Oh Yes, It Is Big

By Dave Fratello February 3rd, 2008.

Apropos for Super Bowl Sunday, today we feature one of the largest and priciest new Tree Section homes. The copy for 2204 Palm calls it a "Colossal Corner Cape Cod," and here's a case where the home easily lives up to the hype. (Nice alliteration there, too. Who said realtors can't be writers?)

The home offers 6br/6ba (including partials) and 4925 sq. ft. Amazingly, this is on a lot that's only slightly bigger, at 4950 sq. ft. The secret: giant basement. (More on that shortly.)

The start price is big, too: $3.45m, meaning there are just 2 Tree Section listings now priced higher (3305 Laurel at $3.65m and 769 33rd at $4.5m).

2204 Palm (click the address for details – and, sadly, meager pics – via Redfin) has a lot going for it:
  • Great build quality with fine details and finishes;
  • Extra-large great room opening to a somewhat larger-than-standard patio/yard;
  • Nicely flowing layout – we entered off 22nd and nearly forgot there was a garage (on Palm), a nice contrast to the standard garage-fronted setup; and
  • Quiet, heart-of-the-trees location.
Less obviously, this house is surprisingly bright on the main levels. The corner lot faces north and there's a 2-story home to the south, which could have meant shady living spaces. Quite the opposite is true, though, because the design called for lots of windows – some oversized, some faux dormer skylights – to draw in extra light from the unobstructed north side.

The whole package is quite an achievement, and MBC's biggest question in seeing it was why this one wasn't pre-sold. The best homes in the best locations have a way of not making it to market. Maybe just a sign of the times.

Now, that basement. It, too, is big. A family of 4 could easily live there, with its multiple rooms and space that must exceed 1500 sq. ft. (The listing suggests you use it for a home theater, gym and so on and so on... we're guessing some interior designer some day will freak a bit in trying to make use of all this space.)

Interestingly, the price does not assume that all the home's square footage is equal. This one starts at $700/PSF. That's down from the range we've seen on some quality new construction over the past 6 months, although up a bit from the PPSF on the 3 most recently sold newbies.

Still, it's $3.45m, out of the range of a lot of regular folks. If you're wondering how to pay for it, a handout at the open helpfully explains (we translate a bit here):
  • Start with $1m down (30%);
  • Take an interest-only loan (5yr/7yr options are sketched);
  • Pay $12k/mo. in interest (no principal); plus
  • Pay $3,7000/mo. in tax/insurance.
So there's a partial answer to how you get in at this level – fork over $1m, pay $16k/mo. and gamble just a bit on future home values and rates (relevant to an implied re-fi down the road).

Another option: Partner with another family of 4, go halvsies on the d/p and monthly payment, and flip for who gets the basement.

Please see our blog disclaimer.

Latest Listings Among
Manhattan Beach Homes For Sale