Up, Up, Up on 35th

By Dave Fratello | March 29th, 2018

Almost exactly 2 years ago, in February 2016, there were two Tree Section lots on 35th St. that listed and sold at the same time.

Each featured little charming cottages, but the land value was far greater.

Both are 5400 sqft. lots, fairly big for the Trees.

713 35th sold for $1.555M, and 717 35th sold for $1.635M.

Both are now development sites, with large homes in different styles (one beachy, one Spanish-inspired) getting ready for market.

721 35th Street Manhattan Beach CANearby neighbor 721 35th listed in early February this year, asking $1.999M, 22% higher than the next-door neighbor had sold for in April 2016.

And now it's sold. The final price: $1.925M.

That's $290K and 18% above the highest of the two recent, neighboring sales.

The major difference: The structure.

721 35th Street Manhattan Beach CAThe 3br/2ba, 1700 sqft. house is an expanded version of the original cottage, with reasonably sized secondary bedrooms and a master bedroom with added bath. Because the home's not too big, the backyard is a decent size, which you don't always see in the Trees.

To say things were a bit dated or had seen better days would simply underscore the obvious. The home showed rough around the edges, in need of a bit more than TLC. But it doesn't have to come down like the tinier neighboring houses.

Fully reconditioned, at $2.050M-$2.100M all-in, this might seem a tad pricey for 1700 sqft. two blocks from Rosecrans, but not bad. The new owners control their own costs here, of course.

665 33rd Street Manhattan Beach CAOne comp we were thinking of was fairly nearby at 665 33rd (3br/3ba, 2200 sqft.), which (finally) sold in October 2017 for $2.018M and has gotten the rehab it needed since.

We were also thinking of 605 36th (4br/3ba, 2030 sqft.), one step closer to Rosecrans and with a truly unusual layout (some square footage is in a guest unit over the garage), which tried to sell for a modest price of $1.649M last year but drew a frenzy and sold for $1.905M in June 2017.

When they put 721 35th on the market this year, they were pricing it and targeting it to the kind of buyer who would see the value in the structure and pay for it, not seeing it as just another development site on the suddenly busy block.

And they were betting, as had those spec builders nearby, that 35th St. had upside as a (somewhat) more affordable Tree Section location, not so much one hindered by its proximity to the refinery.

Good bets they made.

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