Two New Higher Sales Among Tree Section New Construx

By Dave Fratello | May 12th, 2017

For a time, it looked as if Tree Section new construction prices might be wavering.

And it's still no picnic for anyone with an active new-construction listing or a new build in the pipeline.

But the two latest sales of new homes in the Trees are both at bigger numbers than have been seen recently.

3301 Palm Avenue Manhattan Beach CA3301 Palm (5br/6ba, 4200 sqft.) is a new home in a "plantation" style that debuted at an odd time, just before Thanksgiving last year.

They came out at $3.699M and never wavered, while exceeding 100 DOM.

For sure, some of the "extra" in the price comes from the fact that there's a basement, boosting the usable square footage. The location's fine, but not necessarily in a prime area. So would someone step up to the 3.6 range?

Yes.

The sale price this week: $3.600M.

It's a sizable number but also OK by PPSF, on a par with the PPSF on recent new construx sales along more challenged streets like Pacific and Oak.

2622 Maple Avenue Manhattan Beach CAThe other big recent number (relatively speaking) was at 2622 Maple.

This 5br/6ba, 3200 sqft. home is of more conventional size, and very much in the current style that's often called "plantation," but it goes unnamed in the listing.

Coming out in February at $3.495M, it wasn't clear what might happen with this listing.

Nearby 860 27th (5br/5ba, 3500 sqft.) emerged in April 2016 at the same price, but lingered, re-listed and ultimately sold for $3.275M last October.

But at 2622 Maple, they've recently closed the sale close to asking: $3.435M. (Curiously, it's now offered for lease at $15,000/mo.)

Other similar new construx sales had come in with 3.2s in front also: 2512 Palm (5br/6ba, 3340 sqft., $3.200M) and 3308 Poinsettia (5br/4ba, 3600 sqft., $3.250M).

But if you just want to look at all recent sales in the Tree Section (try this simple link, which is also found under the DATA menu at the top), you'll find a few eye-openers, including huge prices on some properties, and one beauty with a high PPSF.

1728 Laurel Avenue Manhattan Beach CAThat's 1728 Laurel (5br/4ba, 3600 sqft.), a Martyrs area home right by the school, custom built 5 years ago but boasting so much style, it was all but totally irresistible, despite the sellers' demand for $4.100M.

They got every penny for a home that anyone could see was very special. (It's also got a larger-than-normal lot.)

The $1,125/PSF value there really stands alone in the Tree Section over several years' worth of sales, with the exceptions being much different in size and location (especially in south Martyrs hill locations). Special home, special case.

Meantime, the latest new construction sales must have builders hoping for a rebound of sorts.

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