One Hill of a Sale

By Dave Fratello | June 2nd, 2016

It's been a busy year for Hill Section lot sales. It seems things run in waves.

817 Pacific Avenue Manhattan Beach CAMaybe the grandest of the sales so far is one that has just closed at 817 Pacific Ave.

This is an unusually squarish midblock lot measuring 72' wide by 87' deep (6285 sqft. total) at a crest in the hill.

As the photos make clear, from this spot, a new home can have full panoramas from Malibu all the way south to PV/Catalina. Rooftops and treetops are all that will be in view besides blue.

The cost for this quintessential Hill Section vista? $4.401M for the land.

That's a very substantial escalation (+13%) from the list price of $3.900M.

407 North Poinsettia Manhattan Beach CAYou could view that start price in context of another view lot that had just sold when Pacific came to market: 407 N. Poinsettia, at the top of 5th St. It sold for full asking price, $3.495M, in early March.

That was $606/PSF for the dirt alone, a number which, at the time, was something of an outlier – higher than recent sales, hard to see all the way up there. The views that exist at 407 Poinsettia, however, are fully blocked to the direct west by a tall neighbor, and the southwestern views are threatened, potentially, at least in part, by a neighbor to the south.

If the buyer of 817 Pacific had paid the same price for land as the buyer of 407 Poinsettia, you would have seen Pacific settle around $3.800M.

But no. Better lot. No view block. One of the few available, buildable view locations along this prestige corridor of the Hill Section.

Those features drove buyers wild and secured a little section of the hill for what's sure to be an ambitious new build.

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Further research & reading: See "512 Pacific Gets $5.5M; Now, Neighbor?" But we'll spoil the surprise for you by saying that the neighbor (500 Pacific) got $5.700M.

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