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First Over $4M on a 5K Lot?

We'll go ahead and say it, this Spring's market is a mixed story so far.

Some homes you'd think would be sold already, aren't.

Others that have lingered before are now selling fast.

Prices often surprise.

What about the Hill Section 2-story mid-century modern remodel at 308 Anderson? It was exposed to the market for parts of 2022 and 2023, at prices ranging from $3.400M down to $2.899M.

Re-listed this year at $2.890M, it's suddenly closed well over asking for $3.300M. Guess those buyers missed it previously.

2104 Lynngrove Drive, Manhattan Beach, Today we're focused on 2104 Lynngrove (5br/6ba, 3598 sqft.), new construction that we called "very nicely done" in our weekend wrapup. 

It was asking $4.195M, and now has an immediate deal. (2104 Lynngrove Drive is listed by Audrey Judson, Pacifica Properties Group, Inc.)

There's no huge surprise to that. It's well crafted and ready to go.

But this one now looks like it could mark out a new price high for a certain type of offering.

Specifically, no new/newer construction homes East of Sepulveda on moderately sized lots have ever sold for more than $4M.

By "moderately sized" we're mainly talking about 5000-ish sqft. lots, far short of the 7000-7500 sqft. lots found in parts of Manhattan Heights and throughout the Mira Costa neighborhood.

We had made the comment the other day that 2104 Lynngrove was pushing for a Liberty Village record, but in actuality, it looks like it could set a record for all of East Manhattan.

Here were the highest-priced sales east of the highway previously on lots less than 6000 sqft. (new construction unless otherwise noted):

$3.950M - 1636 2nd (5br/5ba, 3553 sqft., 5100 sqft. lot) in June 2022

$3.825M - 1228 23rd (5br/6ba, 3478 sqft., 5000 sqft. lot) in June 2023

$3.801M - 1204 Faymont (4br/4ba, 3598 sqft., 5100 sqft. lot) in Dec. 2023

$3.750M - 1307 Voorhees (5br/5ba, 3638 sqft., 5250 sqft. lot) in July 2021 (2019 build)

$3.725M - 1901 Lynngrove (5br/4ba, 3269 sqft., 5800 sqft. lot) in June 2022 (2016 build, Dave's listing)

$3.550M - 1317 Curtis (5br/6ba, 3500 sqft., 5150 sqft. lot) in May 2021

$3.545M - 918 Peck (5br/5ba, 3586 sqft., 5750 sqft. lot) in Nov. 2021

$3.515M - 1400 Manzanita (5br/5ba, 3598 sqft., 5346 sqft.) in July 2021 (same builder and basic floorplan as the newest, 2104 Lynngrove)

That last one is really interesting, in that you have extremely similar product this year asking 19% more than the sale in that hot-hot-hot year, and catching a big fish right away. 

This year has already had a few like that. Buyers are ready when they see what they want.

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.

Based on information from California Regional Multiple Listing Service, Inc. as of April 29th, 2024 at 1:55pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.