First High-End Deal of 2019

By Dave Fratello | January 29th, 2019

You hear grumbling and worries about the "high end" of local real estate.

It's slow. Prices are softening. People are getting picky.

Maybe so. We report the buzz, but we prefer data.

Now, at least, we can report that the New Year's first "high end" sale is getting under way.

2009 Pine Avenue Manhattan Beach CAIf we define the "high end" as $3M+, then 2019 lacked a new "high-end" escrow until Monday, when Tree Section new construction at 2009 Pine inked a deal.

Oh, and this one was listed at $4M+.

The 5br/5ba, 3600 sqft. new home with a basement takes a just-daring-enough approach to current trends in Tree Section new construction.

We said in our first review of the home:

2009 Pine Avenue Manhattan Beach CA"If you're starting to think you've seen enough monochromatic white-with-white new homes, then you'll probably appreciate the use of a broader, warmer palette of colors here, along with accents here and there that up the game."

It's got the open floorplan, basement with wet bar and integrated indoor/outdoor living areas that are "must have" items on any new-home buyer's checklist.

It surprises and delights at different turns, with design and quality.

Asking price seemed kind of daring at $4.150M.

There are 3 similarly sized new homes on the market now in the Trees, priced as much as $1.1M lower. (3604 Walnut at $2.995M, 3401 Maple at $3.200M and 1716 Oak at $3.299M.)

665 19th Street Manhattan Beach CAThe closest recent sold comps near that $4.150M asking were in fairly prime locations:

665 19th (5br/7ba, 3600 sqft.) (pictured) at $4.125M,

1904 Palm (5br/5ba, 3600 sqft.) at $4.100M and

705 27th (5br/5ba, 3360 sqft.) at $3.825M.

You can easily find lower sale prices for new homes last year like:

856 14th (5br/6ba, 3500 sqft.) at $3.707M,

1820 Pine (5br/6ba, 3135 sqft.) at $3.375M and

1604 Pine (5br/5ba, 3585 sqft.) at $3.475M.

We're not saying anything here that the buyer or seller is unaware of.

How'd they do it? There is something to be said, for sure, for a combination of quality, uniqueness and a position in the market that seems almost all alone, not only priced above the others, but standing tall over them.

That's how the year's first $3M+ escrow got going: By being attractive and almost alone.


UPDATE: Late in the day after this post went up, another "high-end" deal posted.

424 2nd Street Manhattan Beach CA424 2nd St. (4br/6ba, 4350 sqft.) is a darling custom traditional home in the South End built in 2014.

It's had somewhat inexplicable problems finding a buyer... till now.

Latest listing showed 267 DOM.

Last price: $4.695M.

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