Quick East MB New Construx Catchup

By Dave Fratello | November 6th, 2015

Three times now this year, East MB has seen new highs marked out – each higher than the last – for new homes on "standard" 7000-ish sqft. lots. (A typical 50 x 150 lot is 7500 sqft., but one of our examples here is 7000 sqft., close enough.)

The current champs, in descending order:

1131 6th Street Manhattan Beach CA1131 6th (5br/5ba, 5025 sq. ft.) at $3.600M (Nov. 2015) (pictured)

1430 18th (6br/7ba, 4600 sqft.) at $3.300M (Oct. 2015)

1632 Voorhees (5br/5ba, 4500 sqft.) at $3.251M (June 2015)

Now, looking at each, it's worth noting that 1131 6th took the biggest haircut, but that may sound a bit unfair at the same time. The original list price was $4.499M in February this year. It sold for 20% less.

And yet, everyone knew that sky-high $4+ asking price was ridiculous, almost like a bluff. The home still made for a new high, despite a location that's, er, not an A. That, plus we found one choice in the home design surprising: They went for super-max square footage at the expense of a large yard. No hindrance.

Meantime 1430 18th (pictured) was built in a comparable "Plantation-like" style (called "Island Contemporary" in the listing). It sold for 5% less than its $3.495M asking price, and held the record for East Manhattan for a solid month.

Over at 1632 Voorhees, the home sold pre-completion and with upgrades beyond what's reflected in the sold price of $3.251M.

Recently, the neighbor across the street from 1430 18th – also new construction, at 1431 18th (5br/6ba, 5275 sqft.) – went into escrow. Like the super-size home on 6th, it overshot the market vastly to begin, with a list price at $3.999M. (Consciously or not?) And like the super-size home on 6th, there's been a 20% chop from asking, with the last list price $3.199M. Yes, it was priced a notch below the neighbor across the street. We'll see how it finishes up.

1524 Mathews Avenue Manhattan Beach CAMeantime, when you look at the 1632 Voorhees sale at $3.251M, you understand why 1524 Mathews (5br/6ba, 4700 sqft.) launched with its new construction price at $3.295M.

But they didn't wait around a long time to argue the case for that price: They chopped to $2.999M (-9%) and roped in a buyer last week. It's in escrow now.

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