Nearly $600/PSF for Dirt in the Trees

In case you're wondering how buyers are looking at the Martyrs area of the Tree Section these days, well, they're bullish.

So it seems from at least two recent land sales.

1901 Laurel offers a dreamy, oversized corner lot (6167 sqft.).

It's just a block from the American Martyrs school, and not far at all from the various prime attractions of this part of town: Pacific school, downtown Manhattan Beach and the greenbelt.

Buyers just paid $3.511M for the lot, a slight markup ($11K) over asking, with the intent to build new.

That is $569/PSF for land alone.

That's a little bit of a markup over the neighbor across the street.

1900 Laurel was on the market in May 2022.

It closed for $3.350M in June that year.

That was $546/PSF for land, then, for this 6134 sqft. lot. It's already got most of the structure of a new house on it now.

Now, while this is not the most relevant comparison, we did suddenly think of a double-lot land sale at the same price. 3201 Maple, featuring 9261 sqft. of land, sold in Summer 2021 for $3.350M – or $362/PSF for land. Location, location, location.

Much more on point by comparison would be the mega-lot sale at 818 18th in February this year.

That deep, single, 10,398 sqft. lot closed for $5.900M, or pretty much the same land/PSF price as 1901 Laurel – $567/PSF for dirt.

Location-wise, we've always called this stretch of 18th and the adjoining blocks of John and Palm "Martyrs adjacent," as it seems most people only view the neighborhood west of Pacific as "true" Martyrs. So that land price might mark a high for non-Martyrs sales.

Builders razed the dated old, odd Tudor on site at 818 18th quickly, and a new build is framed out already. Indeed, word is that the new home for the site was pre-sold.

Another Laurel lot sale also needs a mention.

That's 1808 Laurel, just about 6 doors down from 1901.

At 1808 Laurel, the lot is a much more conventional 4800 sqft. in size, and it's an interior lot, not a corner.

The sale price of $2.800M works out to $583/PSF for dirt, the highest among the properties we're referencing here.

So that's two big, recent sales on Laurel, each nearing $600/PSF for land.

Just as you get arguments among people on the various walkstreets ("9th is the best!" "No, 7th!" "Hey, don't sleep on 4th!") or some of the Grand View-adjacent Tree Section blocks ("31st is tops!" "No, 26th!" "33rd!"), within Martyrs, you may have friendly disputes over the "best" of the Martyrs streets.

Among north/south streets, the competition is really just between Laurel and Agnes, and it often seems that Agnes wins that fight every time. (Take a moment to imagine a physical fight between two ladies named Laurel and Agnes, we'll wait.)

The last two sales heavy in land value on Agnes provide a mixed bag, for comparison's sake.

Early in 2022, while the market was rollicking and cheap money abundant, 1906 Laurel sold for $3.625M.

There was a distinctive 1970s building on site at the time, and the trade looked like a potential land sale.

However, the owners have kept the 70s contemporary, for now, along with their prime 4778 sqft. lot.

Another dated house on Agnes traded in January this year.

2205 Agnes (3br/2ba, 1908 sqft.) had the feel of grandma's house, sprawling across an extra-deep 5939 sqft. lot.

That one began at $3.450M, but closed a great deal lower at $2.900M.

The only thing we're sure of is that Laurel has the highest of the most recent land sales.

But give Agnes a minute. She'll warm up.