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,…
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 (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.
Late 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.
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 December 13th, 2024 at 7:16am PST. 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.
