The Little House That Could... Set a PPSF Record

By Dave Fratello | December 7th, 2021

While the median home price for Manhattan Beach has been rising, so, too, has the median price per square foot (PPSF). That figure reached $1,167/PSF in Nov. 2021.

Remember, though, the median is one thing, a middle point, with lots of numbers above and below.

Today we see a chance for a record high PPSF for a livable Tree Section house, and it could be nearly double the citywide median.

861 12th Court Manhattan Beach CAThat record could be set by a charmingly remodeled (and remodeled again) cottage on a short, quiet block near Pacific School. It's 861 12th Court (4br/3ba, 1383 sqft.).

Astute market watchers (like you) have seen this house before. A few times, in fact. Recent sales include:

Sept. 2015: $1.810M

June 2018: $2.100M

Feb. 2020: $2.300M861 12th Court Manhattan Beach CA

The home has been in various states of remodeling on each of those past sales, although the 2020 and 2021 versions of the main house are closest to one another.

The latest owners have been there a bit less than 2 full years, and have added style to the home along with a pool and (super charming) "detached guest quarters" to the backyard.

The list price is $2.899M, just $101K shy of the citywide median price, with a PPSF showing at $2,096/PSF.

For this listing, they're only counting square footage inside the main house, which is part of what spikes that PPSF figure so high.

If this is how you calculate the PPSF, and this is the price range in which the home sells, it will surpass the only 2 Tree Section homes sold with PPSFs above $2,000/PSF that were livable homes. (Astronomical PPSFs can be common on lot sales where tiny, old homes have no structural value.)

Those two over $2K:

641 18th Street Manhattan Beach CA641 18th (4br/3ba, 3796 sqft., ~7K lot): $7.850M in June 2021 ($2,067/PSF) (pictured)

3608 Laurel (2br/1ba, 846 sqft.): $1.700M in Nov. 2021 ($2,009/PSF)

That's it. (And we should note that the land value for 3608 Laurel is the majority of that $1.7M sale price, but because the home is not an obvious teardown, we're including it here.)

Funny how the only two we could find with $2K+ PPSFs were sales this year, isn't it?

For 861 12th Ct., any sale price over $2.765M will put it into this rare air.

For a home that has drawn offers within 7-8 days on each of its prior 3 sales, are you going to bet against their asking price?

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