south end

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The received wisdom is: It's good to be the third agent.

The idea is that if there's a problem listing, a seller's resistance will be weakened and they might finally be ready for some cold advice by the time the third agent comes in to list the property.

At 501 Manhattan Ave., the least that can be said is that the third agent has benefited by having the seller make the biggest price cut on the property in 2015.

The property was first listed in November 2014 for a total of 11 days, asking $7.000M.

That wasn't going to happen. The smallish, original duplex is fine but the land value wasn't $7M, and the rental calculations certainly didn't pencil out at that number.

A new agent launched a new listing in 2015, $1M lighter at $5.999M and at a more optimal

It seems there are some sellers in this real estate market who can really only be called "sellers" if they get a big number.

There's been no lack of exposure for the Hill Section corner-lot home for sale at 1007 Pacific, for instance.

The listing for this 5br/5ba home on a nearly 9400 sqft. corner view lot dates back to last October.

Hey hey! A sprawling Hill Section lot with views, and close to downtown Manhattan Beach, to boot. Come and get it, right?

The start at $6.600M was high, though, and the current $6.200M list seems not to be resonating with the market, either.

Is anyone stressed out about it?

It would appear not, even at 220+ DOM.

Either the market will come to them, or the sellers will just enjoy the home.

Down in the Sand Section, with…

From the day the little cottage at 328 6th came to market, it was endangered.

With just 2br and 1300 sqft. of living space, it's undersized – by a lot – for a Manhattan Beach walkstreet home.

Its 2700 sqft. plot could host a 4100 sqft. new house.

And demand for South End flat walkstreet lots has probably never been higher, or less price-sensitive.

The last 3 flat walkstreet lots to trade were:

316 4th St. at $3.770M in March 2015. (Pictured.)

401 5th St. at $2.710M in September 2014.

440 8th St. at $2.700M in August 2014.

By the time 328 6th came to market in February, asking $3.199M, it was well known that a comp for the listing, the now-closed sale at 316 4th, was in escrow north of $3.7M.

So with really all of that $3.2-ish value in the land,…

There is no neighborhood in Southern California quite like the "flat" South End walkstreets of the Manhattan Beach Sand Section.

Once people see it, they want it. Then it's a question of: Can you get it?

Dave has sold 3 homes on those treasured blocks in just the past couple of years, always off-market. These properties just don't trade much. And with scarcity, you see prices jump.

That's how a lot recently traded near $4M, and a built home way over $5M.

First let's look at one that has finally closed, after hot rumors flew for weeks.

316 4th St. is a full-size corner lot running along the alley at Crest.

You can go either way on whether the alley is a plus or minus. You've got no neighbor on that west side and there are ocean views down 4th Street,…