Hill Section Lot Came Closer to $3M

By Dave Fratello | February 11th, 2015

864 5th Street Manhattan Beach CABack a bit before Christmas, we tried to calm MBC readers who were thinking that the the ocean-view lot at 864 5th in the Hill Section might be selling for less than $2M. Such a deal?

In "No, That's Not a Lot Under $2M," we pointed out that the active listing price of $1.949M had already been exceeded in a first-round bidding war.

The price had settled around $2.6M, but that was pending an all-important "court confirmation" with a potential for overbids in court.

That court hearing happened Jan. 23, and overbidding happened there.

864 5th Street Manhattan Beach CAThe closed sale has now posted: $2.900M. That's for a 5700 sq. ft. lot that gets some views from front and back (that photo's from the back deck of the current structure).

Next stop: New construction. And do you even want to guess what that might be worth?

We thought this a good occasion to look at a selection of land sales in the Hill Section over the past couple of years.

We'll start all the way back in Summer 2013 – let's call it 18 months ago. A blink of an eye in actual time, but a long time ago in the local real estate market.

Here's a summary of the Hill Section lots sold since then (most, not all):

1026 Pacific Avenue Manhattan Beach CA1026 Pacific (6000 sq. ft. lot) is at the corner of 11th/Pacific, in sight of busy MB Blvd. The listing touted "potential ocean views" but those would seem to be pretty limited to a sliver down 11th St. The old structure's still there, stripped. Sold for $1.680M in June 2013. Land value: $280/PSF for the land.

200 John (5000 sq. ft. lot) is at the corner of 2nd/John, right where the hill begins to rise. Dave's clients got it for $1.800M in July 2013. New home plans are just about finalized. Views are mainly rooftops with a nice slice of ocean. Land value: $361/PSF for the land.

629 6th (7125 sq. ft. lot) gets nice views despite seeming like it is a bit lower on the hill. Ocean plus Sand Section rooftops. Sold for $2.700M in Sept. 2013. Land value: $379/PSF for the land.

828 Highview Manhattan Beach CA828 Highview (8960 sq. ft. lot) is a corner lot on a good street that will get some views just over the rooftops across the street. Power poles are a factor in the views.

They listed at $6.350M "firm" but took $5.400M in Aug. 2014. Land value: $603/PSF for the land.

825 N. Dianthus (5775 sq. ft. lot) is a corner lot that's the furthest east among those we're referencing in this post. Dianthus is fairly busy there and the lot slopes down from Dianthus, so new construction will be tricky.

Listed for $2.1M, obviously high, and sold for $1.710M in Sept. 2014. Land value: $296/PSF for the land.

524 11th (8750 sq. ft. lot) is an odd-shaped lot at the bottom of the hill (no views), very near downtown. It's got a 76' wide frontage on the flat part of 11th and goes back an average of 120 feet. (Property was listed on the MLS but with Internet distribution blocked.)

Sold for $2.950M in Nov. 2014. Land value: $337/PSF for the land.

822 5th (9175 sq. ft. lot) is in a pretty prime location just one home off of John and with some view potential, especially from the rear of a new home. The lot sold privately, off-market for $3.300M in Dec. 2014. Land value: $360/PSF for the land.

For the lot size and location, this one looks like a screaming deal. Compare it to 629 6th specifically.

922 Duncan Place (4200 sq. ft. lot) is on an alley street but gets some views out the back. Sold for $1.650M in Jan. 2015. Land value: $393/PSF for the land.

Now, 864 5th (5700 sq. ft. lot) comes in at $2.900M and $509/PSF for the land.

And for ease of reference, we'll wrap up with a recap all of those in simple bullets:

  • 1026 Pacific (6000 sq. ft. lot) – $1.680M, $280/PSF for land.
  • 200 John (5000 sq. ft. lot) – $1.800M, $361/PSF for land.
  • 629 6th (7125 sq. ft. lot) – $2.700M, $379/PSF for land.
  • 828 Highview (8960 sq. ft. lot) – $5.400M, $603/PSF for land.
  • 825 N. Dianthus (5775 sq. ft. lot) – $1.710M, $296/PSF for land.
  • 524 11th (8750 sq. ft. lot) – $2.950M, $337/PSF for land.
  • 822 5th (9175 sq. ft. lot) – $3.300M, $360/PSF for land.
  • 922 Duncan Place (4200 sq. ft. lot) – $1.650M, $393/PSF for land.
  • 864 5th (5700 sq. ft. lot) – $2.900M, $509/PSF for land.

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