East Manhattan Dirt Trading Hands

By Dave Fratello | May 9th, 2018

More than 2 years ago, an opportunity arose for a double lot in East Manhattan Beach.

1156 6th Street Manhattan Beach CAThe 15,300 sqft. plot at 1156 6th drew suitors pretty quickly, and sold for $3.300M in December 2015.

As the planning progressed, the buyer had a change of heart, and decided to resell the lot.

In June 2017, the property came out at $3.795M, nearly a $500K markup, reflecting, in part, the rise in the market from Dec. 2015 till then, plus maybe a wish to get out of the property whole (after transaction costs).

Now the lot is officially resold, for $3.600M, and it sure looks like the seller got out with costs covered and perhaps a modest profit.

Land in East Manhattan has been going something like that. Values are up as owner/users are trying to get lots, and spec builders have been scoring with new construction. New homes in East Manhattan drove the citywide increase in median price last year, with more than a dozen going over $3.0M.

1350 23rd Street Manhattan Beach CAUnderscoring that trend for spec builders, a splendid new home on a corner at 1350 23rd (5br/5ba, 4800 sqft.) made a deal in 4 days with a list price of $3.649M, challenging for the highest-ever sale price for a home on a typical lot in East MB.

A "standard" 50' x 150' plot has risen in value over the last few years from $1.2M up to the $1.5-$1.6M range. Usually you'd expect a bit less for the occasional 5000-6000 sqft. lots sprinkled around east of the highway.

(The double lot at 1156 6th averages out to $1.800M per 7500 sqft. plot, if you want to look at it that way, and building in some extra for the uniqueness of the double lot and corner position.)

About the same time as 1156 6th closed and 1350 23rd made its deal, two more East Manhattan lots found buyers.

1142 23rd Street Manhattan Beach CA1142 23rd (6000 sqft.) is a corner lot along a small alley. We found this one compelling thanks to a gentle elevation that could deliver views north toward the mountains, downtown LA and the Hollywood sign, but also because that alley would allow a new build to stash the garage along the side/back of the house, instead of at the front.

List price: $1.525M. Action: Immediate. (It's in escrow now.)

1300 Curtis is a corner lot (5175 sqft.) raised up a bit from (busy) Meadows Ave. and with potential for some interesting views toward PV and the ocean to the south.

Asking $1.399M, it took 13 DOM to make its match.

Now, it's early still, and either Curtis or 1142 23rd could wind up in the hands of buyers who wish to remodel rather than build new. The essential point is the same: Demand is driving up land values east of Sepulveda, and there are buyers for land or finished product.

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