Martyrs' First $3M Lot

By Dave Fratello | July 24th, 2015

Prime lots in the Tree Section have been hitting $2M and a touch above.

It was only a matter of time before the American Martyrs area asserted itself (again) with an even higher high.

608 14th Street Manhattan Beach CANow the sale of 608 14th has done exactly that.

The dated, 4br, 3000-ish sqft. house is fine, but it's the 5800 sqft. plot of land that's got the real value here.

Specifically, the market said: $2.950M. The sale closed this week.

Call it the American Martyrs neighborhood's first $3-million-dollar lot.

As the listing launched 5 weeks ago in June, they weren't necessarily pushing the ceiling too high. The asking price was $2.7M.

But competition and must-have properties means new, ever-higher prices must be paid.

We can't really find anything like 608 14th in very recent comps.

The biggest prior lot sale that we see was $2.500M for 524 15th (a 6500 sqft. lot), which was sold to a developer. The completed project then sold last year as a newly built home in Nov. 2014 at $5.700M.

What seems to be the immediate high prior to that was 635 18th (6200 sqft. lot), which sold in 2012 for $2.400M and is a construction site now. 

Specifically on 14th St., site of the latest sale, there were two notable off-market sales more recently than either of those lot sales above. Both sales on 14th were for less money:

527 14th (5600 sqft. lot) sold in Aug. 2013 for $1.840M; that was $1.110M less, just 2 years ago. It's now a construction site.

535 14th (5600 sqft. lot) sold in Dec. 2014 for $2.175M. The nice little cottage on site may be endangered some day.

All of this is just to say that 608 14th has carved out a new high – not that anyone should really be surprised.

It took the right lot at the right moment.

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