East MB New Construx Around $3.3M

By Dave Fratello | November 14th, 2017

There's been a renaissance of sorts with East Manhattan Beach new construction.

Builders have bet, throughout this cycle, that there would be buyers for finely appointed, quality-built homes just like we see springing up west of Sepulveda. And they've bet that this drive toward quality would result in higher prices.

The 3 most recent East Manhattan new construction sales have all come in around $3.3M, and another priced at $3.5M+ just went into escrow.

The newest sales (we're looking only at "full lot" [7000+ sqft.] new homes):

1457 18th Street Manhattan Beach CA1457 18th (5br/4ba, 4550 sqft.) recently became the 4th new house on 18th St. just east of Meadows to sell in 2 years. (Neighbors may appreciate a bit of relief from 3+ years of constant construction on the fairly narrow block.)

At $3.325M, this one is also the highest price yet. (1430 18th got asked $3.495M and, in late 2015, got $3.300M.)

Meantime, over by Mira Costa, 1633 Nelson (5br/6ba, 4430 sqft.) just closed this week for $3.290M

Nelson was presold during the construction phase and just officially posted to the MLS.

1450 23rd Street Manhattan Beach CAAnd only back in July, it was 1450 23rd (5br/7ba, 4750 sqft.) coming in at $3.383M.

All are "coastal" in style - meaning they each use that term in their listing descriptions - while only 1633 Nelson goes with "coastal plantation."

Whatever you call these, they're obviously all built in today's popular, contemporary beachy style, white and bright and open, with wide-plank flooring, coffered ceilings and ample outdoor entertaining spaces. 

This is a design trend that has quickly become the standard all around MB, without reference to East/West divides.

(True, some speculate that this home style's days may be numbered, and worry that we'll all look back one day at our giant white marble islands and wide-plank flooring the way we now view formica counters and shag carpeting. But that kind of scorn just seems so unlikely for an inherently bright and fresh style, doesn't it?)

1540 Curtis Avenue Manhattan Beach CAAnd then there's 1540 Curtis (5br/5ba, 4400 sqft.), the latest new home to go into escrow east of the highway.

Oh, it's different. (We said more in this open house review.)

You can call it "modern" in style to distinguish it from the "coastal plantations" everywhere, but it's really one of a kind, borrowing from modern, coastal, and simply custom designs. Upstairs bedrooms are like lofts with improbably high ceilings (13'? 14'?). 

There was no mold for 1540 Curtis, so they don't have to break the mold, either. Its very singularity may have been what brought a buyer only a month into the listing, even with an asking price of $3.525M.

1400 23rd Street Manhattan Beach CANone of these marked out a record price. The highest-ever comparably sized East Manhattan new home sold for $3.700M in late Oct. 2016 (1400 23rd).

A much gianter new house, 1315 9th (6br/8ba, 5600 sqft.) closed for $3.650M in March.

But there had been 7 other new construx sales in East MB over the past year closer to $3.0-$3.2M, so the newest crop at $3.3-ish suggests that demand isn't satisfied and there remain plenty of full-price buyers for quality new homes. 

It's all a long way from the days when developers shunned East Manhattan or threw up middling-quality homes, thinking that the market was too soft or that the bigger-dollar buyers would all limit themselves to properties west of Sepulveda.

Turns out, if you build it east of Sepulveda, they will come.

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