sand section

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We were a bit surprised recently to hear someone's surprise.

The surprise was at the recent sale of a large Mediterranean on a flat walkstreet at 401 4th (4br/5ba, 4450 sqft.).

List price: $4.500M. Sold price: $4.775M.

Sky high? Yes and no.

Sure, that's a lot of money for a house without substantial views, and a lot more than one might have paid on the walkstreets even two years ago. Still, it's utterly consistent with the trend in the South End. Maybe "low."

We're in a submarket where lots are selling in the 3's – more on that in a moment – and the two most recent sales of fully built homes occurred off-market and at much higher prices. Specifically:

Almost a year ago now, in December 2014, an off-market sale of 429 8th (4br/5ba, 4120 sq. ft.)

Five years after one of its most recent sales, a South End townhome is now on the market asking $1.100M more than its 2010 price. It's a whopping 68% appreciation over 5 years if they get their number.

We're looking at 301 2nd (3br/4ba, 2100 sqft.), an early-90s contemporary townhome with views down the 2nd St. walkstreet across Highland.

Sold in October 2010 for $1.625M.

Now asking: $2.750M.

Oh, and there was an interim sale on the way up the express elevator:

This TH sold in October 2013 for $1.930M.

A friend of MBC purchased this unit back in 2001 for $906K, which must have seemed like a lot at the time.

It was that owner's upgrades to the baths and kitchen that seem to prevail even today, after the 2010 sale.

So the two most recent owners have…

Who doesn't love a battle of the titans?

The two priciest properties in Manhattan Beach now are both listed over $28 million. And both are (meant to be) priced at land value.

One, 1000 The Strand, is about a 5000 sqft. corner lot right near the pier. In its 5th month on market, the list price remains the same as on Day 1: $28.900M. (See "$29M? Can We Talk?")

For all this time, 1000 The Strand has occupied the field alone. If you want a prime, oversized waterfront lot, this has been your only choice.

Enter the challenger.

2722 The Strand is a true double lot.

Measuring in at 6925 sqft., it's actually a trifle more than the size of two 3300 sqft. Strand lots.

The mid-town location is just past Bruce's Beach Park.

Start price: $28.500M.

Oh, you can…

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.

The 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…