Now Village Plan 1s Have Hit $1.3M

By Dave Fratello | September 30th, 2021

Predict that home prices in Manhattan Beach will increase, and you probably won't be wrong.

We had at least one seller client who saw the future in late 2020/early 2021.

Specifically, one part of the future would be that Manhattan Village Plan 1 "court homes" would be trading at $1.300M and above.

(The Plan 1 is a 2br, 3-story design. You can see any active listings and all the Village floorplans here.) 

This specific client had acquired a Plan 1 back in 2016 for $985K. At the time, the buzz was "this is the last Plan 1 that will go under $1M."

It was, in fact, the last under $1M.

The next Plan 1 to sell, 8 months later, went for $1.050M.

30 Monterey Court Manhattan Beach CASo, almost 5 years later, were we at $1.300?

Earlier this year: No.

Now: Yes.

(UPDATE: Soon after our post went live, a Plan 1 at 4 Bermuda Ct. listed for $1.299M.)

The last 2 homes sold in Manhattan Village were Plan 1 units over $1.3M, making for three total Plan 1 units over $1.3M this year:

30 Monterey Ct. (2br/2ba, 1474 sqft.) is the latest, coming in at $1.359M.

And it appears to be a record for a Village Plan 1 court home (or any of the 2br court homes, including the Plan 2).

The remodel here is a monument to hip, modern/urban style. The kitchen's great.

The master bedroom features a faux-brick wall, as does the bath. It's convincing. (See all photos via our MLS link here.)

If you know anything about the mid-80s development in Manhattan Village, you have seen the originals, the light remodels, the "old" remodels (which cry out for more remodeling), and you've seen the various versions of contemporary remodels.

The more reworking of these units, the better, it must be said. It's giving new life to a reasonably popular segment of Manhattan Beach real estate where homes can't be torn down and rebuilt.

5 Lafayette Ct. (2br/2ba, 1465 sqft.) was the first Plan 1 to exceed $1.3M, when it sold in late June for $1.325M.

That place was tricked out, with a fully modernized kitchen, totally rebuilt master bath, new flooring and much more.

In early 2020, 5 Lafayette was lightly remodeled when it sold for $1.085M, at the time the seventh straight Plan 1 to sell for just under $1.100M.

All of the remodeling, and movement in the market, that helped it reach $1.325M came later.

17 Cordoba Court Manhattan Beach CALastly, but not least, 17 Cordoba Ct. (2br/2ba, 1465 sqft.) has sold twice this year.

Early this year, our office (Edge Real Estate Agency) listed and sold the unit for $1.150M.

Consistent with our client's vision, we had begun at $1.279M, but we all knew a good deal when it came.

The $1.150M was the highest price in 3 years for a Plan 1 at the time, and was matched soon after at 7 Cordoba Ct., also a Plan 1. That was the market.

The buyer for 17 Cordoba Ct. redid the flooring and added some splashes of style, but did not radically remodel, mostly leaving the original master bath in place.

But it did sell quickly for $1.325M, an overbid on the $1.279M start price.

So the market has moved everywhere, including for these units, among the lowest priced in the Village and often among the least pricey homes in all of Manhattan Beach.

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4 Bermuda Court Manhattan Beach CAUPDATE: Soon after our post went live, a nicely remodeled Plan 1 at 4 Bermuda Ct. listed for $1.299M.

 

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