spec dev't

There are currently 31 blog entries related to this category.

If you're looking for a home or a lot in East Manhattan Beach, that's probably because you want one of those larger 7500 sq. ft. lots that are relatively standard east of Sepulveda. 

With one of those big 50 x 150 lots, you can build well over 4000 square feet of house without digging a basement, and still end up with a sizable yard.

The question is, what's that big lot going to cost you?

Like everything, East MB lots are now getting much more expensive.

There are 2 next-door neighbors really far east that have both just sold and seemed to raise the bar for land values.

1721 Gates (pictured) sold in March right at the asking price of $1.400M. Though it's east of Redondo Ave. and just about a dozen homes up off of Aviation, the lot is almost perfectly

We half-joked yesterday that when a home sits for 30 days in this market, it almost seems like a "crisis."

Where's my bidding war? Where are the all-cash offers?

Well here's a case of a home that took 5 full years to sell.

906 9th (6br/7ba, 5425 sq. ft.) is a Hill Section spec home that first came out in April 2010 asking $4.695M.

Along the way, asking prices dipped as low as $3.895M.

It's been rented out for much of its time since completion.

Around this time last year, 906 9th came to market asking $4.895M. It hung around for 9 months.

Finally, this week, it sold. The new closed price: $4.300M, somewhere in between the up-and-down asking prices of the last few years.

But now, through some combination of persistence, timing and luck, it's done.

It was 4 weeks ago when we advised MBC readers to go take a look at 1321 Voorhees (6br/5ba, 3600 sq. ft.). It would be your only chance, it seemed, because the home was in escrow already.

In escrow... and at a big number, $2.795M, quite a feat for a home on a smaller-than-standard East MB lot (5200+ in this case).

Our opinions about this custom "plantation" home haven't changed, but that first buyer is gone, the escrow is canceled, and 1321 Voorhees is back on the market, looking for a new buyer. (You?)

[ UPDATE: Saturday, 1321 Voorhees went back into escrow. The rest of this post continues as originally run. ]

While it's out there for a second run, suddenly, it's notably the least-pricey East MB new construction option on the open market.

Right next…

Here's how you make markets: You ignore all that came before, just put a sticker price on what you've got, and make people come to you.

That's the kind of boldness that's behind the new-construction listing at 1304 Lynngrove.

This upcoming 5br/6ba, 3750 sq. ft. "gorgeous custom contemporary" home will be offered at $3.199M to begin.

That's quite a bit above $3 million, a number never before dreamt of east of Redondo Ave. in this little pocket of Mayberry in Manhattan known as Liberty Village.

Formerly one of the most reliably affordable neighborhoods of MB (it's all relative), the LV is now getting a ceiling-pushing listing that could reshuffle all thinking about the area.

You know right away upon seeing this listing pop up that they're shooting for a…