Three East MB New Homes Ask $5M

By Dave Fratello | August 30th, 2022

As you read this, you are among the few to have been alive to see East Manhattan Beach transform into a district where spec builders were willing to build luxury homes.

Now they're doing it, and they're asking $5 million.

Which ones?

All three new homes currently on the market:1535 Nelson Avenue Manhattan Beach CA

1535 Nelson (5br/6ba, 4750 sqft.) at $4.999M - Listed by Joseph Nuzzolo, Thompson Team Real Estate, Inc. | 310-922-2229 

1300 11th (5br/5ba, 4007 sqft.) at $4.995M (still under construction) - Listed by Jay Harkenrider, Riddle & Ross, Inc. 

1560 1st (6br/6ba, 4650 sqft.) at $4.999M - Listed by Joseph Nuzzolo, Thompson Team Real Estate, Inc. | 310-922-2229 

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Quick fact check: Two of those are asking $4,999,999, one dollar shy of $5M, and one is $5K short of $5M, but we're taking a little liberty by calling those prices $5M. Thanks for bearing with us.

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So, $5M. Can it be done?

It's been done. Twice.

1618 11th Street Manhattan Beach CAMost recently at 1618 11th (7br/7ba, 5007 sqft.) at $5.475M (Feb. '22). (It was listed by Kristen Novoa of Vista Sotheby’s International Realty.)

That one kinda snuck up on us early this year, with the sale having been arranged pre-completion.

The record-holding $5M+ sale for East Manhattan - on a standard lot - is 1757 8th (6br/7ba, 5738 sqft.) at $5.600M (June '21). (It was listed by Bryn Stroyke of Bayside.)

It's worth noting that the 11th St. property is only 2 levels, somehow squeezing 5000+ sqft. of interior space onto a standard 7500 sqft. lot without adding a basement.

So perhaps the real question is whether anyone else can get $5M, or nearly that, today.

Among the new homes currently listed, all are 2 levels, ranging in size from just about 4000 sqft. up toward 4750.

1535 Nelson Avenue Manhattan Beach CA1535 Nelson actually aimed higher to begin, starting at $5.499M in June.

As these images show, it's got an improbably busy and entertaining backyard, with pool/hot tub, cabana, built-in barbecue and - yes! - pizza oven. The pool is actually raised a bit with "infinity" edges near the family room which create something of a "waterfall" effect as well. Someone's showin' off!

Meantime, 1560 1st is set differently, with a wide, rather than deep, 7500 sqft. lot. This allows for a sprawling first floor, with rooms way over here on the left, and way over there on the right, but not going back quite as far. There's less backyard space overall, with more outdoor space used for the wide front setback.

1300 11th Street Manhattan Beach CAThe newest to the mix is 1300 11th, on the corner at Meadows. The corner lot is officially just over 7800 sqft., appearing to be just a bit wider than the standard 50' you would expect.

The main living areas feel improbably large, with high ceilings in all the main areas and a 2-story light well rising from the open dining area. Even with an outdoor room (with fireplace), the backyard appears more than adequate for both a pool and some grassy area.

If you want big, nice and new in East Manhattan, these are your 3 current choices.

Pricing for new homes in East MB has evolved steadily over recent years.

It was way back in October 2019 that we were able to note that the once-unthinkable threshold of $4M had been hit and exceeded for a few new-construction homes for the first time. They were all Summer 2019 sales:

1320 9th (6br/7ba, 4900 sqft.) at $4.250M in June, then

1643 8th (5br/6ba, 4835 sqft.) at $4.150M in July, and

1755 8th (5br/8ba, 4835 sqft.) at $4.465M one week later in July.

$4 million seemed like a big hurdle to cross at the time.

There have been 9 more $4M+ sales of new construction since then, including those 2 properties over $5M we referenced above.

If any of the current listings asking $5M want to join the top ranks, they'll be targeting the highest among those sales that didn't get over $5M. That was 1515 Gates (5br/7ba, 6570 sqft.), an enormous modern, which got $4.962M in April 2021.

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