Hill Land Keeps Selling

By Dave Fratello | May 26th, 2017

Maybe you shouldn't act surprised, but still.

Land values and land acquisitions in the Hill Section are really making news.

919 1st Street Manhattan Beach CANow it's neighboring lots at 923 1st and, as of Thursday, 919 1st. Both are big lots near the crest of the hill with south and western views.

Each has a history on the market, but, as we noted only recently, 919 1st (asking $5.499M) is the one that seemed to put the most effort into trying to sell: in 2007, 2009 and 2014. The price was always $4.500M, regardless of the year. But, failing to get that, the home continued to serve as a rental.

Once the giant neighbor went up at $5.999M and got immediate offers, they say the chance to cash in at 919 1st. And they did.

So both are in escrow with $5+ numbers attached.

These recent deals simply continue a trend.

A non-comprehensive quick look at recent sales finds neighboring at 500 Pacific ($5.700M) and 512 Pacific ($5.500M), each massive 11,400 sqft. plots, both flat and under development now (one has a basement well under way). (See our post, "See How They've Shaved the Hill Section.")

There were a couple more Hill Section lots sold last year at 817 Pacific ($4.400M) and 1000 Pacific ($3.138M)

407 N. Poinsettia sold and resold, for $3.495M in March 2016 and for $3.800M five weeks ago.

Surprised? No. 

You know why people want big lots and views in the Hill Section?

It's the prime of the prime. 

Spacious plots & homes. Quiet. Private. Prestigious. 

Add an ocean view to that mix, and you've really got something.

So, yes, the beach and the Strand, and the Sand Section generally, are defining areas for Manhattan Beach. Prime properties by the water - especially new construction - are driving a big chunk of the luxury market.

But dirt up on our hill is taking off, almost a bit late it seems.

The remaking of our town into a top-tier luxury market continues.

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