Sales Close Positively on 4th Street

By Dave Fratello | October 9th, 2015

There's more data coming in on Sand Section lot values.

South of the pier, two neighboring lots were offered for a time together – one big $10 million plot of 5400 sqft. total.

It didn't work, so the lots wound up being sold separately.

229 4th Street Manhattan Beach CAThe newest closing is at 229 4th St.

Asking $5.000M for a while, it's now a done deal at $4.800M.

It was just back in mid-August that the neighbor sold.

235 4th closed for $3.850M.

Both sales say a lot about dirt values... One at $1,425/PSF for the land alone, and one at $1,777/PSF for dirt.

Way back in May this year, while both lots were on the public market seeking buyers, MBC posed the question:

Is it worth $1M more to be one door west off of Highland?

And the answer turns out to be, basically, yes. Or at least it's yes to $950K more.

Now, both of these lots are up high off of Manhattan Ave. But there's one sale on Manhattan Ave. that will also be worth watching as it comes in.

501 Manhattan Avenue Manhattan Beach CAThat's 501 Manhattan Ave.

We took note recently as this one moved from a pie-in-the-sky list price of $7.000M, trickling down to its third agent and making its first series of real price cuts. (See "Down 22% and Counting.")

In that post, 501 Manhattan was still listed in the mid-5's, but the downtrend kept going.

Last list price was $4.999M, a price cut that was followed just 10 days later by a signature on the bottom line on an offer.

It's worth more than a lot on Highland, but still impacted by traffic on Manhattan. Where would you bet it winds up?

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