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 641 18th Street BD/BA 4br/3ba SQFT 3796 sqft LOT 6961 PRICE $7,850,000 $PSF $2,068 DOM 0 DOM SOLD SOLD 06/10/21 START $ $7,850,000 START 06/10/21
Address 656 17th Street BD/BA 6br/7ba SQFT 5043 sqft LOT 5007 PRICE $7,050,000 $PSF $1,398 DOM 0 DOM SOLD SOLD 10/01/21 START $ $7,050,000 START 10/01/21
Address 616 12th Street BD/BA 5br/5ba SQFT 4300 sqft LOT 2998 PRICE $6,500,000 $PSF $1,512 DOM 0 DOM SOLD SOLD 04/27/22 START $ $6,500,000 START 04/27/22
Address 559 31st Street BD/BA 6br/8ba SQFT 4942 sqft LOT 5025 PRICE $6,100,000 $PSF $1,234 DOM 2 DOM SOLD SOLD 11/30/21 START $ $6,195,000 START 11/30/21
Address 559 33rd Street BD/BA 5br/5ba SQFT 4442 sqft LOT 5395 PRICE $6,000,000 $PSF $1,351 DOM 9 DOM SOLD SOLD 05/09/22 START $ $5,999,000 START 05/09/22
Address 620 12th BD/BA 5br/5ba SQFT 4537 sqft LOT 2998 PRICE $5,965,000 $PSF $1,315 DOM 0 DOM SOLD SOLD 01/04/22 START $ $6,000,000 START 01/04/22
Address 3412 Palm Avenue BD/BA 6br/6ba SQFT 5650 sqft LOT 6154 PRICE $5,950,000 $PSF $1,053 DOM 0 DOM SOLD SOLD 08/10/21 START $ $5,950,000 START 08/10/21
Address 605 29th Street BD/BA 5br/6ba SQFT 5002 sqft LOT 4801 PRICE $5,500,000 $PSF $1,100 DOM 7 DOM SOLD SOLD 09/13/21 START $ $5,499,999 START 09/13/21
Address 577 31st Street BD/BA 5br/6ba SQFT 4288 sqft LOT 5025 PRICE $5,000,000 $PSF $1,166 DOM 0 DOM SOLD SOLD 04/29/22 START $ $4,999,000 START 04/29/22
Address 747 33rd Street BD/BA 5br/5ba SQFT 3798 sqft LOT 5395 PRICE $4,850,000 $PSF $1,277 DOM 9 DOM SOLD SOLD 03/15/22 START $ $4,850,000 START 03/15/22
Address 2101 Agnes Road BD/BA 5br/5ba SQFT 4671 sqft LOT 4981 PRICE $4,800,000 $PSF $1,028 DOM 0 DOM SOLD SOLD 10/18/21 START $ $4,850,000 START 10/18/21
Address 665 19th Street BD/BA 5br/7ba SQFT 3598 sqft LOT 4398 PRICE $4,674,000 $PSF $1,299 DOM 54 DOM SOLD SOLD 04/13/22 START $ $4,899,000 START 04/13/22
Address 1904 Palm Avenue BD/BA 5br/5ba SQFT 3768 sqft LOT 4482 PRICE $4,600,000 $PSF $1,221 DOM 0 DOM SOLD SOLD 07/08/21 START $ $4,600,000 START 07/08/21
Address 592 30th Street BD/BA 5br/7ba SQFT 4648 sqft LOT 4804 PRICE $4,534,000 $PSF $975 DOM 444 DOM SOLD SOLD 11/30/21 START $ $4,699,000 START 11/30/21
Address 733 12th Street BD/BA 5br/6ba SQFT 4383 sqft LOT 3005 PRICE $4,500,000 $PSF $1,027 DOM 34 DOM SOLD SOLD 07/08/21 START $ $4,750,000 START 07/08/21
Address 652 26th Street BD/BA 5br/5ba SQFT 3639 sqft LOT 5122 PRICE $4,500,000 $PSF $1,237 DOM 6 DOM SOLD SOLD 11/05/21 START $ $4,150,000 START 11/05/21
Address 2905 N Poinsettia Avenue BD/BA 5br/4ba SQFT 3252 sqft LOT 4644 PRICE $4,461,000 $PSF $1,372 DOM 8 DOM SOLD SOLD 04/04/22 START $ $3,799,000 START 04/04/22
Address 2707 N Poinsettia Avenue BD/BA 5br/6ba SQFT 4400 sqft LOT 4460 PRICE $4,388,888 $PSF $997 DOM 115 DOM SOLD SOLD 01/24/22 START $ $4,895,000 START 01/24/22
Address 868 27th Street BD/BA 5br/6ba SQFT 3614 sqft LOT 5155 PRICE $4,360,000 $PSF $1,206 DOM 11 DOM SOLD SOLD 01/13/22 START $ $4,250,000 START 01/13/22
Address 659 18th Street BD/BA 4br/3ba SQFT 4037 sqft LOT 6260 PRICE $4,250,000 $PSF $1,053 DOM 18 DOM SOLD SOLD 07/01/21 START $ $4,299,000 START 07/01/21
Address 617 36th Street BD/BA 6br/7ba SQFT 3660 sqft LOT 5404 PRICE $4,201,000 $PSF $1,148 DOM 0 DOM SOLD SOLD 02/18/22 START $ $4,225,000 START 02/18/22
Address 3000 Palm Avenue BD/BA 5br/5ba SQFT 3588 sqft LOT 4634 PRICE $4,200,000 $PSF $1,171 DOM 0 DOM SOLD SOLD 08/06/21 START $ $4,200,000 START 08/06/21
Address 742 31st Street BD/BA 5br/4ba SQFT 3942 sqft LOT 4797 PRICE $4,200,000 $PSF $1,065 DOM 11 DOM SOLD SOLD 04/07/22 START $ $4,095,000 START 04/07/22
Address 583 35th Street BD/BA 4br/5ba SQFT 3909 sqft LOT 5403 PRICE $4,000,000 $PSF $1,023 DOM 10 DOM SOLD SOLD 09/01/21 START $ $4,100,000 START 09/01/21

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