New Sale Nears Tree Section Record

By Dave Fratello | April 25th, 2020

A new construction sale near the MB Badminton Club neared the record for the Tree Section, but fell a bit short.

As agent Maxwell Smart in the old "Get Smart" TV series might have said, "Missed it by that much."

501 N 18th Street Manhattan Beach CAThe sale is on the large and glam new modern at 501 18th St. (5br/6ba, 6125 sqft.), an address formerly known at 1800 Ardmore.

(For reasons unknown, the address is shown in the MLS as "501 N. 18th St.," but there is no "north" or "south" 18th St.)

The prior record for a home on a typically sized lot in the Tree Section has been $6.800M.

That sale was at 528 15th (6br/7ba, 6025 sqft.), a new home completed in 2016.

Originally, the big new modern at 501 18th aimed to shred that record, asking $7.150M.

But it has now closed at $6.750M, or $50K shy of the record.

They had a deal in February this year that might have made 18th St. the record sale.

But as happened all over once the COVID-19 situation and financial market disruptions took hold, the property lost its deal.

And, in a pattern we keep seeing, having lost one deal, they made another - the one that has closed now.

While most of the interior photos for 501 18th are gone now, there is this nifty video tour online. (Has music.)

There really aren't many sales higher. We were focusing here on the highest on typical lot sizes.

2104 Palm Avenue Manhattan Beach CAThe high sale in the Trees to date was last year's 2104 Palm, a remodeled Mediterranean plus a whole extra bonus lot next door, which traded for $7.000M in June 2019.

And there's one other sale at $6.750M, also a double-lot proposition. That's the two-house compound that was sold as 3305 Pine but is now on market under 3301 Pine. In 2016, the two traded together for $6.750M. On the resale, you could get both for $6.500M per the current listing. (See our "Compound Rapture" for a little more on this one.)

And so it is that the market continues to show us a couple of different sides of the coin.

Slower sales, but higher median price.

Fewer listings, more price cuts, but this near-record sale.

Interesting times we are in.

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Nerdy video bonus: For fans of the "Get Smart" TV series, here's one of Maxwell Smart's (Don Adams') signature lines. We just had to hear it again:

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