'Gateway' Creeps Under $1m

Posted by Dave Fratello on Thursday, June 3rd, 2010 at 11:01pm.

As you make your way home this evening, perhaps you'll pass the "Gateway to Manhattan Beach," aka 4419 Highland.

If so, consider that fact that the listing has just passed a new threshold: It's priced below $1m for the first time (by a buck).

The troubled speckie and monument to local bubble excesses was first listed in June 2007 for $1.695m.

Over time, the listing passed from hand to hand, with 3 separate agents representing the property. It was at $1.265m when it quit in Sept. 2008 to become a rental (see "Goodbye to An Old Friend").

This year's listing began not so far below that, at $1.190m, but it's now at $999k.

Using MBC's Wayback Machine(TM), we find that the property was first offered to the general public at the construction stage for the "wholesale price" of nearly $1.4m. (See "Builder Rethinking Dubious Lot?")

With that, you would be buying "200K in Equity." That's what they said then.
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