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 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 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 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 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 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 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 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 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 570 27th Street BD/BA 5br/4ba SQFT 4228 sqft LOT 6975 PRICE $4,375,000 $PSF $1,035 DOM 7 DOM SOLD SOLD 03/23/21 START $ $4,495,000 START 03/23/21
Address 577 31st Street BD/BA 5br/6ba SQFT 4369 sqft LOT 5025 PRICE $4,309,000 $PSF $986 DOM 251 DOM SOLD SOLD 03/18/21 START $ $4,479,000 START 03/18/21
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 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 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 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
Address 3211 Poinsettia Avenue BD/BA 5br/4ba SQFT 5500 sqft LOT 9291 PRICE $4,000,000 $PSF $727 DOM 0 DOM SOLD SOLD 08/05/21 START $ $4,000,000 START 08/05/21
Address 647 15th Street BD/BA 5br/4ba SQFT 3669 sqft LOT 5042 PRICE $4,000,000 $PSF $1,090 DOM 21 DOM SOLD SOLD 10/07/21 START $ $4,150,000 START 10/07/21
Address 1406 Laurel Avenue BD/BA 5br/6ba SQFT 4552 sqft LOT 5992 PRICE $3,975,000 $PSF $873 DOM 0 DOM SOLD SOLD 04/20/21 START $ $3,995,000 START 04/20/21
Address 704 36th Street BD/BA 5br/6ba SQFT 3615 sqft LOT 5203 PRICE $3,925,000 $PSF $1,086 DOM 33 DOM SOLD SOLD 04/23/21 START $ $4,095,000 START 04/23/21
Address 3412 Walnut Avenue BD/BA 4br/4ba SQFT 3560 sqft LOT 4588 PRICE $3,925,000 $PSF $1,103 DOM 77 DOM SOLD SOLD 06/15/21 START $ $4,250,000 START 06/15/21
Address 637 17th Street BD/BA 6br/5ba SQFT 3514 sqft LOT 4870 PRICE $3,850,000 $PSF $1,096 DOM 73 DOM SOLD SOLD 03/31/21 START $ $3,999,000 START 03/31/21
Address 587 26th Street BD/BA 4br/3ba SQFT 3473 sqft LOT 4993 PRICE $3,850,000 $PSF $1,109 DOM 5 DOM SOLD SOLD 07/16/21 START $ $3,699,000 START 07/16/21

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