Record Sales of 2014 (So Far)

By Dave Fratello | September 25th, 2014

When you look at statistics from other real estate markets outside of Manhattan Beach, you don't see all the same trends as we see right here.

For instance, by one data-cruncher's reckoning, nationally, home values are now at March 2005 levels. For the LA area, prices are at May 2005 levels. After those moments in 2005, values still went up for 2+ years, but that extra froth in home values has not been recovered.

Meantime, here in MB, we're seeing new highs being hit all over. Bought in 2006-07 and want to resell now? You might get it all back. You might even set a record.

Here's a selection of top prices from different areas and categories of housing in Manhattan Beach this year:

Walkstreet West of Highland, Plus-Size Lot

201 18th (5br/7ba, 7900 sq. ft.) at $12.000M. This is a newer custom build on a 1.5x lot (4050 sq. ft.) on one of the great ocean-view walkstreets near downtown. We wrote an appreciation for the home and this extraordinary ceiling-shattering price in late May. (See "How About a Big 12?")

South End Flat Walkstreet Dirt

The price of a mere plot of land on which to build has skyrocketed on the flat family walkstreets of the South End. At one point in the downturn, we saw lots going for the $1.5M range. By 2012, land crept up to $1.8-$2.0M based on a couple of trades. And then it got wild.

One of the most recent closed sales was at 440 8th, an off-market sale at $2.700M. There's another lot on a nearby block in escrow at $2.799M, which we'll report on further when it closes. Yes folks, this is $1,000/PSF for dirt.

Walkstreet West of Highland, Standard Lot

120 5th (4br/6ba, 5000 sq. ft.) sold for $9.300M just a couple of weeks ago here in September. (As we noted in "Topping $9M Off the Strand.")

This is a plus-sized home (a basement gives it about 800 more square feet) on a standard lot which just got an extensive, complete designer remodel.

5th St. is a nice South End block, with utilities underground, and this home has special view protection, thanks to a deed restriction on the home to the west, which prevents a full view-blocking third story from being built.

Wendy Way House

Getting away from stratospheric numbers at the beach, for just a moment, look to 1605 Wendy Way (5br/5ba, 3570 sq. ft.).

The sale there at $1.965M in March 2014 was substantially the highest price ever paid on that block, one off of Aviation Blvd.

The record for the east side of the same street, where backyards back up to Aviation, was set last year at 1608 Wendy (4br/4ba, 3625 sq. ft.) at $1.620M.

Tree Section Lots

Land values in the Trees have shot up quickly.

Three sales have neared $2M for a prime lot recently:

2100 Palm (pictured) at $1.995M in May;

1808 Agnes at $1.975M in June; and

2008 John at $1.910M in July.

South Martyrs Hill (Near Downtown)

632 12th St. (3br/3ba, 3000 sq. ft.) at $2.550M in June.

As we noted in this post, that was quite a bit higher than the $2.160M paid for comparable 648 12th (4br/3ba, 3065 sq. ft., with roof deck) just the month before.

Funny, we thought the roofdeck had delivered a pretty rich number for 648.

Strand Lots

There are a couple of Strand lot sales brewing, but we doubt they will eclipse 1700 The Strand, a corner lot (pictured), which sold for $16.000M in mid-July.

The LA County Assessor's site reported the sale price, though the property was not publicly listed recently. (The sale is also referenced in this Bloomberg TV video about MB.)

It's a jaw-dropping number, inasmuch as the prior high sale for a Strand lot was at 104 The Strand in January this year at $9.500M.

But 104 The Strand is back now asking $13.900M, and just when you start to say "you're kidding?!?" then they put out 516 The Strand and sell it immediately with multiples way over the $10.000M start price, at a number that we hear will make 104 The Strand's demand look fairly reasonable.

Good heavens, we've gotten this far and mostly missed El Porto, the Hill Section and East MB.

Looks like we'll need to take up another installment soon.

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