Compound Rapture

By Dave Fratello | February 8th, 2019

One house just won't satisfy you?

3305 Pine Avenue Manhattan Beach CAMaybe you should be looking at 3305 Pine, newly listed in the Tree Section at $7.800M.

This offering consists of what once were two separate, neighboring homes, now essentially joined.

3305 Pine remains the "main house" with most sleeping quarters and a full kitchen.

3305 Pine Avenue Manhattan Beach CA3301 Pine is playland, offering a luscious "lagoon" pool with waterfall, a hot tub, basement home theater, a huge, open 2nd-story entertaining space and areas designed for a pro-level home gym and massage room. (We just love that phrase, "massage room.")

This compound was the brainchild of a frustrated buyer.

3305 Pine Avenue Manhattan Beach CAA pro athlete with the means to lock up a Hill Section estate found those estates to be in short supply in the mid-2000s.

Enough with the waiting, he said. I'll make a Hill Section-worthy estate out of two Tree Section homes.

A newly built Mediterranean at 3305 Pine was the starting point. Acquiring the neighbor at 3301 Pine and remodeling it was the crucial next step. Both deeds were done in early 2007, and the work began.

3305 Pine Avenue Manhattan Beach CA"Remodeling" doesn't really get at what happened to 3301 Pine, as the secondary house got that incredible treatment converting it to a workout center and entertainer's paradise. (How many homes have been described as an entertainer's dream without nearing the standard set by this one?)

After enjoying the compound for a few years, by 2012 the original pro athlete owner got to work building a new estate out of this area, and the time for 3305 Pine to find a new owner came.

The sale way-back-when of the 2-house 3305 Pine in Aug. 2012 for $4.200M (here's the link) was a very high water mark for the Tree Section.

3305 Pine Avenue Manhattan Beach CAOutside of the Martyrs area, where values are always higher (and often lots and home sizes are larger), there had only been a single sale over $4.0M ever in the Trees. (A very large home on a very large lot, in that case.)

Fast-forward to 2016. The latest owner of the compound was ready for a move.

What had happened in the market since the Aug. 2012 sale?

Why, the market had gone up. Mightily.

And this was reflected in the April 2016 sale price: $6.750M. (That's +$2.550M / +61% over acquisition.)

It didn't even take much time to sell.

3305 Pine Avenue Manhattan Beach CAThere had been some pre-marketing over the months, but the public marketing phase for 3305 Pine in 2016 lasted just 2 weeks before a deal was inked. It was only 34 days from public listing to closed sale. Whew! (We wrote up that sale and posted an inspired video in a post in April 2016, "Tree Section Compound is Top Sale Again.")

3305 Pine Avenue Manhattan Beach CAThis time around, after more upgrades and modernizations by the current owners, the price tag is $7.800M, not as steep a markup as 3 years ago.

Of course, it's aiming once again to be a record-setter for the whole of the Tree Section.

New construction in the Martyrs area at 528 15th sold in June 2016 for $6.800M, marking the current top sale for the area... if that's even relevant.

3305 Pine, after all, was inspired by Hill Section homes, and it's a steal compared to any similar property there. (You might look at 814 10th by comparison; a much larger home on more land, it's still the most "estate-like" Hill Section offering today, but much higher at $8.995M.)

Yes, yes, talking about a $7.8M property as a "steal" requires very much of a relative view of things.

The whole enterprise building this property was a little crazy, as we said last time it sold, but it's "the kind of crazy that people can really, really like."

And at that price tier, it's really more about the liking than it is about the pricing.

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