The Threes in the Trees

By Dave Fratello | January 12th, 2016

With another new high sale for new construction in the Tree Section, it's time for another iteration of our theme: 3 is the new 2 in Manhattan Beach. 

What we mean here is that there was a time when new construction in the Tree Section could be had for a $2 million-ish price. (Use your Wayback Machine.) Now, there will be a 3 in front, for sure.

3101 Maple Avenue Manhattan Beach CA3101 Maple (5br/5ba, 3200 sqft.) is the newest example. And for this one, they've pushed the ceiling a little higher.

Oh, we don't mean 11' ceilings in the living areas or bedrooms. We mean that a sale price here of $3.500M raises the bar yet again for local home prices.

At 3200 sqft., this is quite nearly $1,100/PSF for a home that's east of Pacific.

The deal was arranged during construction, while the property was being marketed but before actual buyers could walk through and see or touch a built house.

Looking only at the most recent, publicly reported new construction comps in the Trees, we see something a bit surprising. There's a cluster in late 2014 and not much to look at from 2015. Here are the 3+ sales of new construction on typical size lots (highest to lowest prices):

  • 3309 Walnut (5br/6ba, 3600 sqft.) at $3.300M and $917/PSF (Dec. 2014, sold pre-completion)
  • 717 25th (5br/6ba, 3570 sqft.) at $3.245M and $909/PSF (Oct. 2014, sold pre-completion)
  • 3313 Walnut (5br/7ba, 3600 sqft.) at $3.151M and $875/PSF (Oct. 2014, sold on market)
  • 1905 Elm (5br/5ba, 3100 sqft.) at $3.100M and $996/PSF (Dec. 2014, sold pre-completion)
  • 750 30th (5br/5ba, 3700 sqft.) at $3.095M and $833/PSF (July 2015, sold on market)

Watch for more this year, though. 

3113 Walnut Avenue Manhattan Beach CALate in 2015, we saw 3113 Walnut (5br/5ba, 3320 sqft.), a very snazzy modern new home, come out asking $3.280M ($988/PSF) before taking a pause from the market. It'll be back and you have to expect a 3-handle still. (Look at the comps.)

[UPDATE: The day after this post went live, 3113 Walnut came back at $3.280M.]

There are a few new construction projects wrapping up now east of Pacific that will be looking to match or better 3101 Maple's $3.5M take.

And of course you already see on the market two new homes looking for dollars in this rarefied air:

569 33rd (6br/5ba, 3650 sqft.) asking $3.795M and $1,040/PSF. Very nice location, bigger lot than most comps above.

756 36th (6br/7ba, 3600 sqft.) asking $3.579M and $996/PSF. Also a bigger lot than most comps above.

So with the sale on Maple, the stage is set for builders to seek more new big numbers this year.

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