Get Your Cape Cods

By Dave Fratello | May 18th, 2012
For a time there, no one could find a decent Cape Cod in the Trees.

For a time last Fall, there was 1417 Elm (5br/5ba, 3000 sq. ft.) on the market, a truly gorgeous bit of craftsmanship but a home with no real yard. The sellers held out for $2m+, didn't get it and rented the property out instead.

Recently we saw 1700 Elm (5br/4ba, 3200 sq. ft.) give it a go near $2.2m for a month, but that listing quit suddenly. 

2808 Elm
But seeing the market warming up, 2808 Elm (5br/4ba, 3225 sq. ft.) tried again, after unsuccessful runs in 2010 and 2011. This time, the sellers scored. (See "What a Difference a Year Makes.")

The sale at 2808 Elm has just closed, and it points to an upward market, doesn't it?

Last year, they couldn't get a nibble with the price as low as $1.979m. This year, they came out $220k higher and closed at $2.150m.

Worth noting: 2808 Elm was purchased new at the local market's peak for $2.415m in Nov. 2006. So the post-bubble, kinda-recovery-era price was -$265k/-11% from the peak. We've seen several resales of bubble-era properties come back at 15-20% off, so that's a notable improvement, despite the losses for these sellers.

Then there's an off-market sale of a very similar house.

2101 Walnut
2101 Walnut (5br/4ba, 3500 sq. ft.) has much the same unique layout as 2808 Elm and was built at the same time by the same builder. It's got a bonus, small basement room that adds to the square footage. It was customized and expanded a bit after being prepurchased during construction.

Walnut's in a markedly better location than 2808 Elm and boasts a sunny, west-facing yard that is practically parklike when compared to anything else on a 4480 sq. ft. lot in the Trees. The sunken garage enables a large main living level and prevented the home from pushing back too far on the lot, preserving a truly great yard.

A location plus is the home's position at the crest of a little hill, with the street dropping down to the north. Rooms on the home's north side get sweeping treetop and sky views. Sweet.

2101 Walnut sold off-market for $2.225m earlier this month after a few months of being marketed quietly, but generating strong interest from those who knew about it.

Like 2808 Elm, this one was purchased in a peak year and suffered some loss in value. The 2006 acquisition was for $2.460m, putting this resale at -$235k/-10%. Like at 2808 Elm, the magnitude of that loss in value is notably less than we've seen on plenty of other resales from the 2006-2007 era in recent years.

On the market today, you'll find just one Cape Cod style home in the Trees, though it's not of the newer era like the 2 properties mentioned above. 2409 Elm (4br/3ba, 3150 sq. ft.) is a late-90s build that has been refashioned some with a beachy, Cape Cod-type of style. It's at $1.799m.

Clearly there's an appetite out there for more of these beachy Cape Cods, and the market has notably improved for them.

So where's the supply?

Please see our blog disclaimer.

Latest Listings Among
Manhattan Beach Homes For Sale