recent sales

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Back in February, with the ambitious launch of 3300 Ocean Drive at $4.350M, we offered two quick points:

(1) [I]t would really be something to see a nearly $2,200/PSF sale come to fruition; and

(2) Tip: Don't bet against it.

It turns out, to get a deal done on this impressively remodeled and even-more-impressively located TH, they had to chop $350K off the top.

But there can't have been any tears over that chop.

A sale price of $4.000M on a 3bd/2ba, 1850 sqft. townhome boils down to $2,162/PSF, which is up there in the stratosphere.

The highest PPSF we've seen recently on a non-Strand home – exempting lot sales, with their crazy PPSFs on tiny, old 'dozer-bait houses – was also on Ocean Ave., specifically 1904 Ocean Ave.

That's a 2br/2ba, 1800 sqft.…

One of the symptoms (for better or worse) of a real estate upcycle is that flippers come to town and find it profitable to make over homes for resale.

It may be just an impression, but this time around, it seems like the caliber of work is a cut above the kinds of quickie rehabs we saw in the early part of this century, as the last cycle was heating up (2002-2005 especially).

Hypothesis: There are now fewer "get rich quick" cable TV shows about home flipping.

Corollary/Related: There are now fewer people watching cable.

Whatever the full set of reasons, the Manhattan Beach real estate market seems to have attracted better work.

One that stood out for us was the Tree Section remodel at 3613 Walnut (4br/5ba, 3545 sq. ft.), where a sale has now closed at

Recently we got a somewhat desperate message from a buyer: Is there any chance we can get into Manhattan Beach west of Sepulveda under $1.5M?

This came near the culmination of a long and fruitless search for properties in that price range.

The reluctant reply: No, not really. You'll have to compromise on location or price.

As is so often the case in this market, those buyers wound up compromising on both.

But (the good news) they did make a deal west of the highway.

As we write today, there are only 2 SFRs west of Sepulveda active under $1.5M:

3601 N. Poinsettia (3br/1ba, 1070 sqft.), a small and largely original cottage with a few obvious liabilities, not least the shared driveway.

The location is way over by Rosecrans in the Tree Section.

Asking…

When all is said and done at 217 27th, and we mean way down the road, you can expect to see a new landmark for midtown Manhattan Beach.

Looming over Bruce's Beach park, the current, obsolete structure gets pretty terrific views.

The next structure is sure to be designed to rock it.

We realize that this little 400-pixel image of the views (or a smaller image, on your phone) isn't able to convey much. But trust us.

If you know Manhattan Beach, if you know ocean views, if you know Bruce's Beach Park and its expansive, wide-open ocean views, and if you know the value of all these things combined, it's rather easy to see why elite money – big dollars – would chase this particular plot.

The potential for a new home with unobstructable views is unlimited.