New 100-Block Heights: $6M+

By Dave Fratello | April 9th, 2013

It's been a long time since $5.6M for a 100-block house by the beach seemed like a peak never to be reached again.

The new peak is more like $6.6M, a million-dollar difference in just 5 years. And most of those 5 years weren't "good" years for Manhattan Beach real estate.

That first peak was marked out in March 2008 at 200 19th St. (5br/5ba, 4200 sq. ft.) a spectacular new Cape Cod on one of the great "teen streets" near downtown. (We call it a "100-block" house because it would be 136 19th if the city didn't re-order the addresses to the 200s starting there; with no Manhattan Ave. cutting through the teen streets, a lower 200 is as good as a 100.)

200 19th sold new for $5.6M, and then the world collapsed. (If you'll allow us some dramatic license.)

Somewhat recently, we started to see sales get into that territory again.

You saw new 121 9th sell pre-completion in December 2010 for $5.6m, according to tax records. (We have reported that sale on MBC at $6.2m based on developers' info regarding the value of some additional work/upgrades taken on by the buyer. [See "New High-Water Mark Near Downtown."])

Next it was new 128 6th, sold new, pre-completion, at $5.595m in Jan. 2011.

Fast forward a bit to 2012, and it was 128 18th (5br/5ba, 4000 sq. ft.), new construction in a "tropical contemporary" style in one of the best locations in town.

They shot high, asking $6.1M to begin.

The sale wasn't quick – 5 months on market – and it didn't crack $6m.

The sale price in July 2012: $5.650m.

Last year there was also not-quite-new, maybe better-than-new, sale that also could not seem to break past the $6M threshold: 128 5th, which sold in June 2012 for $5.850m.

That one's somewhat different as a comp, in that it was fully furnished and customized at very great cost, though never lived in.

It hit the market at $6.799m in Spring 2012, but obviously fell far short of that goal in the sale price. (See "128 5th Closes Under $6m.")

A new home at 209 16th clocked in at a reported $5.300M in October last year. (Not a 100-block address, but, again, kind of close in that 16th St. has no Manhattan Ave. cutting through.)

So, up through last year, no one seemed to be able to hit $6M.

And then it became 2013.

For a while, off-market, they were shopping 120 5th, a builder's custom residence with 4br/6ba, 5000 sq. ft., some of that from a vast basement, including movie theater.

Plenty of people got their looks in 2012 and the early parts of this year.

But it was only after the place hit the public market that they posted a deal.

Closed sale: $6.600M as of last week.

Behind that premium: Yes, the extra plus-plus square footage, but something else.

There's said to be a deed restriction on the property to the west which precludes its being built up and blocking views from 120 5th.

What's the value of a protected-view premium? Whatever someone will pay.

We certainly know of cases where neighbors buy the smaller homes to their west to prevent view blockage, and that can cost $1M-$2M or more, depending.

There's one more new escrow with a high-6's number attached.

That's 116 25th, which came and went so fast in late March, you'd be excused if it didn't hit your radar.

This is also a bigger-than normal home thanks to subterranean space, with 5br/5ba and 5000 sq. ft.

Location? Nearly at The Strand, with a walkstreet on one side, the corner at Ocean Ave. (no neighbor to west, in other words) and a fully built Strand house across the way that seems "low" and affords even better views from the top level of 116 25th.

And oh, what a top level that is – very high ceilings, tons of windows, a big deck that integrates into the living space. You get up there and say, "Oh, yes."

They launched this one at $6.995M and along came a buyer, quick.

Others have publicly discussed the buyer's identity, but we won't go that far, just to say that we hope he can figure out how to use Pau in the next few games.

So, to recap: Some have tried, but failed to hit $6M previously for a 100-block home, including when offering a fully outfitted, customized, furnished home.

Now it's been hit twice in a month, albeit with super-size properties with unique view bonuses.

Whatever it takes, the $6M threshold is history.


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