'Gateway' Creeps Under $1m

By Dave Fratello June 3rd, 2010.

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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