Half Lot Home South of Pier Nets $4.250M

By Dave Fratello | May 26th, 2016

South of the Manhattan Beach pier, there's a special appeal to Sand Section homes that seems to propel values up.

617 Manhattan Avenue Manhattan Beach CAOne of the latest, and most interesting sales, is 617 Manhattan Ave. (3br/3ba, 1970 sqft.).

It's a 1980s Spanish that could use a round of updates. Big time.

When it launched at $4.900M, you may have assumed that was a full-lot house (2700 sqft.), but no. Per the MLS, the walkstreet-fronting home is situated on a 1344 sqft. plot of land.

Manhattan Ave., which tends to be busier than Highland Ave. south of the pier, runs along a side of the home.

The listing ran a month with no price cuts, but it turns out that the serious buyer who knocked did take a big discount.

The closed sale now: $4.250M. That's 13% under the asking price (-$650K).

And yet, that's still more than $4M for a major fixer on a half lot. Our info is that there will be a major gut-and-remodel starting more than a year down the road.

Look north in town, and what do you find?

2807 Manhattan Avenue Manhattan Beach CARight along the same street, on what is arguably a quieter stretch of it, 2807 Manhattan Ave. is in escrow with a list price of $3.999M. The 1970s triplex is not the main appeal or driver of value: it's the full-sized, 2700 sqft. lot (albeit with a different shape, 60' x 45' instead of the typical 30' x 90').

That's a full lot for less than the half lot just sold for south of the pier. (Disclosure: Dave has clients who have shown interest in the property.)

233 7th Street Manhattan Beach CASince we're talking about Spanish-style homes built in the 1980s south of the pier, did you notice that we're listing 233 7th St.?

That's a full lot and a large home (4br/4ba, 3885 sqft.) on a walkstreet that boasts the same kind of downtown-accessible location that drew so much interest (and money) to 617 Manhattan Ave. Literally, 233 7th is on the same walkstreet, just a half block up.

The list price of $4.850M for 233 7th is 14% higher than the sale down the street at 617 Manhattan, but both the home size and lot size are 100% larger.

If you're looking in the Sand Section, this one deserves to be on your radar for sure.

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