They're tearing up one of the last big lots in the land formerly known as El Porto (officially, "North Manhattan Beach," but we prefer El Norte).
On the way: 5 new condos in 2 technically separate, simultaneous projects. (See artist's rendering from the developer's website).
The development is at 44th/Highland, on…
They're tearing up one of the last big lots in the land formerly known as El Porto (officially, "North Manhattan Beach," but we prefer
El Norte).On the way: 5 new condos in 2 technically separate, simultaneous projects. (See artist's rendering from the developer's website).
The development is at 44th/Highland, on the east side of the street, where for years you may have noticed a giant hill of sand. Up at the top was an older home at
4321 Crest.
You might have wondered, in passing:
When are they going to unload that land? And what's it worth?Well, recently the green construction fences went up. The home at the top came down. And this prompted some questions:
What finally happened? What's coming? The answers: The land was sold quite nearly at the local RE market's peak, with a sale closing for
$3m a year ago, in late February 2007.
The parcel is considered a double lot.
(Photo: Microsoft Virtual Earth via Zillow.com.) On that space, zoning would allow up to 9 units, but the developers plan only 5, which is a nice stroke for lower density, we suppose. (It's 4 more units than previously occupied the space.) Approvals were mostly worked out late in 2007.
It's an ambitious project starting up at a rough time for the local market. (Let alone the credit markets.) Give the developers credit for having
cojones. The units will have ocean views, and they'll be new, but the location is going to be a problem.
Nearby, an SFR at
4104 Highland has sat on the market, unwanted, for more than 8 months. (It has technically canceled but there's still a sign out.)
305 Gull, a dated
(and bright green!) duplex just a tad north on Highland, has now dropped below $1m after 5+ months. The most spectacular new entry, a trapezoidal tower at
4419 Highland, hasn't sold after 9 months and is now available for rent.
SFRs aren't a perfect comparison, but it's noteworthy that buyers are steering clear of the area while they have options.
There are condos further down the block (nearer to 41st) that have had their issues in recent years, but which all got sold and filled up, mostly in 2006. It can be done.
These builders are like
toros, bullish on the future. The question is whether they'll find buyers in a year or two, or whether this project will offer some of El Norte's most splendid new rentals.
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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 March 21st, 2023 at 4:15am 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.
