New Record for Oak Ave.

By Dave Fratello | August 25th, 2017

There's no dispute that home values on some of the periphery streets or busier streets in the Tree Section are lower.

It's common sense, and it tends to make blocks like Pacific, Rosecrans and Oak more attractive for some buyers, because you can get "more for the money."

Spec builders who have bet on Oak Ave. have scored in the last couple of years. They've hit heights that might have seemed unimaginable.

2201 Oak Avenue Manhattan Beach CAThe new record for a sale on Oak now belongs to 2201 Oak (5br/6ba, 3120 sqft.), which closed late last week at $2.850M.

The home itself is a somewhat fresh take on all of today's most popular styles, featuring bright white traditional cabinets and wainscoting, wide-plank, warm oak (!) flooring, a Carrara marble kitchen island, and so on. (Hat tip: They spelled Carrara correctly!)

The home is recognizable in that way, stacked up against similar homes that are closing in the low 3's elsewhere.

So, sure, there was a discount for Oak, but not a very steep discount.

Is there a liability to being on Oak? This one's on the "right" side - as are all the record-holders - the western side rather than the east side of the street, where homes may back up to commercial properties and/or parking lots.

We did note, in our tour of 2201 Oak, that traffic whizzing by on Sepulveda is visible from the front two bedrooms, but you kind of had to be looking to see it.

The prior highs on Oak:

2001 Oak Avenue Manhattan Beach CA2001 Oak (5br/5ba, 3150 sqft.) (pictured) at $2.800M in Sept. 2016.

This one is awfully similar (by the same builder) to 1801 Walnut (5br/5ba, 3150 sqft.), which sold for $3.190M in May this year.

(Some of the $390K and 14% difference between these very similar homes comes from the Oak factor, and some from a difference in finishing details between the homes, with 1801 Walnut being somewhat higher-grade overall.)

1405 Oak (4br/4ba, 2950 sqft.) at $2.950M in January this year. Note that this one is on a smaller lot, 4200 sqft.

Also note that nearby, very gorgeous but 10-year-old 1417 Oak, also on a 4200 sqft. lot, is lingering now at $2.995M after 2 months. People love new.

1817 Oak Avenue Manhattan Beach CA1817 Oak (5br/6ba, 3120 sqft.) at $2.699M back in September 2015.

The spec builder/sellers at 1817 Oak dared to dream big. Theirs was the first new build on Oak in almost 10 years at the time, and they shot the moon, asking $2.999M.

They didn't get that, but they beat out the Oak record of the time by almost $500K.

So that's a pretty consistent range of $2.7M-$2.8M for new homes on typical blocks of Oak.

3605 Oak Avenue Manhattan Beach CAThere's also a super-snazzy new construction home on offer now on the furthest reaches of Oak, near Rosecrans and the hotel, at 3605 Oak (5br/4ba, 3250 sqft.), now reduced to $2.895M.

After than those 4 sold new construction homes on Oak in the $2.7-$2.8M range, there are only 5 others on Oak ever to sell over $2.0M, and none were new at the time they sold.

Dave's listing of 1701 Oak (5br/3ba, 3575 sqft.) holds the current record among resales on Oak, with a sold price of $2.230M in March 2017.

 

 

 

 

 

 

 

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