We now see resolution to half of one of the more vexing valuation puzzles in Manhattan Beach real estate.
That comes with the closed sale at 124 17th (2br/1ba, 880 sq. ft.) for – ready? – $1.540M.
We've called this "a fresh and cozy little 1936 original with updates, including a very nice kitchen, and one…
We now see resolution to half of one of the more vexing valuation puzzles in Manhattan Beach real estate.
That comes with the closed sale at 124 17th (2br/1ba, 880 sq. ft.) for – ready? – $1.540M.
We've called this "a fresh and cozy little 1936 original with updates, including a very nice kitchen, and one good-size bedroom and another on the small side."
Who doesn't want to be near the beach, with a 100 block address, where the biggest problem may be that the sounds of crashing waves can be a might overly loud?
But there is a catch. And it's a major snag in trying to calculate the "proper" value here.
This home is on the frontmost half (actually 1500 sq. ft.) of what would be a 2700 sq. ft. lot. It's officially separate from the 1200 sq. ft. lot behind it, and therefore "landlocked," with no garage, parking or alley access, and no prospect of that any time soon. Lack of parking restricts development of the site.
The lot is also precluded, we're told, from being joined with the smaller lot on the alley thanks to a deed restriction. Hm. Call that a second snag.
So what is a "half" lot home worth if you can't do much with it? And what about that hassle of having no place to park or store your stuff? That's a pain whether it's your full-time residence, part-time beach house or vacation rental.
You could say it's worth a share of what the full lot value is – if you can figure that. It's somewhere deep into the 3's and approaching $4M. (Some of your reference points for inferring full lot value would include 112 18th, a remodeled 80s modern duplex that sold for $4.800M, 112 20th at $4.200M – now getting a big remodel – and 128 20th at $4.200M, a highly custom build we have imagined would get a massive re-do by the next owner.)
A new build on the full lot at 124 17th could command one of the highest prices ever on a lower walkstreet, somewhere in the 6's, but that's purely hypothetical due to the deed restriction and a separate height restriction affecting the back unit, 125 16th Place (now on the market at $1.700M, at 48 DOM). Yes, a third snag.
We'll confess, trying to establish a "proper" value for this one bent Dave into odd shapes. (We had clients interested.)
But it turns out, you don't have to run the numbers, figure out the hypotheticals or solve the problem of the various restrictions on development here.
What's 124 17th worth? It's worth what someone will pay.
Here, that was $1.540M. Case closed.
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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 December 9th, 2023 at 3:15am PST. 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.
