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 2104 Palm Avenue BD/BA 5br/6ba SQFT 4511 sqft LOT 9924 PRICE $7,000,000 $PSF $1,552 DOM 34 DOM SOLD SOLD 06/26/19 START $ $7,499,000 START 06/26/19
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/7ba SQFT 5400 sqft LOT 3000 PRICE $6,500,000 $PSF $1,204 DOM 41 DOM SOLD SOLD 07/08/19 START $ $7,295,000 START 07/08/19
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 1900 John Street BD/BA 5br/7ba SQFT 4891 sqft LOT 5021 PRICE $5,350,000 $PSF $1,094 DOM 0 DOM SOLD SOLD 08/23/19 START $ $5,500,000 START 08/23/19
Address 559 31st Street BD/BA 6br/8ba SQFT 4982 sqft LOT 5025 PRICE $5,200,000 $PSF $1,044 DOM 6 DOM SOLD SOLD 11/26/19 START $ $5,299,000 START 11/26/19
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 555 35th Street BD/BA 4br/6ba SQFT 4200 sqft LOT 7913 PRICE $4,975,000 $PSF $1,185 DOM 23 DOM SOLD SOLD 11/08/19 START $ $5,195,000 START 11/08/19
Address 653 27th Street BD/BA 5br/6ba SQFT 4767 sqft LOT 4801 PRICE $4,850,000 $PSF $1,017 DOM 111 DOM SOLD SOLD 11/21/19 START $ $5,350,000 START 11/21/19
Address 3311 Elm Avenue BD/BA 6br/7ba SQFT 5320 sqft LOT 8758 PRICE $4,700,000 $PSF $883 DOM 339 DOM SOLD SOLD 08/21/19 START $ $5,250,000 START 08/21/19
Address 608 15th Street BD/BA 5br/6ba SQFT 5050 sqft LOT 6238 PRICE $4,500,000 $PSF $891 DOM 83 DOM SOLD SOLD 11/08/19 START $ $4,894,000 START 11/08/19
Address 2400 John Street BD/BA 5br/6ba SQFT 3529 sqft LOT 5060 PRICE $4,210,000 $PSF $1,193 DOM 42 DOM SOLD SOLD 11/08/19 START $ $4,295,000 START 11/08/19
Address 910 28th Street BD/BA 5br/6ba SQFT 5036 sqft LOT 5000 PRICE $4,125,000 $PSF $819 DOM 60 DOM SOLD SOLD 10/09/19 START $ $4,595,000 START 10/09/19
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
Address 720 33rd Street BD/BA 5br/4ba SQFT 4000 sqft LOT 5026 PRICE $3,625,000 $PSF $906 DOM 70 DOM SOLD SOLD 03/06/20 START $ $3,875,000 START 03/06/20
Address 724 29th Street BD/BA 4br/3ba SQFT 3304 sqft LOT 4805 PRICE $3,575,000 $PSF $1,082 DOM 0 DOM SOLD SOLD 12/10/19 START $ $3,599,000 START 12/10/19
Address 524 14th Street BD/BA 4br/3ba SQFT 2539 sqft LOT 3450 PRICE $3,525,000 $PSF $1,388 DOM 7 DOM SOLD SOLD 06/26/19 START $ $3,495,000 START 06/26/19
Address 756 36th Street BD/BA 6br/7ba SQFT 3599 sqft LOT 5204 PRICE $3,525,000 $PSF $979 DOM 14 DOM SOLD SOLD 04/15/20 START $ $3,599,000 START 04/15/20
Address 1905 Elm Avenue BD/BA 5br/5ba SQFT 3300 sqft LOT 4482 PRICE $3,460,000 $PSF $1,048 DOM 1 DOM SOLD SOLD 07/17/19 START $ $3,500,000 START 07/17/19
Address 3113 Walnut Avenue BD/BA 5br/5ba SQFT 3330 sqft LOT 4646 PRICE $3,362,500 $PSF $1,010 DOM 103 DOM SOLD SOLD 12/03/19 START $ $3,499,000 START 12/03/19
Address 717 35th Street BD/BA 4br/6ba SQFT 3558 sqft LOT 5404 PRICE $3,275,000 $PSF $920 DOM 113 DOM SOLD SOLD 12/31/19 START $ $3,495,000 START 12/31/19
Address 755 31st Street BD/BA 4br/5ba SQFT 4055 sqft LOT 5012 PRICE $3,200,000 $PSF $789 DOM 54 DOM SOLD SOLD 07/29/19 START $ $3,500,000 START 07/29/19

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