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Can't Sell? Maybe Lease It Out

540 3rd Street, Manhattan Beach, CA

540 3rd Street, Manhattan Beach, CAAfter 5 months on the market, the South End new construction house at 540 3rd (5br/6ba, 3521 sqft.) is looking for alternatives.

They've tried staging and holding open houses. They've tried big price cuts. (The total of $750K in cuts brought the price to $5.750M.)

540 3rd Street, Manhattan Beach, CAStill, at 151 DOM, it's the longest-running active listing of new construction in town, with a couple weeks' more market time than the nearby walkstreet new construx at 341 6th (5br/7ba, 4282 sqft., $7.499M).

If the grand plans to sell 540 3rd haven't worked, maybe it's time to generate some income with a lease.

Today, the property came up among the crop of MB lease listings asking $28K/mo.

(540 3rd is listed, for sale and for rent, by Melinda Brown, Compass.)

At least here, they're keeping their options open. Buy it. Rent it. Whatever you want. The house needs residents.

That $28K/mo. price ranks 540 3rd as the fourth-priciest non-Strand rental in the city right now (via the MLS), not far behind another listing that didn't sell earlier this year: 1412 Laurel (6br/5ba, 5600 sqft.), which sought $7.749M down to $7.299M in September/October, before quitting and popping up for lease at $30K/mo. (Link goes offsite to realtor.com, because the feed of this listing is not functioning normally on most sites. 1412 Laurel is listed for rent by Sarah McDevitt of Gather Vacations California, Inc.)

To see more about the Laurel house, you can review this early September new listings post.

212 The Strand, Manhattan Beach, CAAn opposite sort of fate seemed to arrive for arguably the most famous listing in Manhattan Beach this year, 212 The Strand (7br/12ba, 12,640 sqft.).

The landmark triple-lot Strand house was listed for rent at $120K/mo. (!), but while that lease listing was active, the owner decided to float to the Wall Street Journal that he'd sell for $150M.

Instead, a tenant came along and paid $135K/mo. 

If paying more than list to rent the house seems absurd, it's not. The rate of "only" $120K/mo. was for 6+ months, while higher rates were presented for 90 days to 6 months.

So on The Strand, they rented instead of selling, but probably not for very long. Something tells us we haven't seen the last act for this triple-lot beauty yet, by a longshot.

Please see our blog disclaimer.

Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.

Based on information from California Regional Multiple Listing Service, Inc. as of May 1st, 2024 at 3:20pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.