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/7ba SQFT 6025 sqft LOT 6241 PRICE $6,800,000 $PSF $1,129 DOM 28 DOM SOLD SOLD 06/06/16 START $ $6,950,000 START 06/06/16
Address 3305 Pine Avenue BD/BA 5br/7ba SQFT 5715 sqft LOT 9282 PRICE $6,750,000 $PSF $1,181 DOM 32 DOM SOLD SOLD 04/20/16 START $ $6,950,000 START 04/20/16
Address 719 19th Street BD/BA 6br/8ba SQFT 5870 sqft LOT 6250 PRICE $6,500,000 $PSF $1,107 DOM 42 DOM SOLD SOLD 03/31/17 START $ $6,799,000 START 03/31/17
Address 621 13th Street BD/BA 4br/5ba SQFT 5647 sqft LOT 4216 PRICE $6,150,000 $PSF $1,089 DOM 67 DOM SOLD SOLD 05/28/15 START $ $6,295,000 START 05/28/15
Address 1208 Fisher Avenue BD/BA 4br/4ba SQFT 4448 sqft LOT 3057 PRICE $5,700,000 $PSF $1,281 DOM 84 DOM SOLD SOLD 08/21/14 START $ $5,700,000 START 08/21/14
Address 524 15th Street BD/BA 6br/7ba SQFT 6020 sqft LOT 6511 PRICE $5,700,000 $PSF $947 DOM 1 DOM SOLD SOLD 11/13/14 START $ $6,000,000 START 11/13/14
Address 663 18th Street BD/BA 5br/6ba SQFT 4900 sqft LOT 6230 PRICE $5,575,000 $PSF $1,138 DOM 1 DOM SOLD SOLD 01/04/18 START $ $5,575,000 START 01/04/18
Address 605 25th Street BD/BA 5br/5ba SQFT 5349 sqft LOT 5121 PRICE $5,475,000 $PSF $1,024 DOM 8 DOM SOLD SOLD 06/16/17 START $ $5,595,000 START 06/16/17
Address 527 14th Street BD/BA 5br/5ba SQFT 4845 sqft LOT 5639 PRICE $5,300,000 $PSF $1,094 DOM 112 DOM SOLD SOLD 09/14/16 START $ $6,199,000 START 09/14/16
Address 656 18th Street BD/BA 6br/7ba SQFT 6065 sqft LOT 6411 PRICE $5,200,000 $PSF $857 DOM 126 DOM SOLD SOLD 09/17/15 START $ $5,498,000 START 09/17/15
Address 625 17th Street BD/BA 4br/4ba SQFT 4348 sqft LOT 6299 PRICE $5,100,000 $PSF $1,173 DOM 4 DOM SOLD SOLD 08/30/17 START $ $5,195,000 START 08/30/17
Address 636 12th Street BD/BA 5br/6ba SQFT 4330 sqft LOT 3001 PRICE $5,050,000 $PSF $1,166 DOM 279 DOM SOLD SOLD 08/13/15 START $ $5,300,000 START 08/13/15
Address 624 14th Street BD/BA 5br/6ba SQFT 5767 sqft LOT 6982 PRICE $4,900,000 $PSF $850 DOM 17 DOM SOLD SOLD 08/28/12 START $ $4,999,000 START 08/28/12
Address 1901 Palm Avenue BD/BA 5br/7ba SQFT 4762 sqft LOT 5061 PRICE $4,875,000 $PSF $1,024 DOM 85 DOM SOLD SOLD 05/09/18 START $ $5,500,000 START 05/09/18
Address 835 17th Street BD/BA 6br/6ba SQFT 5890 sqft LOT 8003 PRICE $4,780,000 $PSF $812 DOM 32 DOM SOLD SOLD 12/11/15 START $ $4,999,000 START 12/11/15
Address 575 31st Street BD/BA 5br/7ba SQFT 4840 sqft LOT 5026 PRICE $4,775,000 $PSF $987 DOM 16 DOM SOLD SOLD 06/26/18 START $ $4,795,000 START 06/26/18
Address 631 14th Street BD/BA 6br/5ba SQFT 4424 sqft LOT 6244 PRICE $4,700,000 $PSF $1,062 DOM 19 DOM SOLD SOLD 05/09/18 START $ $4,500,000 START 05/09/18
Address 2001 John Street BD/BA 5br/7ba SQFT 4865 sqft LOT 5060 PRICE $4,650,000 $PSF $956 DOM 81 DOM SOLD SOLD 11/16/16 START $ $5,475,000 START 11/16/16
Address 620 29th Street BD/BA 5br/6ba SQFT 4747 sqft LOT 4803 PRICE $4,650,000 $PSF $980 DOM 0 DOM SOLD SOLD 11/03/17 START $ $4,650,000 START 11/03/17
Address 644 33rd Street BD/BA 5br/5ba SQFT 4550 sqft LOT 5025 PRICE $4,600,000 $PSF $1,011 DOM 43 DOM SOLD SOLD 10/24/16 START $ $5,000,000 START 10/24/16
Address 625 17th Street BD/BA 4br/4ba SQFT 4380 sqft LOT 6300 PRICE $4,600,000 $PSF $1,050 DOM 6 DOM SOLD SOLD 10/18/16 START $ $4,495,000 START 10/18/16
Address 716 12th Street BD/BA 6br/7ba SQFT 4475 sqft LOT 3007 PRICE $4,575,000 $PSF $1,022 DOM 4 DOM SOLD SOLD 02/14/17 START $ $4,690,000 START 02/14/17
Address 3311 Elm Avenue BD/BA 6br/7ba SQFT 5166 sqft LOT 8808 PRICE $4,569,000 $PSF $884 DOM 9 DOM SOLD SOLD 02/03/15 START $ $4,679,000 START 02/03/15
Address 750 30th Street BD/BA 5br/7ba SQFT 5070 sqft LOT 5417 PRICE $4,500,000 $PSF $888 DOM 76 DOM SOLD SOLD 06/17/15 START $ $4,699,000 START 06/17/15

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