Oak Auction Will Get More Interesting

By Dave Fratello | April 29th, 2015

Oak, Oak, Oak.

It's been a busy year on Oak Ave. in Manhattan Beach already, and little, scrapable homes have been dominating the headlines.

2701 Oak Avenue Manhattan Beach CA2701 Oak (2bd/1ba, 900 sqft.) was recently auctioned off on Sunday, April 19, right at the property. 

The winning bidder offered $1.340M.

That was a tick above an extremely recent sold comp: A smaller lot (4200 sqft.), not on a corner, at 1405 Oak had just closed the week before for $1.300M.

But hold your horses – 2701 Oak isn't done yet.

It's still got to go to a court "confirmation" hearing where there can be overbids. Indeed, you'll see 2701 Oak listed now as "active" with an asking price of $1,407,500.

That's the first minimum overbid that a buyer would have to bring to a court hearing later this year. (There won't have a date even set for the hearing till late May.)

Now that $1.4M+ "overbid" price for a corner lot isn't looking so bad.

Within a couple days of each other, two more smaller Oak Ave. properties just closed for $1.410M each.

2001 Oak Avenue Manhattan Beach CAFirst came 2001 Oak (pictured), a 2br/1ba, 850 sqft. house that showed clean but obsolete.

You could do something with it, or build there.

Similarly, a larger home at 2209 Oak (3br/2ba, 1175 sqft.) showed clean, and is a bit bigger than 2001 Oak, but was mostly original. You could do something, or build.

Same price: $1.410M.

It's quite something to see on this peripheral street where land and home values are always lower than in typical Tree Section locations.

When Oak values hit these levels, it means the balance of Manhattan Beach Tree Section real estate is rising even more.

By the time they hold that hearing on the auction house, where might it settle? Here's hoping that auction "winner" isn't feeling too attached.

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