new construction

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It's time for one of our twice-monthly updates on the Manhattan Beach real estate market.

We'll focus here on a couple newly posted sales.

Just off Sepulveda to the east, two new homes were built, each ambitious in their own ways.

Most recent was 1120 6th (5br/5ba, 3600 sqft.). This not-maxed-out "Planation-style home[] with a coastal vibe" launched in August this year (not so long ago) at $3.099M.

There was no way. Not for a home that's the first residence off of Sepulveda, with a large commercial building – specifically, a sports bar – as the next-door neighbor.

After one price cut, the listing quit and rebooted immediately (what's that called again? oh yeah, a bogus relist ) with a new price of $2.688M.

Miraculously, that "new" listing lasted only…

Three times now this year, East MB has seen new highs marked out – each higher than the last – for new homes on "standard" 7000-ish sqft. lots. (A typical 50 x 150 lot is 7500 sqft., but one of our examples here is 7000 sqft., close enough.)

The current champs, in descending order:

1131 6th (5br/5ba, 5025 sq. ft.) at $3.600M (Nov. 2015) (pictured)

1430 18th (6br/7ba, 4600 sqft.) at $3.300M (Oct. 2015)

1632 Voorhees (5br/5ba, 4500 sqft.) at $3.251M (June 2015)

Now, looking at each, it's worth noting that 1131 6th took the biggest haircut, but that may sound a bit unfair at the same time. The original list price was $4.499M in February this year. It sold for 20% less.

And yet, everyone knew that sky-high $4+ asking price was ridiculous, almost like a…

New construction at 1817 Oak (5br/6ba, 3120 sqft.) has now completely smashed the prior record for prices on the street.

Oak ordinarily sees lower values because the street is the first block in off of Sepulveda. But sales activity on the street has been busy and values have reached new highs up and down the block.

The sale price on this bold, undersized and slightly different new construction was $2.699M.

You could note that the sale is $300K under asking, exactly 10%, but that's not the story.

The highest price ever for any home on Oak came 11 months ago at 1720 Oak (4br/4ba, 3470 sqft.), a spectacular remodel on the "wrong" side – backing up to commercial.

The sale price in October 2014: $2.227M. In that case, they got a ton more than the asking

It seems harmless – today – to overprice new construction while waiting for the market to (perhaps) catch up midway through the build.

Some East Manhattan new construction projects launched with hugely ambitious asking prices, and are now adjusting.

Take the mega number on 1131 6th (5br/5ba, 5025 sq. ft.). This is a new home due next year that's under way now. Location: A few doors in off of Sepulveda.

Asking in February 2015: $4.499M.

The prior top sales of new construction in East Manhattan:

  • 111 S. Meadows (5br/6ba, 4200 sq. ft., huge 9500 sqft. lot) at $4.000M in Oct. 2014 (the Sunset "Idea House"); a special case given the nature of the house and huge lot size
  • 1632 Voorhees (5br/5ba, 4500 sqft., 7500 sqft. lot) at $3.251M in June 2015; the…