On occasion of a new sale, we'll revisit a theme we have covered here at MB Confidential over the past year.
There has been a "sky's the limit" attitude toward pricing some new construction in East MB. But eventually, the market finds its level. That level may be high, but it's not in the sky.
In August, we…
On occasion of a new sale, we'll revisit a theme we have covered here at MB Confidential over the past year.
There has been a "sky's the limit" attitude toward pricing some new construction in East MB. But eventually, the market finds its level. That level may be high, but it's not in the sky.
In August, we noted that the large new modern at 1431 18th (5br/6ba, 5275 sqft.) had been "lingering" for a while. The listing, we said, "tried shooting the moon and has taken time to settle to Earth." Right.
Discussed first at lower prices before hitting the MLS, 1431 18th came out asking $3.999M in April.
Over several months, 3 big price cuts were made. It was last seen at $3.199M.
The sale has now closed for $3.000M, making this arguably one of the least expensive comparable new homes in East MB in a while.
What's that they say about asking too much, and taking less as a result? Sounds familiar.
That's a big price cut that calls to mind 1131 6th (5br/5ba, 5025 sq. ft.), which sold for $3.600M.
The original asking price: $4.499M.
But even if they did have to take $900K off the top at 6th, at least the sellers still walked away with top honors.
1131 6th was the priciest new construction ever sold in East Manhattan Beach (excepting supersize lots). (See "Quick East MB New Construx Catchup" for more on other top sales.)
Another big adjustment last year was at 1120 6th (5br/5ba, 3600 sqft.).
This not-maxed-out "Planation-style home[] with a coastal vibe" launched in August at $3.099M.
It later sold for $2.550M.
The reason was abundantly clear: It's got a large commercial building – specifically, a sports bar – as the next-door neighbor.
An adjustment process seems to be under way now at 1304 Lynngrove (5br/6ba, 3750 sq. ft., 5400 sq. ft. lot).
It's an ultramodern, ambitious new custom (spec) home that came out much higher than you'd expect for Liberty Village, asking $3.199M to begin.
This week, they're down to $2.899M, a modest 9% reduction for the time being.
There is really no precedent for 1304 Lynngrove. If you look at the Liberty Village pocket east of Redondo Ave., there has only ever been one sale over $2.000M. That was at 1805 Faymont (5br/4ba, 3500 sqft.) at $2.060M late last year.
Don't expect you'll get 1304 Lynngrove for a price like that. When it sells, it will reset the bar in a major way for the area.
But will that bar be in the stratosphere?
Please see our blog disclaimer.
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.
