lot values

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

Quick 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.

West of the highway, 500 Pacific offers an 11,400 sqft. corner lot in the Hill

Who doesn't love a battle of the titans?

The two priciest properties in Manhattan Beach now are both listed over $28 million. And both are (meant to be) priced at land value.

One, 1000 The Strand, is about a 5000 sqft. corner lot right near the pier. In its 5th month on market, the list price remains the same as on Day 1: $28.900M. (See "$29M? Can We Talk?")

For all this time, 1000 The Strand has occupied the field alone. If you want a prime, oversized waterfront lot, this has been your only choice.

Enter the challenger.

2722 The Strand is a true double lot.

Measuring in at 6925 sqft., it's actually a trifle more than the size of two 3300 sqft. Strand lots.

The mid-town location is just past Bruce's Beach Park.

Start price: $28.500M.

Oh, you can…

There's more data coming in on Sand Section lot values.

South of the pier, two neighboring lots were offered for a time together – one big $10 million plot of 5400 sqft. total.

It didn't work, so the lots wound up being sold separately.

The newest closing is at 229 4th St.

Asking $5.000M for a while, it's now a done deal at $4.800M.

It was just back in mid-August that the neighbor sold.

235 4th closed for $3.850M.

Both sales say a lot about dirt values... One at $1,425/PSF for the land alone, and one at $1,777/PSF for dirt.

Way back in May this year, while both lots were on the public market seeking buyers, MBC posed the question:

Is it worth $1M more to be one door west off of Highland?

And the answer turns out to be, basically, yes. Or at…

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