Low Sales of 2022: Tree Section

By Dave Fratello | January 20th, 2023

tree-section-drone-view

We continue our look through sales in Manhattan Beach in 2022.

We've looked at high and low sales in the Sand Section (see high and low), now we're turning our attention to the Trees.

Lowest sale first:

3217-north-valley-manhattan-beach

3217 N Valley Drive (3br/2ba, 1026 sqft.)

This SFR was just your typical, undersized, beaten-down 1950s house on one of the skinny lots along Valley.

They initially listed for $1.599M in February, thought better of it and adjusted the price quickly (5 days in) to $1.490M, then sold it with 8 DOM.

So it sold over asking, but under the start price, at $1.550M in March 2022.

(Listed by Michael Freeman of Compass.)

That's the very lowest sale in the Trees for the year.

The buyer did a quick renovation and has now leased out the property for $6K/mo. (see closed rental listing).

656 Rosecrans Avenue Manhattan Beach CA

656 Rosecrans Avenue (3br/2ba, 1432 sqft.)

Quite the opposite of the lower sale on Valley, this SFR (also on a busy street) was quite renovated, also a bit larger than the low sale.

Quite like the Valley sale, this one is a rental, currently offered for $7,200/mo.

Launched in July at $1.849M, the home experienced what the market had in store for just about everyone by then: A sale notably below asking.

Sold for $1.650M in October 2022.

(Listed by Jay Harkenrider of Riddle & Ross, Inc.)

3616 Elm Avenue Manhattan Beach CA

3616 Elm Avenue (3br/2ba, 1714 sqft.)

This remodel joins the list of low sales in the #3 position.

Once again, location is on a busy street (on the corner of Elm and Rosecrans).

This one had a real adventure in the market, first listed in July at $2.300M, quitting the market in early November at $1.899M, then ultimately coming back so low that it was almost guaranteed to draw overbids: $1.599M.

It did sell... a bit over. (See "'Come Hither' Pricing, Modest Overbids.")

Sold for $1.653M in December 2022.

(Listed by Daniel Jensen of Jensen Realty.)

2412 N Ardmore Avenue Manhattan Beach CA

2412 N  Ardmore Avenue (2br/1ba, 928 sqft.)

What's that? Another busy street?

This cute but largely original 1940s cottage is raised up above busy Ardmore, and currently may suffer more from the noise of new construction going up next door than from traffic nose.

Starting out at $1.849M, this one sold in less than 10 DOM for $100K less.

Sold for $1.748M in September 2022.

(Listed by Cindy Shearin of Strand Hill Christies International Real Estate.)

1216 Highview Avenue Manhattan Beach CA

1216 Highview (4br/2ba, 1854 sqft.)

This sale closed right at year-end, and was the last of five Tree Section homes to sell under $2M.

Location in this case is not bad at all! It's a 1960s house that's been a rental with a large 3334 sqft. lot. (Lots in the immediate area are either around 2100, 3000 or 3330 sqft.) This district of the South Marytrs Hill area has for 20+ years been re-zoned to allow 3-story new construction.

This sale was arranged entirely off-market, and had unique circumstances and features that contributed to what now appears to be a very low price for a property in the neighborhood. While the sale is posted on the MLS, it may not be representative of local values.

It sold for $1.950M in December 2022.

(Listed by Hugh Gehrke of Keller Williams Beverly Hills.)

For instance, in the same neighborhood in an ocean-view location, a same-sized lot at 1200 Fisher sold for $3.000M way back in 2017.

Nearby, in non-view locations, 1960s-era homes on smaller lots have sold in the lot-to-mid 2's, and in sight of 1216 Highview is 641 13th, now asking $2.599M.

 

1716 Pine Avenue Manhattan Beach CA

1716 Pine Avenue (2br/1ba, 803 sqft.)

We close out our look at "low" sales by pointing to an early-2022 high, of sorts.

This little 1940s house was advertised as land-value only, asking $1.799M.

Instead, it sold $300K over asking, in a market that was still frenzied. It appears to have been one of the highest-ever land sales in the general area of the Trees east of Poinsettia.

Sold for $2.100M in January 2022.

(Listed by Brent Chipeska of RE/MAX Estate Properties.)

It's not clear that land values will hold up quite that high.

In a late-December sale, a comparably sized lot in a superior location at 656 30th sold off-market to a developer for $1.903M. (We didn't reference this sale above because it was not posted on the MLS.)

Next up: High sales for the Trees in 2022.

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