Thinkin' Big on Elm

By Dave Fratello | January 14th, 2015

Take a rare, double-size-plus lot in the Tree Section, add a big new Cape Cod with square footage like you might find east of the highway, and what's it worth?

3311 Elm Avenue Manhattan Beach CAWe'll get to the bottom of that riddle this year as the market reacts to 3311 Elm.

It's big, as we noted: 6br/7ba, nearly 5200 square feet inside. That includes a very large and wide-open kitchen/great room setup, which opens out to the large, south-facing backyard.

3311 Elm Avenue Manhattan Beach CABefore the new build, the big, 8800 sq. ft. lot sold in Sept. 2013 for $1.611M. (Here's the old lot-sale listing.)

The start price for the brand new home is more than $3M higher: $4.679M.

It's a Martyrs-area type price for a home that's really quite far east and north within the Tree Section.

3311 Elm Avenue Manhattan Beach CABut it's got both tangible pluses (new construction, crowd-pleasing layout and style) and intangibles (unique, irreplaceable lot and delightful treetop views, with the Martyrs' steeple in sight).

It would be an easy matter to add a pool to that backyard and still have plenty of play space left. The home fairly screams "bring me your big, young family, and grow here."

If the home seems a bit far east for a top-dollar home in the Trees, as we said, just consider that a comparable home+yard combination would typically have to be east of Sepulveda.

Whatever happens, this listing is shooting for a record. 

The total number of homes in the Tree Section ever to sell for more than $4.0M that were not in the area immediately around American Martyrs is easy to count on one hand.

Actually, two fingers. They were:

3305 Pine, which was really two homes merged into kinda-sorta one house in a "compound" arrangement. The combined size of the home (homes!) was 5br/7ba, 5715 sq. ft. The sale price was $4.200M way-back-when in August 2012. (Clicking the address above does show you the full property details here on MB Confidential.)

As to location, 3305 Pine is, like 3311 Elm, pretty far east and north for a high-end property.

769 33rd Street Manhattan Beach CA769 33rd (6br/5ba, 4900 sq. ft.), a richly detailed Spanish built in 2007 on a large-but-not-quite-double lot (7400 sq. ft.), which sold off-market last year for $4.100M.

Locationwise, this one can at least be said to be on a very nice block.

Besides those 2, the other 11 Tree Section sales to have ever gone over $4.0M were all so close to Martyrs that the Monsignor could come knock on your door if he missed you on Sunday.

So 3311 Elm is thinking big, but as 2014's momentum rolls into 2015, would you bet against it?

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