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That 'Big Bet' House Makes a Big Cut

908 Rosecrans Avenue, Manhattan Beach,

It's been only two weeks since we last mentioned the "Biggest Bet Yet on Rosecrans," meaning the new construction home at 908 Rosecrans (6br/6ba, 4112 sqft.).

(908 Rosecrans is listed by Bita Goodman, Sotheby's International Realty.)

At the time of that post, the listing had made 3 separate cuts of $100K each to drop to $4.695M.

Today, it was no haircut. This cut was everything from the chest up: -$496,000 to $4.199M.

The listing is now down almost $800K from start.

It's still a big, bold new home that we have called "surely the most ambitious ever conceived on Rosecrans in the Tree Section."

It's still priced almost $2M above the record sales on Rosecrans:

716 Rosecrans (3br/2ba, 1500 sqft., 5162 sqft. lot) - $2.350M (Aug. 2022)

508 Rosecrans (4br/3ba, 3013 sqft., 3005 sqft. lot) - $2.340M (Oct. 2020)

940 Rosecrans (5br/4ba, 3239 sqft., 5975 sqft. lot) - $2.260M (May 2021)

652 Rosecrans (6br/6ba, 4730 sqft., 7300 sqft. lot) - $2.200M (Sept. 2016)

Given the still-great gap between asking price and past sales, this home remains in position to set some kind of record for the block, which doesn't often get prime new builds like this.

Now, we don't mean to present this one as a market indicator.

Anyone can start way too high, and when they cut – 16% so far, in this case – it's more of a matter of trying to correct the list price itself, rather than a problem of needing to "chase the market down."

But it's notable that this ambitious new construction is cutting at the same time as at least three somewhat comparable new construction homes are also dropping in price:

1813 Walnut (5br/6ba, 3150 sqft.) - down $99K after a month to $4.400M

3608 Laurel (5br/6ba, 3300 sqft.) - down $150K after a month to $4.749M

1209 Meadows (5br/6ba, 3344 sqft.) - down $171K after 7 weeks to $3.824M

908 Rosecrans is substantially the largest, compared to these new homes on the market, on the biggest lot (almost 6000 sqft.) and with a pool.

At about $4.2M, it's also got the lowest PPSF for any new home in Manhattan Beach: $1,021/PSF.

There will come a point when someone says, "That's a lot of house for the money." When?

908 Rosecrans Avenue, Manhattan Beach, CA

Please see our blog disclaimer.

Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.

Based on information from California Regional Multiple Listing Service, Inc. as of May 2nd, 2024 at 6:30am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.