Middle-3s for East MB New Construx

By Dave Fratello | May 12th, 2021

Two quick new deals in East Manhattan might begin to redefine what's possible for pricing on new and newer homes.

Though East MB is famed for its larger lots (especially in the Mira Costa district), there are also plenty of properties with lot sizes closer to 5,000 sqft.

On that size lot, east or west in Manhattan Beach, you can build around 3500 sqft.

We'll focus on new & newer homes on the East side with these "lesser" (although typical) lot sizes to see where there might be a trend.

1210 Shelley Street Manhattan Beach CA1210 Shelley (5br/6ba, 3580 sqft.) is an example.

It's a straightforward "coastal style" home with a nice great room setup in back, showing with a separate dining room up at the front of the house. Upstairs, a sizable "kids' living room" area makes for a comfortable additional space.

With its ~5300 sqft. lot, there's not much yard, "just enough," like you commonly find in the Tree Section.

The home is well-conceived and well-executed with popular styles and materials of today. However, on this short block of only 30 homes, 1210 Shelley seems to be just the third lot rebuilt new to replace one of the original early-1950s or late-1960s houses. (The others are a 2002 and a 2005 build.)

This listing came out late last week at $3.450M and had an accepted offer by Day 4.

1317 Curtis Avenue Manhattan Beach CA1317 Curtis (5br/6ba, 3500 sqft.) is similarly a bold bet.

While effectively new construction, this home on a short block near Pennekamp Elementary is technically a major remodel with addition.

Either way, it's a high-concept, arresting modern design, wrapping around a pool in the backyard. Lot size is just ~5150 sqft., typical for the area.

Emerging in mid-April asking $3.495M, the listing had an accepted offer on Day 2.

So that's two recent, fast new deals with list prices in the $3.4s. What's the precedent?

At lot sizes the same as 1210 Shelley's, or smaller, there's nothing over $3M.

We found these sales:

1162 Chestnut Avenue Manhattan Beach CA1162 Chestnut (4br/5ba, 3400 sqft., ~4900 sqft. lot) at $2.880M. This was new construction dated 2020 and sold in Aug. 2020.

The two highest sales among newer homes on the east side with comparable lot sizes are:

1631 19th (5br/4ba, 3563 sqft.) at $2.999M. This is a 2015 build on a ~4980 sqft. lot.

The sale was also in Aug. 2020.

2113 Chestnut Avenue Manhattan Beach CA2113 Chestnut (5br/6ba, 3564 sqft.) at $2.975M (Dave's listing).

This 2016 build has a ~5000 sqft. lot. Sale closed in Dec. 2020.

Looking back to 2018, we found 8 more somewhat comparable homes, built in the 2000s (half in the teens), on lots of 4900-5200 sqft., with sale prices ranging from $2.400M (!) to $2.800M.

Only by expanding our search to include slightly larger lot sizes (5300-6000 sqft.) did we find sales over $3M.

You can see:

1900 Lynngrove Drive Manhattan Beach CA1900 Lynngrove (5br/6ba, 3525 sqft.) at $3.320M (May 2021). (Dave's listing)

This 2019-built, like-new home boasts a much larger lot at ~5800 sqft., on a favorable corner. The large, sunny backyard here eliminates the chief concern we hear from buyers on the ~5000 sqft. lots about those homes having small patios/semi-yards.

This home is the current high sale for East MB for a home size <3600 sqft. and lot size <6000 sqft.

1712 N. Meadows (5br/5ba, 3531 sqft.) at $3.300M (Dec. 2020). (Dave represented the buyer)

This is new construction on a corner lot, also. Here the lot size is 5600 sqft., or about 6-8% larger than the two most recent new escrows on Shelley and Curtis.

Before 1900 Lynngrove sold, this one was briefly the high sale for East MB for a home size <3600 sqft. and lot size <6000 sqft. 

1400 Lynngrove (5br/6ba, 3600 sqft.) at $3.000M (June 2020).

This new construction home (2020 build) is on a middle-block lot with a more typical Liberty Village lot size of ~5400 sqft.

Overall, there's rising-price trend all around Manhattan Beach, and homes on these standard-sized lots in East Manhattan are getting the benefit of that.

It's happening fast.

And watch the market: More new and newer comparable homes are coming soon, and they'll likely price based on the best mid-3's numbers that others have been getting.

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