lot values

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It's like yesterday... just 2 weeks ago.

512 Pacific Avenue Manhattan Beach CAThe Hill Section lot sale at 512 Pacific came to market determined not to waste one minute. And there was no time wasted.

The starting price for this 11,400 sqft. plot was $4.599M, a "come hither" price if there ever was one. (In our blog post, we called the number "a clarion call that echoed across the Manhattan Beach landscape.")

Multiple offers came immediately, the price shot up, and the sale has now closed. My, that was all quick.

Closed price: $5.500M on Tuesday.

Now, what does that say about the neighbor, 500 Pacific, now in its 5th month on the market, priced 14% higher today at $6.280M?

[UPDATE: 500 Pacific closed in March for $5.700M.]

As we said in that prior post, "the lots are the same. Both…

Neighbor fights can become nasty. The sale of a couple plots of land needs not get too rough, though.

Two next-door neighbors in Manhattan Beach's Hill Section were on the market side-by-side for a time there, with a victor now emerging.

500 Pacific Avenue Manhattan Beach CAOne took the approach of overpricing and trying to make the market come to them.

That was 500 Pacific. It's a big Hill Section corner lot (11,400 sqft.) with views over wide 5th St. and over homes to the southwest.

From the top rear corner of this lot, a new home should have views of greenbelt treetops, Sand Section rooftops, the Palos Verdes Peninsula and a goodly line of blue from the Pacific.

What a commodity! A big parcel of scarce land in a prestige location with views!

In October, they listed at $6.825M. It was

We'll now finish up our look back at Manhattan Beach real estate's top sales from 2015. Here are the highest sale prices east of Sepulveda last year.

How big of a story is East Manhattan? Last year, 39% of all residential sales in MB occurred on the "other side" of the highway – including 3 lot sales over $3M.

Highest Sale of 2015

1158 Longfellow Drive Manhattan Beach CA1158 Longfellow is a 26K sqft. lot (more than a half acre) tucked away on the southeastern side of the hill where, once upon a time, the founders of Manhattan Beach built their homes.

Closed Price: $4.000M in June 2015.

Two other lot sales in East MB at 1155 Longfellow (21K sqft., $3.550M) and 1156 6th (15K sqft., $3.300M) were also among the top-dollar sales for all of East Manhattan last year.

Watch for the Longfellow…

Plus-size lots are continuing to come to market demanding big dollars.

1156 6th Street Manhattan Beach CAQuick to make a deal recently is the oversized East MB lot at 1156 6th, along the corner with lightly trafficked Johnson St.

This one is listed as 15,311 sqft., a minor (but perhaps significant) 311 sqft. larger than a typically "permissible" double lot. What that might mean is that the buyer will either have to split the property into two lots (as is envisioned in this image from the listing) or somehow shed 311 sqft. in order to build on one double-size patch of land. Depends on the city's take.

So, one big home, or two? The double-plus-sized lot was listed at $3.500M. We'll see where that ends up.

500 Pacific Avenue Manhattan Beach CAWest of the highway, 500 Pacific offers an 11,400 sqft. corner lot in the Hill