City's Priciest 2 Properties Have Now Quit

This year has seen a couple of landmark sales, including the top sale ever, $24.500M at 1800 The Strand.

But two other listings aiming even higher failed to sell, and packed it in.

The latest to drop out was 1001 1st (6br/9ba, 9479 sqft.), a 2021-built ultra-modern on a prime corner lot in the southern part of the Hill Section.

Launched with much fanfare – and not just a few Netflix cameras – in January, this bold, serious, transcendent modern estate sought $29.900M for a few months, then re-priced in April to $24.995M.

There it lingered for 7 more months, till this week.

We don't watch the show that had featured this listing, so we don't really know all the chatter about how the listing has gone, how they decided to re-price it, or what led to shutting it down now. (Oh, right, haha, all that stuff could be 18 months away from appearing on TV.)

This is a fairly normal time to shut down for the holidays, so the real question is whether they'll be back next year.

A related, minor, question is whether they'll be wining and dining local realtors again with a re-launch next year. (Yeah, we did enjoy those wagyu sliders, guys, thanks!)

Word to the wise: Very often, after a listing shuts down for the season, the sellers retain some intent to sell. It can be a good time to pick up the phone and check. Ours rings at (310) 386-2952!

Much, much earlier this year, a much pricier home (!) at 117 34th (7br/10ba, 7605 sqft.) hung up its skates.

This was the double-lot custom-built paradise built and offered by L.A. Kings stalwart Anze Kopitar. 

The asking price of $37.000M was the highest-ever asking price in Manhattan Beach history, at least on the MLS.

The listing was on the MLS only, but no other websites, for the latter part of 2023, before being released to all websites in January this year. (See our post, "Now Kopitar's House Is Online at $37M.") Alas, the listing canceled at the end of March, and we see no evidence that it ever sold.

Holding the current top spot for asking price in town is 1000 The Strand (10br/9ba, 5967 sqft.), an upgraded multi-unit complex very near to the pier. It's asking $30.000M, and is right about to hit one full year on the market. (Listed by Brett Zebrowski, Palm Realty Boutique, Inc.)

Oh, yes, we ought to mention that one sorta-listing that was sorta-floated at $150 million.

Back in November last year, the owner of 212 The Strand (7br/12ba, 12,640 sqft.) told the Wall Street Journal that he'd sell his unique triple-lot waterfront home for $150M, comparing it to some top sales in Malibu and other parts of L.A. (See "How About $150 Million for Triple-Lot Strand House?")

Instead, that property has been rented out twice, once at $130K/mo., and most recently at $125K/mo.

Holiday Season Cancellations & Next Year's Outlook

Any listing shutting down now this year is doing so most likely to avoid the doldrums of the holiday season. There are fewer buyers, it's a hassle to get your house ready for showing, and you're more likely to see offers from bargain hunters than from bona fide ready, willing and eager buyers who want to move in.

And in looking ahead to the Spring market, there is going to be some kind of prognosticating about what kinds of market conditions await in 2025. Could it be a boom year?

The last time the USA's new CEO took office, suddenly everyone realized that the economy was in great shape, and a wave of regulatory actions added to an upbeat vibe. There were rallies in all kinds of markets, including, for sure, in Manhattan Beach real estate.

Then again, said returning CEO appears to have a shadow CEO, the planet's wealthiest man, who has promised "hardship" as a result of his own plans for the government. He agreed publicly with this statement posted on his social media platform:

If Trump succeeds in forcing through mass deportations, combined with Elon hacking away at the government, firing people and reducing the deficit - there will be an initial severe overreaction in the economy… Market will tumble. But when the storm passes and everyone realizes we are on sounder footing, there will be a rapid recovery to a healthier, sustainable economy."

"Sounds about right," Elon said.

That could be a wild ride. We'll see how it shakes out right here on the shores of SoCal.