Half Lot Bests $2.4M

By Dave Fratello | September 29th, 2015

Take a half lot in sight of downtown and featuring plenty of traffic... what's that worth?

In the case of 209 15th Street Manhattan Beach CA209 15th, the answer is $2.401M.

That's a $102K overbid over the list price of $2.299M.

We went looking for comps. Uh-oh, the market seems to have found a way to carve out a new category-specific high with this sale. 

Half lot, west of Highland: $2.4M.

The smallish, 2-story house here (3br/2ba, 1275) is dated and you have to say the bulk of the value is in the land, all 1345 sqft. of that plot.

We can't find a like sale that's even close. $1.7? $1.9? $2.1? Nothing.

There is one very big number from last year that arguably beats the sale at 209 15th: 2401 Manhattan Ave. has a walkstreet frontage and the feel of a 100-block house, albeit with one side of the house on Manhattan.

Sale price last November at 2401 Manhattan: $3.005M in a bidding war that drove it up $500K from start.

The house is similar in size, 3br/2ba, 1500 sqft. and wanting updates. (Though not quite as far behind the times as 209 15th.) And it has the walkstreet patio.

It's a higher price for a half lot, but a very different half lot and house.

Besides that one, 209 15th stands pretty much alone.

One possible loser: 210 15th Place, the back half lot behind 209 15th, which temporarily hit the market pushing for a ton of money, listing for $2.889M.

It was a purely opportunistic listing meant to attract buyers and developers who might want a full lot in this location. (We referenced this sort-of attempt to sell in "Opportunity Knocks - List It?" in July.)

1508 Highland Avenue Manhattan Beach CAOne possible winner: The buyer of 1508 Highland (3br/3ba, 1560 sqft.), a somewhat remodeled 60s house just a few doors away and across (along) Highland. 

That one listed for the improbable price of $1.600M on Sept. 1, drawing more than a dozen offers.

Sure, it got bid way up, but simply neared $1.900M without even hitting $2.0M.

If you just won the Highland sweepstakes, you might feel pretty good that someone just paid $500K more for less house in a similar location right nearby.

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