East MB New Construx Record Coming?

By Dave Fratello | September 25th, 2018

High-quality new construction built on spec in East Manhattan Beach is something of a recent innovation.

Builders have been cleaning up in the last couple of years as $3M+ sales of new construction have become routine.

Indeed, the proliferation of $3M+ sales east of PCH Sepulveda last year fueled the rise in the citywide median home price.

Now one new home aims to leap over recent sales of new construction and establish a new high point.

1446 18th Street Manhattan Beach CA1446 18th (5br/6ba, 4710 sqft.) is near the crest of a hill near Begg Field and Polliwog Park, looking north to capture city and mountain views.

As has become standard, the home features a bright and very open floorplan, designer details, top-tier construction and a covered "outdoor room" with fireplace along with a large yard.

In other words, it's a fine home with the right sorts of features to put it in the running to grab the first-place ribbon.

So sure of themselves were the builders that they began far above any comparable sale with a start price of $4.075M.

No, in case you're wondering, no one has hit $4M or more for a conventionally sized home on a typical 50' x 150' (7500 sqft.) lot in East Manhattan Beach.

After 10 weeks (mostly Summer, which tends to be slower), they made one cut of $176K to $3.899M, and then got an offer. Now it's in escrow.

1350 23rd Street Manhattan Beach CAThe competition for top billing is 1350 23rd (5br/5ba, 4800 sqft.), a corner-lot home with a detached from "casita" (guest suite/office) and roughly similar style and features.

Somehow, that home qualified as exciting.

That's what we thought, but also what the market thought.

1350 23rd only registered 2 days on market and sold $51K over asking at $3.700M. That was in June this year.

Nearby neighbor 1400 23rd (6br/6ba, 4800 sqft.) also got $3.700M, back in October 2016. At the time, it may have seemed like an outlier, but that level keeps getting reached ever since.

Not at all incidentally, the same builders that made that splash with the first $3.700M sale at 1400 23rd are now the ones behind 1446 18th. You can't tell them what can't be done.

(Disclosure: Dave's had a friendly relationship with the builders after a client purchased one of their properties in the Tree Section.)

So if they sought $4M+ and cut to "only" $3.9M, can they close above $3.700M? Don't say they can't.

Below is a list of all recent sales of new or newer construction east of Sepulveda on conventionally sized lots, highest prices first. (Email subscribers will need to view this post in a browser to see the listings.)

New Construction Sales in East Manhattan Beach, 2016-18 (Highest Prices First)

ADDRESS BD/BA SQFT LOT PRICE $PSF DOM START $ START
Address 1721 8th BD/BA 6br/6ba SQFT 4480 sqft LOT 8750 PRICE $3,950,000 $PSF $882 DOM 0 DOM SOLD SOLD 10/10/18 START $ $3,999,000 START 10/10/18
Address 1446 18th Street BD/BA 5br/6ba SQFT 4712 sqft LOT 7022 PRICE $3,850,000 $PSF $817 DOM 79 DOM SOLD SOLD 10/24/18 START $ $4,075,000 START 10/24/18
Address 2104 Magnolia Avenue BD/BA 5br/5ba SQFT 3599 sqft LOT 6170 PRICE $3,100,000 $PSF $861 DOM 0 DOM SOLD SOLD 01/10/19 START $ $3,100,000 START 01/10/19

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