More Space, More Yard, More Money

By Dave Fratello | June 28th, 2019

So, you want to live in a beach community, but also have a big yard and space to run around.

Yeah, right!

May we direct you to East Manhattan Beach, please?

You'll find 7500 sqft. lots, meaning you can get a big house and a yard big enough for a pool.

Oh, not enough? You want to host a soccer game or something?

Mainly we're still going to be looking in East Manhattan, maybe in the ultra-pricey, Beverly-Hills-by-the-sea neighborhood down Longfellow and along Terraza. Big lots there.

You say you're open to that, but it just never clicks. Whaddaya gonna do?

Maybe wait till a double-lot opportunity presents itself in the Tree Section?

Seems unlikely... until it happens.

2104 Palm Avenue Manhattan Beach CAIn March this year, 2104 Palm came to market.

It's got an oversized, 2006-built Mediterranean (5br/6ba, 4500 sqft.) with high-style modern upgrades.

It's got a superb location. There aren't many better streets in the Trees.

And then it's got the lot next door, formerly 2100 Palm, currently a flat sports park with artificial turf.

Asking price: $7.499M.

(This 2-lot property had been floated off-market in prior years at around the same price.)

Now it's sold: $7.000M.

You can try to do the math on the remodeled home + lot value next door, but you probably won't quite get to $7.0M. There's a premium for the street, for sure, then there's a premium for the opportunity, which is simply rare.

Way-back-when, just 5 years ago, the owners of 2104 Palm saw the neighboring lot come to market with an old cottage on it, asking $1.695M.

There's a rule of thumb in situations like that: If the neighbor's interested, they're always willing to pay more. (This rule hits extremes in the Sand Section, where views are at stake.)

Yes, the owners saw their chance and bid it way up: $1.995M.

They just got all of that back and more.

3305 Pine Avenue Manhattan Beach CAFor the same $7M, there's still the option of the double-lot compound (two houses plus pool) at 3305 Pine.

And if you just wanted the big yard, maybe the steal on the market in the Trees would have been 3311 Elm, which owes its 8750 sqft. lot to an unusual spot squished in among several homes on a slope.

But it's in escrow now, last at $4.750M.

Still looking for that elusive plus-sized offering, without a 7 in front?

Be patient.

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