spec dev't

Found 39 blog entries about spec dev't.

There are luxury homes and then there are... knockouts.

629 6th Street Manhattan Beach CA exteriorThey're not bashful about the achievement that is 629 6th St. (6br/8ba, 5600 sqft.) a new Hill Section home that has just come to market.

It's a "modern masterpiece" and "the finest home to ever hit the market in the Hill Section," per the official description.

Now, there are fine homes all over the Hill Section. Probably the finest have never been on the market at all. There's no need for any argument, though. What's been crafted at 629 6th is special in its own right.

629 6th Street Manhattan Beach CAWhile it's easy to see the sizzle and pop of this ultra-high-end home, the first thing we noted was the relative quiet and low profile of the lot and the neighborhood. There are great homes all around, but this one simply

New spec construction in the Sand Section doesn't happen often. The spec market focuses on the suburban Tree Section and East Manhattan.

[Side note: Sand Castle construction for prizes happens this Sunday. See this DigMB story or the end of this post for more.]

In the past year, we count only 4 closed sales of new construction in the Sand Section. (It's 11-12 in the Trees over the same span.)

This week, we saw 2 of those 4 new homes close on the same day:

516 4th Street Manhattan Beach CA516 4th (5br/6ba, 4300 sqft.) is a spacious, fairly glamorous, white, bright and open "Plantation Chic" home in the quiet South End.

There's a welcoming, open living room on the entry level, opening to a covered patio and picket-fenced yard. The middle level has no walls except those…

There's no dispute anymore that Tree Section new construction prices are slipping.

868 27th Street Manhattan Beach CAToday's crop is a bit hard to evaluate fully, because so many are in less-than-prime locations. But the trend is clear nonetheless.

It seemed that $3.500M or so was the going rate for a time. You saw 3101 Maple (5br/5ba, 3200 sqft.) pre-sell at that price in January this year, as well as 868 27th (5br/6ba, 3520 sqft.) [pictured] at $3.520M in April this year.

Two new construction listings in the Trees took that pricing as gospel and shot for the same mark.

2409 North Poinsettia Avenue Manhattan Beach CA2409 N. Poinsettia (4br/5ba, 3550 sqft.) came out at $3.499M in late January. (We'll put aside the fact that it began at $160K lighter before upping the price 51 minutes into the listing.)

To their credit,…

People want to see signs... omens... hints of what is to come.

There are no guarantees of future performance this year, but look at some deals made in the first 5 weeks of 2016:

611 Bayview Drive Manhattan Beach CA611 Bayview (3br/4ba, 2720 sqft.) is a slick, modern and nearly new view townhouse near town but on the quiet alley street just up off of Manahattan Ave.

Purchased new for $3.250M in January 2014, this one was quite nearly the first Manhattan Beach Sand Section townhome to ever garner more than $3M. (Off The Strand, that is, to be clear.)

But that was so, so long ago... two years.

Listed for $4.650M this year, this market maker is doing it again – getting an offer within 9 days.

That $1.4M markup is +43% over 24 months. In retrospect, maybe they got a deal on the…

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