El Porto Record Coming?

By Dave Fratello | May 31st, 2018

Don't diss on Porto.

It may be the newest part of Manhattan Beach. (It joined in the 1980s.)

It may be dense.

It may be chock full of smallish, quickly built rental houses and duplexes.

But there's plenty happening in El Porto real estate, in perhaps the most affordable part of the Sand Section.

You can see the evolution in progress.

And this is all coming before the much-discussed possibility of undergrounding utilities in El Porto, which could be a huge improvement for views and the feel of the neighborhood.

124 38th Place Manhattan Beach CAIn escrow now is 124 38th Place (3br/4ba, 1920 sqft.), a bold and different new modern spec home on a (typical) half lot.

As a piece of work, it's expert.

We've seen plenty of half-lot homes and townhomes using equivalent space, but this one somehow pulls off the feat of feeling larger than it is.

We call it "modern" because it is, but there's warmth and whimsy enough to the home's style such that you kind of want to smile.

And the big, big views from the third floor make for an outstanding benefit, at least while the neighbors stay low.

116 24th Place Manhattan Beach CAThe list price here was $3.099M, a very notable discount when compared with a recent sale that's awfully similar by profile: 116 24th Place (3br/4ba, 2000 sqft.), also a bold new spec modern, which closed for $3.875M in January this year. (Pictured here for comparison's sake.)

Notably, the views at 116 24th Place have already been limited by neighboring construction, so it was more of a case of "what you see is what you get" with the existing views there. No mega panorama to add extra oomph on that one, yet it got close to $4M. 

What's that? You weren't expecting us to talk about $3M+ in El Porto as a "discount?"

Well, it is, reflecting the fact that Porto generally sells lower than other parts of the Sand Section.

But yes, anything near or over $3M for 124 38th Place is going to blow away the recently set record for an SFR in El Porto.

The record for an SFR is $2.550M for 117 Shell (3br/3ba, 2240 sqft.), sold off-market last July. That one's newly remodeled/rebuilt with fantastic views over a low neighbor.

Before that, the records were $2.249M at 200 Shell (3br/3ba, 1920 sqft., Sept. 2015) and, several months prior, Dave's sale of the SFR at 209 41st (3br/4ba, 1885 sqft.) for $2.160M.

Also, last year, 219 38th Place (3br/4ba, 1750 sqft.) sold for $2.155M.

You now know about all 4 prior sales of SFRs in El Porto above $2M. (Hey, did we mention Dave's sale was the first over $2M?)

And we're talking about maybe $3M already.

228 38th Street Manhattan Beach CATo be fair, there's clearer precedent from the world of El Porto townhomes.

At 228 38th Street (3br/4ba, 2175 sqft.), a builder had a wider-than-normal lot to work with (35 feet) and built 2 townhomes, with the front unit getting some pretty great views. It sold for $2.800M in early 2015.

The rear unit there at 229 Rosecrans Place (3br/4ba, 2330 sqft.) sold soon after for $2.565M.

And in late 2016, there was also a townhome sale over $2M at 200 38th St. (3br/4ba, 1800 sqft.) for $2.250M. That was a 2006-vintage modern.

We'll need to wait to see where 124 38th Place settles, but it's teed up to reset the bar for El Porto... and maybe encourage more bold spec projects up north.

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