Want to make $1M on a quick deal?
Who wouldn't?
Unless there's some catch.
Worry not. Your eternal soul is safe. All you need to do is buy a Manhattan Beach short sale and hang on for a short time, while the market rockets skyward.
And that's roughly the plan at 316 45th.
This ocean-view TH in…
Want to make $1M on a quick deal?
Who wouldn't?
Unless there's some catch.
Worry not. Your eternal soul is safe. All you need to do is buy a Manhattan Beach short sale and hang on for a short time, while the market rockets skyward.
And that's roughly the plan at 316 45th.
This ocean-view TH in furthest-north El Porto was picked up a relative moment ago, in Nov. 2012, for $1.537M.
Notice the 1.5 in front.
Now?
How about $2.635M?
That's the current request. 2.6+. A bump of $1.1M.
This is a 3br/4ba TH with 2100+ sq. ft. inside, and lots of parking. (Necessary with this being El Porto.)
The views are freaking for real. As we said in a review in Sept. 2012:
There are few higher points in MB with more unobstructed panoramas than this TH on the furthest edge of town. The master gets very good views but the top floor... wow, oh wow. The whole of Santa Monica Bay.
It's really something to see. (They've got public opens Sat. & Sun. 1-4pm, so drop in, if you can find parking.)
The TH was developed in 2006 and sold in Feb. 2007 for $1.999m... at the end of the last bubble.
It has notable location liabilties to be balanced against those views. Like... the views, which also include Chevron tanks, power lines, Highland Ave. traffic and the gas station below.
So did this one just escalate in value 71% above the recent acquisition price? Or 32% more than the new-build price from 2007? Do we need to ask?
Look down Highland a bit to another newer TH with comparable space and very, very good views, and not in El Porto. That's 2904 Highland (3br/4ba, 2300 sq. ft.), lingering unusually long at 5 months and currently priced at $2.199M.
If Highland isn't going to hit 2.2, why would 45th exceed 2.5?
(Note: We don't think the answer is a 4th bedroom at 45th. Tax records and past MLS entries for 316 45th say 3br; the current MLS entry says 4br. We're saying 3br above.)
Even if the sellers are overreaching, you have to credit them for jumping on this late last year and pulling off a coup, of sorts. They grabbed this TH under market at a time when that was already very hard to do.
They won't make $1 million, but if they sell, they'll do great for a 1-year hold.
To reach $1M, they're going to have to repeat the feat. Maybe more than once.
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UPDATE: Sunday afternoon, they cut 10% ($260K) off the price at 316 45th, to $2.375M. That puts it 55% over acquisition instead of 71% over.
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Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 18th, 2024 at 8:45pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.