One thing we've learned in 17+ years here at MB Confidential... you can't make a little side comment about data without getting follow-up questions.
In this case, it was a remark pertaining to a recent sale at 1616 Voorhees (6br/6ba, 5650 sqft.):
That's an eye-poppingly low PPSF of just $743/PSF, a tier below most larger East Manhattan homes sold this year."
The question we got:
"What was a more typical PPSF for 'larger' East MB homes this year?"
Glad you asked. We're here to help.
First, let's define our terms. By "larger" we meant 4,000+ sqft. homes in East Manhattan – excluding Manhattan Village.
Because there were a couple of mega sales on double-sized lots, we restricted our search to more standard-sized lots, most lots being very close to 7500 sqft., with a couple slightly over 8000 sqft.
Those parameters yield 11 closes sales in 2024, with their PPSFs (PsPSF?) as follows, in declining order:
Going back to the original comment, you'll see 1616 Voorhees in the bright lime-green bar here, next-to-lowest in PPSF.
What's that? You'd like more detail on each of these sales? How about a table with links to each one?
| ADDRESS | BD/BA | SQFT | LOT | CLOSED PRICE | $PSF | DOM | START $ | SOLD |
|---|
| 1827 8th Street |
6/6 |
4,600 |
7,500 |
$5,275,000 |
$1,174 |
90 |
$5,399,000 |
11/19/24 |
| 1627 Ruhland Avenue |
5/6 |
4,623 |
7,497 |
$5,250,000 |
$1,146 |
5 |
$5,299,888 |
04/12/24 |
| 1350 23rd Street |
5/5 |
4,799 |
7,451 |
$4,995,000 |
$1,041 |
9 |
$4,995,000 |
11/04/24 |
| 1847 9th Street |
6/7 |
5,205 |
8,254 |
$5,300,000 |
$1,094 |
61 |
$5,695,000 |
10/25/24 |
| 1747 Gates Avenue |
5/6 |
4,614 |
7,497 |
$4,350,000 |
$964 |
92 |
$4,800,000 |
09/11/24 |
| 1642 5th Street |
5/6 |
5,068 |
7,503 |
$4,645,000 |
$917 |
15 |
$4,645,000 |
08/16/24 |
| 1603 5th Street |
5/5 |
4,696 |
8,583 |
$4,200,000 |
$905 |
26 |
$4,250,000 |
10/31/24 |
| 1649 8th Street |
5/6 |
4,400 |
7,500 |
$3,700,000 |
$886 |
29 |
$3,900,000 |
05/30/24 |
| 1609 6th Street |
5/4 |
4,964 |
7,503 |
$4,020,000 |
$856 |
31 |
$4,250,000 |
08/08/24 |
| 1616 Voorhees Avenue |
6/6 |
5,650 |
7,500 |
$4,200,000 |
$810 |
53 |
$4,575,000 |
11/13/24 |
| 1639 3rd Street |
5/3 |
4,098 |
7,506 |
$2,775,000 |
$732 |
176 |
$3,200,000 |
06/05/24 |
Some more observations:
- 4 out of 6 top PPSFs belonged to new construction homes. No huge surprise there, perhaps. They were 1827 8th, 1627 Ruhland, 1847 9th and 1642 5th.
- The other two in the top 6 were relatively new: 1350 23rd was one we just complimented on feeling like new or better than new (it's a 2018 build), and 1747 Gates was a 2017 build.
- 4 of the last 5 homes had original build dates from the 90s or early 2000s.
How did 1616 Voorhees slip near the bottom of this list? It's a nice 2002 build with a pool and upgrades.
Well, mainly, it's the largest home by far on the list, at 5650 sqft., one of only 3 over 5000 sqft. If you're looking at PPSF, there is a point of diminishing returns.
1616 Voorhees may have the second-lowest PPSF, but it was tied for 4th-lowest price (or, for you glass-is-half-full types, tied for 7th-highest price). You can basically say that the buyers got a heck of a lot of house for the money.
The lowest one on this list, 1639 3rd, is a different bird.
With both the lowest price ($2.775M) and lowest PPSF ($677/PSF), the listing raises a basic question: Why?
Would you believe it was a Queen Anne style home built between 1903-05 and later moved to Manhattan Beach from MacArthur Park?
The home first came to market in Feb. 2023 priced like a bespoke piece of art at $3.749M... which it is, in a way, but it was also competing with fully modern homes.
It turned out that start price was nearly $1M too high. (It happens.) When the sale closed out at $2.775M in June this year, it answered a question on many minds: What IS a landmark, museum-piece type home like this worth, in the middle of modern Manhattan Beach?
The answer, roughly: A lot of money! But a lot less than everything else.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
