To the Nines

By Dave Fratello | May 13th, 2016

120 5th Street Manhattan Beach CAWhen 120 5th St. sold for $9.300M in September 2014, it was supposed to be an anomaly.

A price over $9 million was supposed to reflect a unique facet of the property: A height restriction imposed on the neighbor that protects the views for 120 5th.

Now, $9M+ for a lower walkstreet property is becoming the norm.

125 2nd Street Manhattan Beach CAThe latest sale is the modern remodel/rebuild at 125 2nd (4br/5ba, 4250 sqft.) at $9.241M (per the MLS).

OK, so they pushed the ceiling a bit with a list price of $10.300M.

The buyer saved $1M and 10% off the list.

It's still a healthy number.

The property was described, in part, in the listing, this way:

"Dream location on the South Manhattan walkstreets... A collaboration three years in the making and literally in as good as new condition. Ideal floorplan with 3rd floor living that takes in the panoramic whitewater views day and night. The spacious Great Room connects to a large covered lanai through 10' tall sliding doors that disappear into a pocket, seamlessly connecting the interior and exterior living spaces. Finishes include Fleetwood Doors and Windows throughout, Terrazzo Floors, Bulthaup Kitchen cabinetry, Gaggenau appliances. Not a detail was overlooked! Lighting & Plumbing Fixtures are stunning and unique. All of the millwork from the Macassar Ebony wall panels to the laquer finished bath cabinets is at a level of perfection rarely seen."

200 16th St Manhattan Beach CAAlso right at $9.000M, you find the sale at 200 16th (4br/5ba, 4150 sqft.), new construction in a Cape Cod style.

There, too, perhaps they pushed it a bit with the start price at $9.475M.

But no one is crying over the $9.000M sale price. When the project first broke ground, here's betting they penciled out a sale price in the mid-6's.

Looks like 9 is the new normal.

121 16th Street Manhattan Beach CAThere's another test of the proposition at 121 16th (4br/5ba, 4200 sqft.).

This one isn't sold yet; it's looking for the right buyer.

The list price is $9.650M, same place it's been for 92 DOM.

A bit like 120 5th, this one has a view-protection advantage. Knowing some things we know, we actually would not bet on the home in front building up at all any time soon. But even if someone did choose to buy that lot and build new, the height of a new home looks unlikely to block the 3rd-floor views at 121 16th. This has to do with the shape and topography of the lot of the potential view-blocking home. The technical explanation is somewhat beyond the scope of a blog post.

The home itself has been treated to a thorough remodel in recent years, but it also would not surprise us to see this one get another round of work from the next owner. Might the view be enough to keep it over $9M when it sells? 

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