sand section

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South of the Manhattan Beach pier, there's a special appeal to Sand Section homes that seems to propel values up.

617 Manhattan Avenue Manhattan Beach CAOne of the latest, and most interesting sales, is 617 Manhattan Ave. (3br/3ba, 1970 sqft.).

It's a 1980s Spanish that could use a round of updates. Big time.

When it launched at $4.900M, you may have assumed that was a full-lot house (2700 sqft.), but no. Per the MLS, the walkstreet-fronting home is situated on a 1344 sqft. plot of land.

Manhattan Ave., which tends to be busier than Highland Ave. south of the pier, runs along a side of the home.

The listing ran a month with no price cuts, but it turns out that the serious buyer who knocked did take a big discount.

The closed sale now: $4.250M. That's 13% under the asking price (-$650K).

329 1st Street Manhattan Beach CAMore than once this past month, we've been in conversation with clients about 329 1st (4br/3ba, 2075 sqft.), for the simple reason that it seemed unusually low-priced at $2.299M. (It's in escrow now.)

Think about that: A single-family home – on a half lot – in the sleepy South End of the Sand Section, offered in the low 2's. (With a glimpse of ocean, to boot!)

How rare, exactly, is that?

Y'know, we love to answer questions with data. We consulted our Advanced Computer Systems.

We found 28 sales of SFRs south of the pier under $3.000M from Jan. 1, 2013-the present. That's about one sale in the area in this price range per 1 1/2 months.

Wouldn't you know it, though – that really overstates how common a property like 329 1st has been:

  • 8 of those sales…

120 5th Street Manhattan Beach CAWhen 120 5th St. sold for $9.300M in September 2014, it was supposed to be an anomaly.

A price over $9 million was supposed to reflect a unique facet of the property: A height restriction imposed on the neighbor that protects the views for 120 5th.

Now, $9M+ for a lower walkstreet property is becoming the norm.

125 2nd Street Manhattan Beach CAThe latest sale is the modern remodel/rebuild at 125 2nd (4br/5ba, 4250 sqft.) at $9.241M (per the MLS).

OK, so they pushed the ceiling a bit with a list price of $10.300M.

The buyer saved $1M and 10% off the list.

It's still a healthy number.

The property was described, in part, in the listing, this way:

"Dream location on the South Manhattan walkstreets... A collaboration three years in the making and literally in as good as new condition.…

Did you ever order Pay-Per-View of some big fight, lay out a hearty spread of food and drink, gather friends and family around the TV, and then watch the whole thing end in a first-round knockout?

Ooof. "Well, thanks, everyone, for coming..."

Not quite so suddenly as that, we've now seen a battle on the Manhattan Beach Strand develop, then fizzle.

It all began when 1000 The Strand (pictured) launched in June 2015 at $28.900M. That price seemed, shall we say, wishful, even though the lot is nearly 5000 sqft. and obviously in a prime location. (Yes, that's the pier in frame there.)

Here at MBC, we devoted a post to the huge asking price: "$29M? Can We Talk?" We tried to infer possible lot values from other recent Strand sales, but could not quite get