Some Sand Section Deals Look Different Now

By Dave Fratello | November 29th, 2017

Something has been happening in the Sand Section. We've referred to it throughout the year.

1211 Bayview Drive Manhattan Beach CATake a look at the new closed sale at 1211 Bayview.

This midsized (4br/4ba, 2350 sqft.) modern townhome right in the thick of downtown has just closed for a respectable $3.430M.

That's respectable from both sides. The location and crisp, 10-years-young modern are worth plenty. A 3.4-ish price is good value in today's market.

But here's the thing: It sold 2 years ago for $3.600M in a rush before hitting the market. (Here's the sold listing from 2015.) And when it did sell, more than one potential buyer was furious to have missed the chance.

It was worth more then.

232 20th Street Manhattan Beach CAOr look to the full-size 2001-built SFR at 232 20th (on Highland).

This one has just closed for $4.275M. Most buyers who saw it would consider making substantial updates, so consider that price a starting point.

This is a listing we tracked on and off because Dave had a comparable listing in 2016 and 2017 (233 7th, a 1980s SFR that sold for $4.175M).

Last year, 232 20th was asking as much as $5.495M and, we heard, received an offer above $4.7M that just didn't work out.

Expectations were down this year, and so were prices offered by willing buyers.

404 9th Street Manhattan Beach CAWe can go to the flat walkstreets and look at 404 9th.

That one, a 2008 custom-built Asian-influenced modern, came out in March asking $5.999M.

At the very same moment, the lot next door at 400 9th came out asking $3.799M, and sold immediately for asking. That certainly implied a $6M+ price for a new home right there (although of course 404 9th was not new).

404 9th lingered, taking substantial price cuts before going to a remodeler for $5.200M. After some thoughtful and effective editing, the home came back to market asking $5.599M.

The actual sale price, though: $5.300M.

As with each of the sales we've referenced here, you can definitely see that as a good buy, a good value in today's market. 

It's just that... it's not what anyone expected. It's lower.

We could also talk about 2211 Bayview (in escrow with a list of $3.199M), which seems destined to sell for less than its twin at 2215 Bayview did 14 months ago ($3.425M, Sept. 2016). (UPDATE: The day after this post went live, 2211 Bayview did close for $3.100M. Good buy.)

Or the walkstreet sale that almost blew minds down at 132 16th (4br/5ba, 4050 sqft.), closing for an MLS-reported $8.000M in August.

Yes, that was down spectacularly from the first asking price ($10.499M, late 2016), but more interestingly, 132 16th, a pretty 2013 build that seemed all but new in person and was sold furnished, closed for $1M less than the comparably sized, direct next-door neighbor at 200 16th (all new). The new one at 200 16th sold for $9.000M in Feb. 2016.

There are still lots of healthy and pricey sales in the Sand Section this year, but you will find plenty of examples like these, too, where sales just didn't quite meet expectations, and buyers come out feeling pretty good.

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