Make That Two Hill Section Lots?

By Dave Fratello | November 23rd, 2021

A large ocean-view lot in the Hill Section... that's something of an elite dream at this point in Manhattan Beach.

They trade rarely, sometimes under the radar. Values seem to climb as if there's no ceiling.

113 S Dianthus Street Manhattan Beach CAThere's one lot new to market now, at 113 S. Dianthus. The spot is just about 2 1/2 blocks north of the Hermosa border, relatively high on the hill.

There is an existing 3br/1ba house on the lot, built in the 1950s, but you would not be paying the asking price of $5.600M for a little cottage.

But for a 50' x 125' lot with views and view potential, you might.

Moreover, as is discussed within the listing, you could buy this lot and "it can be paired with the lot next door," making possible a 12,500 sqft. lot. (At, presumably, roughly twice the price, or more than $11M for dirt.)

And before you say no no no, that's finally too much, it's time to chill out with these prices in the Hill Section, what's that other news?

For a couple years now, there's been massive new luxury development going on at the corner of 1st St. and Dianthus. The 9370 sqft. corner lot there was acquired in June 2018 for $6.362M.

You've seen the sign, you've seen the work, you knew it was going to be a massive house, and there was talk of an informal $25M asking price.

Now the buzz is that the new build is under contract around $23M.

If that pans out, it will become one of the priciest sales in Manhattan Beach, Strand included.

It would be higher than any public market sale. The top three from the MLS are now:

508 The Strand Manhattan Beach CA508 The Strand (5br/6ba, 4325 sqft.): $19.200M (Oct. 2021)

814 Pacific (6br/6ba, 10,000 sqft. on a triple lot in the Hill Section): $20.000M (Aug. 2017)

1000 The Strand (~5000 sqft. lot near the pier w/ triplex): $21.000M (May 2017)

So if someone can get $23M for a large new home on a ~7000 sqft. lot, paying up to $11-12M for a larger plot as a starting point doesn't look crazy, does it?

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Hunting in the Hill Section? Check in with Dave for some upcoming opportunities. Email to: dave@edge-rea.com

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