lot values

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Take a half lot in sight of downtown and featuring plenty of traffic... what's that worth?

In the case of 209 15th, the answer is $2.401M.

That's a $102K overbid over the list price of $2.299M.

We went looking for comps. Uh-oh, the market seems to have found a way to carve out a new category-specific high with this sale. 

Half lot, west of Highland: $2.4M.

The smallish, 2-story house here (3br/2ba, 1275) is dated and you have to say the bulk of the value is in the land, all 1345 sqft. of that plot.

We can't find a like sale that's even close. $1.7? $1.9? $2.1? Nothing.

There is one very big number from last year that arguably beats the sale at 209 15th: 2401 Manhattan Ave. has a walkstreet frontage and the feel of a 100-block house, albeit with one

You knew when they put up 719 19th for sale that there would be great interest.

It's a corner lot in a prime area that's oversized by perhaps one-third over the norm for the area at 6425 sqft.

There's a lot you can do with that. But the start price was prohibitive for many: $2.400M.

Prohibitive for many, perhaps, but not so much to block out all interest...

Multiple offers streamed in, and here we have the closed sale now: $2.775M.

That's a chunk of change for dirt.

Dave recently sold a remodeled home nearby just over on Agnes, about 1900 sqft., for $2.700M off-market.

Here, we see someone paying more before breaking ground.

In a different area near the American Martyrs church, there was recently a sale at effectively $3M for land.

That was at 608

The received wisdom is: It's good to be the third agent.

The idea is that if there's a problem listing, a seller's resistance will be weakened and they might finally be ready for some cold advice by the time the third agent comes in to list the property.

At 501 Manhattan Ave., the least that can be said is that the third agent has benefited by having the seller make the biggest price cut on the property in 2015.

The property was first listed in November 2014 for a total of 11 days, asking $7.000M.

That wasn't going to happen. The smallish, original duplex is fine but the land value wasn't $7M, and the rental calculations certainly didn't pencil out at that number.

A new agent launched a new listing in 2015, $1M lighter at $5.999M and at a more optimal

At today's prices, you see sellers asking - and buyers paying – as much, or more, for little lots than you would expect to see for an actual livable house.

Look at just a few half lots on the market recently:

209 15th just made a deal with a list price of $2.299M.

The smallish, 2-story house is dated and you have to say the bulk of the value is in the land, all 1345 sqft. of that plot. Despite a busy intersection nearby, they've pulled in a deal fast.

We noted last week that the back unit, the companion half lot to 209 15th, known as 210 15th Place, is pushing for a ton more, listing for $2.889M.

317 11th is new to market, a half lot right on the periphery of downtown Manhattan Beach.

The 1350 sqft. lot sports a small, 2br. house with very decent…