New in the Trees for 3.0?

By Dave Fratello | March 22nd, 2019

As prices have risen in the Tree Section, along with everywhere else, new construction of typically sized homes (3000-3500 sqft.) have trended into the mid-$3M range up to a crest over $4M.

The latest sales (and new escrows) have been closer to $3.0M.

Let's recap both the past sales and the newest deals.

(Apologies in advance for the formatting of this post; we had some issues.)

2018-19 Sales of Tree Section New Construction

Let's look at the track record from just last year.

Typically sized new homes in the Trees sold for a broad range of prices last year, from $3.125M up to $4.125M.

(We are limiting the list here to homes maxing at about 3600 sqft. Much larger homes are possible with basements and, naturally, get higher prices. We are also not listing huge outlier 3208 Pacific, which just closed for $2.400M.)

Here they are in price order:

1501 Elm Avenue Manhattan Beach CA

 

1501 Elm (4br/5ba, 3160 sqft.)

$3.125M in May 2018

 

 

1820 Pine Avenue Manhattan Beach CA

 

1820 Pine (5br/6ba, 3135 sqft.)

 $3.375M in June 2018

 

 

2101 Elm Avenue Manhattan Beach CA

 

2101 Elm (5br/5ba, 3100 sqft.)

$3.375M in Aug. 2018

 

 

2612 Pine Avenue Manhattan Beach CA

 

2612 Pine (5br/4ba, 3600 sqft.)

$3.390M in April 2018

 

 

1604 Pine Avenue Manhattan Beach CA

 

1604 Pine (5br/5ba, 3600 sqft.)

$3.475M in March 2018

 

 

856 14th Street Manhattan Beach CA

 

856 14th (5br/6ba, 3500 sqft.)

$3.707M in Nov. 2018

 

705 27th Street Manhattan Beach CA

 

705 27th (5br/5ba, 3360 sqft.)

$3.825M in May 2018

 

2009 Pine Avenue Manhattan Beach CA

 

2009 Pine (5br/5ba, 3600 sqft.)

$4.000M in March 2019

 

 

1904 Palm Avenue Manhattan Beach CA

 

1904 Palm (5br/5ba, 3600 sqft.)

$4.100M in Aug. 2018

 

 

665 19th Street Manhattan Beach CA

 

665 19th (5br/7ba, 3600 sqft.)

$4.125M in Nov. 2018

 

To recap, that's:

- 1 near $3.1M

- 3 in the $3.3M range

- 1 near $3.5M

- 2 in the $3.7M-$3.8M range

- 3 at or just over $4.0M

But now...

Current Pending Escrows on Tree Section New Construction

Let's look in price order again, ascending.

Here are the new homes in escrow in the Trees:

3604 Walnut Avenue Manhattan Beach CA

 

3604 Walnut (5br/5ba, 3250 sqft.)

Began at $3.250M in Sept. 2018

Re-listed at $2.895M in February

 

3401 Maple Avenue Manhattan Beach CA

 

3401 Maple (5br/4ba, 3250 sqft.)

Began at $3.400M in July 2018

Cut recently to $2.995M and is in escrow

 

 

 

3000 Pacific Manhattan Beach CA

 

3000 Pacific (5br/4ba, 3600 sqft.)

Not complete yet, but in escrow

List: $3.000M

 

 

3513 Elm Avenue Manhattan Beach CA

 

3513 Elm (5br/5ba, 3250 sqft.)

Began late Feb. 2019 at $3.095M

 

 

So what do we have here?

Four deals in escrow with list prices $2.895M-$3.095M.

The big, obvious difference? Location for each and every one of them.

Still, it's surprising to see and important to know... there's demand for new near $3.0 with a discount for location.

There's still one out there with the same basic parameters: 1813 Oak (5br/5ba, 3130 sqft.) asking $2.995M.

If you're holding out for new, the next steps up are $3.7M (717 35th) and $4.8M (577 31st).

Please see our blog disclaimer.

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