Over $4M on the Flat Walkstreets

By Dave Fratello | December 19th, 2013

It takes luck and money to wind up on Manhattan Beach's famed South End flat family walkstreets.

Increasingly, more and more money.

The newest sale in the area is 340 6th St. (5br/5ba, 3600 sq. ft.) at $4.235M.

That's a healthily 4+ type number without precedent among MLS-reported sales. (More on that in a moment.)

This was a less-than-maxed-out home that hit $1,176/PSF. (Max would have been around 4200 sq. ft. but with a third car spot required in the garage; at 3600, you can have 2-car garage and, therefore, a larger first-floor living area.)

The home style is called "Beach Plantation," with details inside that have to be called modern in flavor. There's ample family space all around the first floor, including the kitchen, all opening to the walkstreet. Bedrooms are midfloor. Up top there's one more bedroom, an entertaining space and a fantastic, large deck, partially covered, with big-sky views of the Hill Section and PV.

The best-publicized new construction on a flat walkstreet that sold recently was probably the gorgeous, traditional Cape Cod at 412 8th (5br/4ba, 4400 sq. ft.), but that actual sale at $3.925M occurred off-market in June 2012. The sale never hit the MLS. (Our link there to Redfin won't show much.) The home has been featured on HGTV and some parties were held there, including a fund-raiser, helping to show it off. The PPSF there: $892/PSF, just 3/4 of the figure just hit on 6th.

Off-market this Summer, an even higher height was hit with the $4.500M sale of a new build at 337 7th. Like 340 6th, that home on 7th had a crowd-pleasing Cape Cod style and a well-known local builder behind it. We don't have exact specs on that one (public records are slow to update), but it was 4br and about 4200 sq. ft. On a PPSF basis, the sale at 340 6th actually beats it.

If we look much further back, we see that 4-ish and 4+ numbers were previously, at best, aspirational for new walkstreet homes.

440 7th (4br/5ba, 4000 sq. ft.) sold for $3.660M back in May 2011. That corner-lot "Island style" home was a new build by the same builder behind 337 7th. It is a smashing riveting, terrific home and now looks like the absolute steal of the past few years in the South End.

440 6th was a somewhat bigger new Cape Cod (6br/6ba, 4200 sq. ft.) that sold for $3.275M way, way back in July 2010.

Before that, though, it had debuted on the market for $4.495M. Visionary pricing? Problem: The debut was in Summer 2009, and it would take 4 more years for anyone to actually hit that number.

From those sales, you see the escalation from the 3's to the 4's in just a few years' time.

We've also seen lot values climbing from the $1.5M-ish range up to the point that $2.0M or more for the dirt is accepted as the standard.

It was only about a year ago that Dave's clients purchased a 1990s build at 409 7th (5br/4ba, 3475 sq. ft.) off-market for $2.675M. (See "Tale of An Off-Market Sale.") But it seems like the world has changed since then. (The home has, too: They've just completed a great remodel, which we're eager to share with MBC readers in the New Year.)

Want new on the flat walkstreets?

There's just one publicly listed option: 416 8th (5br/5ba, 4200 sq. ft.) at $4.250M.

You'll have to be patient, though. It's not built yet; they're looking for a buyer first to get started.

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Disclosure: Dave has toured some of the properties mentioned above with clients, including 340 6th.

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