wrong" side – backing up to commercial.

The sale price in October 2014: $2.227M. In that case, they got a ton more than the asking price of $1.999M with multiple offers.

The blue ribbon for highest price now moves across the street to the west side, where you'd expect it, and down the block a bit.

The new high is $472K more than anyone has ever paid on Oak, 21% more than that remodel on the "wrong" side.

Other past high sales:

1725 Oak Avenue Manhattan Beach CA1725 Oak (4br/5ba, 3200 sqft.), an artistic, custom Spanish (pictured) that screams "must have," closed for $2.085M in April 2013; and

2105 Oak (5br/5ba, 3100 sqft.), a stone-laden "Craftsman inspired" home built on spec in 2007 but never sold until May 2014, when the longtime rental sold for $2.075M.

That's it. Those are the only two other homes on Oak ever to sell over $2.000M.

One more record set at 1817 Oak: Highest list price ever on Oak.

Only one property on Oak ever even dared to seek more than $2.500M – the custom modern at 1313 Oak, on the corner. It was offered way, way back in 2006, fully furnished, for $2.799M. (Furnishings by... ready?!?... "Queer Eye for the Straight Guy.")

That $2.8-ish sale never happened. Two years later, the modern sold short for a million less.

3605 Oak Avenue Manhattan Beach CADrawing perhaps less attention: Another Oak sale closed on Thursday, that being 3605 Oak.

The very dated 3br/2ba, 1400 sqft. house has a decent (if mostly dead) backyard, but it's the front that's a concern.

Location for 3605 Oak is on the most challenging block of an often-challenged street – right across from the hotel and a commercial building, in close sight of Rosecrans and the refinery.

Location challenge = "lower" price. The quick, closed (cash) sale at 3605 Oak came in at $1.300M exactly, basically the asking price. Next steps there?

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