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Prime lots in the Tree Section have been hitting $2M and a touch above.

It was only a matter of time before the American Martyrs area asserted itself (again) with an even higher high.

Now the sale of 608 14th has done exactly that.

The dated, 4br, 3000-ish sqft. house is fine, but it's the 5800 sqft. plot of land that's got the real value here.

Specifically, the market said: $2.950M. The sale closed this week.

Call it the American Martyrs neighborhood's first $3-million-dollar lot.

As the listing launched 5 weeks ago in June, they weren't necessarily pushing the ceiling too high. The asking price was $2.7M.

But competition and must-have properties means new, ever-higher prices must be paid.

We can't really find anything like 608 14th in very recent…

Hard to believe, but we're only a few years removed from a time when Manhattan Beach Strand homes & lots dipped to the $5M-$7M range.

From today's vantage point, that's like trying to remember the days of dial-up Internet. (Your blog author here began oh-so-long ago at 110 baud, but that's another story.)

We're in a giddy market now, though, one that escalated almost overnight as waterfront homes in Manhattan Beach became must-have prizes not just for locals, but for big money from around the globe.

This trend isn't reversing in the near term with sales like 304 The Strand.

Yes, there's something special about the region south of the pier, and that's just been proved again with a very quick deal for this home/lot, listed at $14.000M and now in escrow

If you know MB Confidential, you know we love a deep dive into data.

And there's a time and a place for that, but today, we'll try to illustrate a trend with just one sale.

Newly pending/in escrow is 2301 Vista, a modern-style 3br TH with 2400+ interior square feet.

This modern townhome was built a ways back, in 2002, but has a very compelling, slick "now" look to it. (The decor, gadgets and super-plus-sized TV's also give it a "guy's paradise" feel.)

The most recent sale here wasn't all that long ago, even if it seems like forever to look back to 2011.

Here, actually, are all 3 of the most recent sales of 2301 Vista:

  • $1.910M in Dec. 2011
  • $1.900M in Nov. 2009
  • $2.099M in Jan. 2007

List price this month was $3.399M, or 78% over the 2011

It takes a rare combination of factors to see a dated property lot sale in Manhattan Beach come up asking $29 million.

That combination of factors is at play now, however, at 1000 The Strand, home to a one-and-a-half-sized Strand lot (nearly 5000 sqft. of dirt).

Among the factors:

  • Low inventory.
  • Even more limited Strand inventory.
  • Ceiling-busting recent sales.
  • Demographic trends bringing vast amounts of funny new money into town.
  • A certain je ne sais quoi or "x-factor" in the market that has people – including longtime pros – more and more often throwing up their hands as if to say, "heaven only knows what this is really worth."

Here at MBC, we've stopped publishing our series of "shocker" posts because new closed-sale prices…