From High-3's to Mid-5's in the Trees

By Dave Fratello | June 22nd, 2018

At a point that you could call the beginning of the current upswing in local real estate, a pair of Tree Section new construction sales redefined what was possible, price-wise.

709 26th Street Manhattan Beach CAThey were 705 26th and 709 26th, oversized new homes (4900-5100 sqft. each) with basements. (Pictured here is 709 26th currently.)

The two new homes sold for $3.599M and $3.700M, respectively, basically smashing any records for Tree Section homes outside the American Martyrs area.

In a Sept. 2013 post here at MBC, we observed, "Mainly we saw similar new construction hitting $3.2M-$3.375M at the peak of the mid-2000s bubble." However, "similar" was hard to define, because the prior cycle's new homes didn't have basements, typically, and therefore were notably smaller, by 800-1200 sqft.

709 26th Street Manhattan Beach CAWhat was really new was that price point: High 3's in the Trees!

How quaint.

709 26th is now on the market nearly 50% higher than its 2013 acquisition price at $5.495M.

And something like that could well happen, because there's at least one very similar comp from nearby.

605 25th Street Manhattan Beach CA605 25th (5br/5ba, 5350 sqft.) is a block lower toward the Sand Dune, custom-built in 2015 (a bit after 709 26th was born), features a basement and similar style, and sold a year ago in mid-June 2017 at $5.475M.

As to 709 26th, when it sold previously, it was pre-market, so most people didn't have a look at it.

Now you can see what a wondrous combination of beachy and modern the home presents. Open, clean, slick and resort-like, the home is at once warm and family-friendly and also a showpiece.

The official description boldly calls the home "a higher dimension of quality and sophistication," and here's a time when we won't quibble much with the salesy language. That's actually on point.

It's a top-tier product, so 709 26th definitely has a chance.

Having set a record of sorts when new, while the cycle was just starting, can the same home now reach record territory again?

Related question: If there was a "start" to the cycle we're in now, how much is left before it's not an upswing anymore? Discuss.

For reference, below are all the highest-priced sales in the Manhattan Beach Tree Section going back to 2012.

 

Highest Sales in Tree Section Since 2012

ADDRESS BD/BA SQFT LOT PRICE $PSF DOM START $ START
Address 528 15th Street BD/BA 6br/6ba SQFT 6483 sqft LOT 6241 PRICE $8,215,000 $PSF $1,267 DOM 109 DOM SOLD SOLD 10/01/20 START $ $11,750,000 START 10/01/20
Address 839 17th Street BD/BA 9br/6ba SQFT 4629 sqft LOT 16000 PRICE $7,500,000 $PSF $1,620 DOM 3 DOM SOLD SOLD 07/31/20 START $ $7,750,000 START 07/31/20
Address 772 26th Street BD/BA 6br/7ba SQFT 5936 sqft LOT 6867 PRICE $6,900,000 $PSF $1,162 DOM 2 DOM SOLD SOLD 02/17/21 START $ $6,999,999 START 02/17/21
Address 501 N 18th Street BD/BA 5br/8ba SQFT 6126 sqft LOT 6688 PRICE $6,750,000 $PSF $1,102 DOM 185 DOM SOLD SOLD 04/24/20 START $ $7,150,000 START 04/24/20
Address 1215 Fisher Avenue BD/BA 5br/6ba SQFT 5400 sqft LOT 3000 PRICE $6,550,000 $PSF $1,213 DOM 149 DOM SOLD SOLD 11/25/20 START $ $6,995,000 START 11/25/20
Address 656 17th Street BD/BA 6br/6ba SQFT 5043 sqft LOT 5007 PRICE $6,325,000 $PSF $1,254 DOM 0 DOM SOLD SOLD 08/21/20 START $ $6,325,000 START 08/21/20
Address 608 15th Street BD/BA 5br/6ba SQFT 5050 sqft LOT 6238 PRICE $6,250,000 $PSF $1,238 DOM 11 DOM SOLD SOLD 11/10/20 START $ $6,500,000 START 11/10/20
Address 3305 Pine Avenue BD/BA 4br/5ba SQFT 3398 sqft LOT 4641 PRICE $6,000,000 $PSF $1,766 DOM 142 DOM SOLD SOLD 08/20/20 START $ $6,750,000 START 08/20/20
Address 3301 Pine Avenue BD/BA 5br/7ba SQFT 5723 sqft LOT 9283 PRICE $6,000,000 $PSF $1,048 DOM 129 DOM SOLD SOLD 08/20/20 START $ $6,500,000 START 08/20/20
Address 663 18th Street BD/BA 5br/6ba SQFT 4900 sqft LOT 6230 PRICE $5,900,000 $PSF $1,204 DOM 14 DOM SOLD SOLD 03/03/20 START $ $5,975,000 START 03/03/20
Address 2104 Flournoy Road BD/BA 5br/5ba SQFT 4300 sqft LOT 8617 PRICE $5,700,000 $PSF $1,326 DOM 46 DOM SOLD SOLD 05/08/20 START $ $6,995,000 START 05/08/20
Address 855 17th Street BD/BA 3br/2ba SQFT 1611 sqft LOT 12155 PRICE $5,050,000 $PSF $3,135 DOM 13 DOM SOLD SOLD 05/21/20 START $ $5,900,000 START 05/21/20
Address 648 30th Street BD/BA 5br/6ba SQFT 4750 sqft LOT 4804 PRICE $4,999,000 $PSF $1,052 DOM 62 DOM SOLD SOLD 09/15/20 START $ $4,999,000 START 09/15/20
Address 617 31st Street BD/BA 7br/8ba SQFT 5084 sqft LOT 5019 PRICE $4,835,000 $PSF $951 DOM 250 DOM SOLD SOLD 02/26/21 START $ $5,495,000 START 02/26/21
Address 1801 Oak Avenue BD/BA 6br/5ba SQFT 5251 sqft LOT 4484 PRICE $4,300,000 $PSF $819 DOM 24 DOM SOLD SOLD 10/21/20 START $ $4,399,000 START 10/21/20
Address 2301 Laurel Avenue BD/BA 5br/5ba SQFT 3387 sqft LOT 4831 PRICE $4,250,000 $PSF $1,255 DOM 4 DOM SOLD SOLD 07/15/20 START $ $4,195,000 START 07/15/20
Address 641 26th Street BD/BA 5br/5ba SQFT 3500 sqft LOT 5119 PRICE $4,100,000 $PSF $1,171 DOM 11 DOM SOLD SOLD 09/24/20 START $ $3,699,000 START 09/24/20
Address 660 33rd Street BD/BA 5br/6ba SQFT 4761 sqft LOT 5024 PRICE $3,950,000 $PSF $830 DOM 37 DOM SOLD SOLD 09/28/20 START $ $4,170,000 START 09/28/20
Address 717 31st Street BD/BA 5br/4ba SQFT 3513 sqft LOT 5016 PRICE $3,875,000 $PSF $1,103 DOM 37 DOM SOLD SOLD 09/15/20 START $ $4,225,000 START 09/15/20
Address 1720 Walnut Avenue BD/BA 5br/5ba SQFT 3564 sqft LOT 4485 PRICE $3,820,000 $PSF $1,072 DOM 17 DOM SOLD SOLD 07/27/20 START $ $3,850,000 START 07/27/20
Address 659 18th Street BD/BA 4br/3ba SQFT 4037 sqft LOT 6260 PRICE $3,780,000 $PSF $936 DOM 228 DOM SOLD SOLD 11/19/20 START $ $4,499,000 START 11/19/20
Address 604 31st Street BD/BA 5br/5ba SQFT 3628 sqft LOT 4772 PRICE $3,775,000 $PSF $1,041 DOM 55 DOM SOLD SOLD 08/21/20 START $ $4,195,000 START 08/21/20
Address 849 17th Street BD/BA 5br/3ba SQFT 2062 sqft LOT 7996 PRICE $3,750,000 $PSF $1,819 DOM 0 DOM SOLD SOLD 05/13/20 START $ $3,750,000 START 05/13/20
Address 844 14th Street BD/BA 5br/6ba SQFT 3479 sqft LOT 5017 PRICE $3,730,000 $PSF $1,072 DOM 54 DOM SOLD SOLD 04/30/20 START $ $3,795,000 START 04/30/20

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