Only yesterday we pointed to 3 recent extra-large East Manhattan lot sales.
Turns out, we initially missed a fourth that occurred in the same time frame.
Over the Summer, a private sale was arranged for 1155 Longfellow, yet another half-acre plot in a favorable position near the bottom of the hill. (The…
Only yesterday we pointed to 3 recent extra-large East Manhattan lot sales.
Turns out, we initially missed a fourth that occurred in the same time frame.
Over the Summer, a private sale was arranged for 1155 Longfellow, yet another half-acre plot in a favorable position near the bottom of the hill. (The photos and links here are from a 2015 sale, not the 2017 sale, just so we can show you images, maps & key info.)
The sold price in late August: $4.635M.
That's $215/PSF for the dirt, second-highest of these 4 sales and just $15/PSF behind 300 Kuhn Drive.
The $4.635M sold price for 1155 was very near the $4.650M paid for a somewhat larger (and quite different) lot across the street at 1158 Longfellow (26,650 sqft.), which sold for $4.650M early in August.
This plot at 1155 Longfellow is more directly comparable to the sale at 1187 Longfellow (22,100 sqft., $4.500M), given the similar lot shapes for both 1155 and 1187 and the way both start near the bottom of the hill, but rise up.
Views from new homes on each location could be quite impressive over the treetops and rooftops to the east, given the natural upward grade.
The addition of this sale to our list makes for a total of $18.585M (call it $18.6M) paid for just 4 large plots in the same area within less than 90 days.
You could be forgiven if you'd lived in Manhattan Beach for a period of years without even knowing that these big lots existed in the city, or where they are. Indeed, that's a big part of the appeal of this private little neighborhood that we once dubbed Brentwood-by-the-Sea.
This astonishing gold rush in the area over such a short period of time further adds to the amazement over how much demand there is just beneath the surface, apparently.
There were really 5 recent sales in the area (we add at 1155/1165 Ronda to the mix of pure lot sales).
Did these sales satisfy demand?
Land arbitrage note: It is especially interesting to see how values rose on two of the lots that traded here recently.
We noted yesterday that 1158 Longfellow sold for $4.000M in June 2015, only to resell for $4.650M in Aug. 2017 (+16%).
1155 Longfellow was purchased on the public market in Nov. 2015 for $3.550M. The resale here at $4.635M was well over $1M higher, a 31% boost in less than 2 years.
Looking for a second career? Try to see over the horizon, lock down some East Manhattan land and resell it from time to time.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 30th, 2023 at 11:33am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
