More Sales Over $10M Than Under $1M in 2017

By Dave Fratello | January 23rd, 2018

The median home price for the United States of America is about $230K.

In California, it's twice that. The median price is $461K.

And then there's Manhattan Beach. Our median home price is 10x the national: $2,354,500. (See "Manhattan Beach Median Price Soars 13% in '17.")

So it's no surprise, perhaps, that there were more mega-dollar sales last year than there were sales under $1M.

To be precise: there were just 5 sales under $1M, but 7 sales over $10M.

We've noted a few in a post on the highest/lowest sales of 2017. Here's a complete list.

Sales Under $1M (5)

1117 Pacific Avenue 7 Manhattan Beach CABet you didn't know you could get into the Hill Section for less than $1 million.

But oh yes, it's possible. One such sale was 1117 Pacific Unit 7 (2br/2ba, 880 sqft.). It listed for $759K but got bid up by 8% to sell for $819K.

That was actually the only sale of 2017 under $1M west of Sepulveda.

Otherwise, it was 2br and 3br condos east of the Highway:

 1501 Artesia Blvd. #1 (2br/3ba, 1200 sqft.), a 1970s original with light upgrades was the least-pricey sale of the year 2017 at $768K.

Another 1970s 2br TH closer to the center of town at 1320 12th St. Unit F (2br/2ba, 1250 sqft.) sold for $785K.

At 1140 MB Blvd. Unit F (2br/3ba, 1200 sqft.), an updated 1970s unit sold for $820K, just $5K off the asking price.

Finally, at 1155 11th #9 (3br/3ba, 1550 sqft.), they got $880K.

Bonus: Right at exactly $1,000,000, a TH at 1420 12th #1 sold; that was $75K under asking.

Sales Over $10M (7)

Notice how we made you wait to see the big sales?

The least pricey of the $10M-and-over sales was in East Manhattan Beach, representing the combined properties of 1155 and 1165 Ronda. (Confusingly, both properties show up separately as $10.885M sales, but it's one.) For more, see "Double Huge East MB Lots Close."

The rest of the $10M+ sales were in the expected places: on The Strand and in the Hill Section.

3420 The Strand Manhattan Beach CA3420 The Strand (5br/6ba, 5500 sqft.) is one of those Strand sales, a custom 2003-built corner-lot Cape Cod.

It came in at $15.400M. (See "Strand Corner Beauty Nets $15.4M.")

There were two major fixer/lot sales along the Strand also:

1912 The Strand at $11.300M

2400 The Strand at $11.900M

Meantime, a newly build home in the South End at 104 The Strand (5br/8ba, 6125 sqft.) closed for a monster $18.400M.

814 Pacific Avenue Manhattan Beach CA

All that's left after those five $10M sales is a couple at $20M.

Exactly at $20M: 814 Pacific Ave. (6br/6ba, 10,000 sqft.) in the Hill Section.

It's effectively a triple-lot house with expansive grounds and a fun guest house built with a "secret" underground den/wine bar.

And then, there's the biggest sale of the year, prime dirt near town.

1000 The Strand is a corner lot of almost 5000 sqft. near the pier.

The closed sale of $21.000M is really going to be just the beginning for the buyer, as the old multi-family unit on site is not, er, a gorgeous $20M prize.

Other Big Numbers from 2017

There were also:

3 MLS-reported sales over $9M in 2017

4 sales from $7M-$8M

8 sales from $6M-$7M

11 sales from $5M-$6M

... and so on... to one more fact we've mentioned before:

• More than half of all 2017 sales (232) closed between $2.000M-$5.000M

 

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