How 'Bout $2,200/PSF?

By Dave Fratello | May 27th, 2015

3300 Ocean Drive Manhattan Beach CABack in February, with the ambitious launch of 3300 Ocean Drive at $4.350M, we offered two quick points:

(1) [I]t would really be something to see a nearly $2,200/PSF sale come to fruition; and

(2) Tip: Don't bet against it.

It turns out, to get a deal done on this impressively remodeled and even-more-impressively located TH, they had to chop $350K off the top.

But there can't have been any tears over that chop.

A sale price of $4.000M on a 3bd/2ba, 1850 sqft. townhome boils down to $2,162/PSF, which is up there in the stratosphere.

1904 Ocean Drive Manhattan Beach CAThe highest PPSF we've seen recently on a non-Strand home – exempting lot sales, with their crazy PPSFs on tiny, old 'dozer-bait houses – was also on Ocean Ave., specifically 1904 Ocean Ave.

That's a 2br/2ba, 1800 sqft. modern SFR sporting a 2011 build date. Many things different there than on a redone TH further north.

With a sale price of $3.250M (off-market), the PPSF came in at $1,806/PSF, or 16% lower.

As a general comparison, for Manhattan Beach Sand Section townhomes and SFRs just a little further from The Strand, you'd commonly see PPSFs in the range of $1,100-$1,300/PSF, with some just above or below that.

We took a look back at the very impressive recent sale of the remodeled townhome at 2305 Bayview (3br/4ba, 2570 sqft.), which sold for $3.399M in Jan. 2015.

The PPSF there? A meager $1,323/PSF. (For more on the $1M markup there over 30 months, see "Make $1,000/Day At Home.")

3300 Ocean is a 1992 original TH, but with a recent (2011) total redesign that gave it very much a modern flavor, and amped up the property's considerable views with nearly floor-to-ceiling windows and accordion doors opening to the deck.

Views were all the more impressive, given that Strand homes in front of this property for almost as far as you can see in either direction are 2-story homes, giving you a complete blue panorama. (The lots slope down toward the beach, so a 3rd floor is typically available at the front of those Strand homes, but the height in back is what you'd care about at 3300 Ocean.)

Without straining too much, you can see the MB pier (yes, from 33rd St.!) and even a glimpse of the Hermosa pier.

Nearly $2,200/PSF again raises the bar here in 2015, with 7 full months to go in the year for a challenger to emerge.

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UPDATE: For about the same money, you can get a lot. That is, a plot of land. They've just closed the sale at the "prime" Sand Section lot we discussed last week: 217 27th closed for $4.100M. (See: "Prime Sand Section Lot Sells" from last Tuesday.)

That's no runaway from the $3.995M start price, but it's a quick, cash close on dirt – just a starting point.

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