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 719 19th Street BD/BA 6br/8ba SQFT 5870 sqft LOT 6425 PRICE $6,625,000 $PSF $1,129 DOM 73 DOM SOLD SOLD 08/07/18 START $ $6,995,000 START 08/07/18
Address 772 26th Street BD/BA 5br/7ba SQFT 5936 sqft LOT 6867 PRICE $6,525,000 $PSF $1,099 DOM 8 DOM SOLD SOLD 10/16/18 START $ $6,700,000 START 10/16/18
Address 2921 Laurel Avenue BD/BA 6br/8ba SQFT 5910 sqft LOT 6489 PRICE $5,620,000 $PSF $951 DOM 108 DOM SOLD SOLD 04/02/19 START $ $6,495,000 START 04/02/19
Address 2105 Agnes Road BD/BA 5br/6ba SQFT 4600 sqft LOT 4987 PRICE $5,400,000 $PSF $1,174 DOM 39 DOM SOLD SOLD 02/12/19 START $ $5,450,000 START 02/12/19
Address 660 19th Street BD/BA 5br/7ba SQFT 5002 sqft LOT 5218 PRICE $4,974,000 $PSF $994 DOM 81 DOM SOLD SOLD 07/27/18 START $ $5,349,000 START 07/27/18
Address 769 33rd Street BD/BA 6br/5ba SQFT 4886 sqft LOT 7425 PRICE $4,800,000 $PSF $982 DOM 34 DOM SOLD SOLD 11/19/18 START $ $5,200,000 START 11/19/18
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 709 26th Street BD/BA 5br/6ba SQFT 5121 sqft LOT 5120 PRICE $4,550,000 $PSF $888 DOM 30 DOM SOLD SOLD 05/10/19 START $ $4,795,000 START 05/10/19
Address 653 13th Street BD/BA 4br/6ba SQFT 3372 sqft LOT 2100 PRICE $4,542,500 $PSF $1,347 DOM 13 DOM SOLD SOLD 02/19/19 START $ $4,495,000 START 02/19/19
Address 665 19th Street BD/BA 5br/7ba SQFT 3598 sqft LOT 4398 PRICE $4,125,000 $PSF $1,146 DOM 17 DOM SOLD SOLD 11/15/18 START $ $4,250,000 START 11/15/18
Address 1904 Palm Avenue BD/BA 5br/5ba SQFT 3600 sqft LOT 4482 PRICE $4,100,000 $PSF $1,139 DOM 76 DOM SOLD SOLD 08/24/18 START $ $4,350,000 START 08/24/18
Address 3009 N Poinsettia Avenue BD/BA 4br/4ba SQFT 3774 sqft LOT 4648 PRICE $4,100,000 $PSF $1,086 DOM 27 DOM SOLD SOLD 10/10/18 START $ $4,250,000 START 10/10/18
Address 2009 Pine Avenue BD/BA 5br/5ba SQFT 3598 sqft LOT 4481 PRICE $4,000,000 $PSF $1,112 DOM 23 DOM SOLD SOLD 03/12/19 START $ $4,150,000 START 03/12/19
Address 2101 Agnes Road BD/BA 4br/5ba SQFT 4298 sqft LOT 4981 PRICE $3,930,775 $PSF $915 DOM 172 DOM SOLD SOLD 04/24/19 START $ $4,249,000 START 04/24/19
Address 713 35th Street BD/BA 5br/7ba SQFT 3880 sqft LOT 5403 PRICE $3,900,000 $PSF $1,005 DOM 5 DOM SOLD SOLD 07/30/18 START $ $3,795,000 START 07/30/18
Address 2213 Agnes Road BD/BA 5br/4ba SQFT 4675 sqft LOT 6318 PRICE $3,762,500 $PSF $805 DOM 41 DOM SOLD SOLD 12/28/18 START $ $3,995,000 START 12/28/18
Address 856 14th Street BD/BA 5br/6ba SQFT 3500 sqft LOT 5014 PRICE $3,707,000 $PSF $1,059 DOM 6 DOM SOLD SOLD 11/06/18 START $ $3,695,000 START 11/06/18
Address 927 27th Street BD/BA 5br/6ba SQFT 4400 sqft LOT 4546 PRICE $3,690,000 $PSF $839 DOM 99 DOM SOLD SOLD 06/29/18 START $ $3,895,000 START 06/29/18
Address 569 35th Street BD/BA 5br/6ba SQFT 3712 sqft LOT 5404 PRICE $3,560,000 $PSF $959 DOM 10 DOM SOLD SOLD 03/29/19 START $ $3,499,000 START 03/29/19
Address 747 33rd Street BD/BA 5br/5ba SQFT 3798 sqft LOT 5395 PRICE $3,450,000 $PSF $908 DOM 70 DOM SOLD SOLD 08/08/18 START $ $3,749,000 START 08/08/18
Address 2101 Elm Avenue BD/BA 5br/5ba SQFT 3116 sqft LOT 4482 PRICE $3,375,000 $PSF $1,083 DOM 1 DOM SOLD SOLD 08/04/18 START $ $3,299,000 START 08/04/18
Address 1820 Pine Avenue BD/BA 5br/6ba SQFT 3134 sqft LOT 4480 PRICE $3,375,000 $PSF $1,077 DOM 1 DOM SOLD SOLD 06/26/18 START $ $3,399,000 START 06/26/18
Address 584 27th Street BD/BA 5br/4ba SQFT 3600 sqft LOT 5136 PRICE $3,355,000 $PSF $932 DOM 0 DOM SOLD SOLD 01/25/19 START $ $3,355,000 START 01/25/19
Address 3309 Pine Avenue BD/BA 5br/6ba SQFT 3247 sqft LOT 4641 PRICE $3,350,000 $PSF $1,032 DOM 0 DOM SOLD SOLD 06/22/18 START $ $3,399,999 START 06/22/18

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