lot values

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It takes a rare combination of factors to see a dated property lot sale in Manhattan Beach come up asking $29 million.

That combination of factors is at play now, however, at 1000 The Strand, home to a one-and-a-half-sized Strand lot (nearly 5000 sqft. of dirt).

Among the factors:

  • Low inventory.
  • Even more limited Strand inventory.
  • Ceiling-busting recent sales.
  • Demographic trends bringing vast amounts of funny new money into town.
  • A certain je ne sais quoi or "x-factor" in the market that has people – including longtime pros – more and more often throwing up their hands as if to say, "heaven only knows what this is really worth."

Here at MBC, we've stopped publishing our series of "shocker" posts because new closed-sale prices…

This is a story that's only really a "bookend" to the story of one spec project.

That would be 750 30th St. (5br/7ba, 5070 sqft.), a new "beach plantation" style home that has just closed for $4.500M.

The sale itself is notable, for sure. 

It's only the fourth-ever sale to close in the Tree Section over $4M that wasn't near American Martyrs church. (Click for more on the Martyrs area and active listings there.)

One of those past $4M+ sales was of a double-lot "compound" (3305 Pine) that sold back in 2012.

The other two more "conventional" home sales over $4M came within just the last year:

  • 769 33rd (6br/5ba, 4900 sqft., 7400 sqft. lot), a big, luxe custom Spanish on an oversized lot, sold for $4.100M off-market in July last year;

It seems there are some sellers in this real estate market who can really only be called "sellers" if they get a big number.

There's been no lack of exposure for the Hill Section corner-lot home for sale at 1007 Pacific, for instance.

The listing for this 5br/5ba home on a nearly 9400 sqft. corner view lot dates back to last October.

Hey hey! A sprawling Hill Section lot with views, and close to downtown Manhattan Beach, to boot. Come and get it, right?

The start at $6.600M was high, though, and the current $6.200M list seems not to be resonating with the market, either.

Is anyone stressed out about it?

It would appear not, even at 220+ DOM.

Either the market will come to them, or the sellers will just enjoy the home.

Down in the Sand Section, with…

When all is said and done at 217 27th, and we mean way down the road, you can expect to see a new landmark for midtown Manhattan Beach.

Looming over Bruce's Beach park, the current, obsolete structure gets pretty terrific views.

The next structure is sure to be designed to rock it.

We realize that this little 400-pixel image of the views (or a smaller image, on your phone) isn't able to convey much. But trust us.

If you know Manhattan Beach, if you know ocean views, if you know Bruce's Beach Park and its expansive, wide-open ocean views, and if you know the value of all these things combined, it's rather easy to see why elite money – big dollars – would chase this particular plot.

The potential for a new home with unobstructable views is unlimited.