Value Bounces Back for 229 Aviation Place

By Dave Fratello | May 3rd, 2021

229 Aviation Place Manhattan Beach CAOn and off the market since May 2018, one of the "Manhattan Pointe" townhomes at 229 Aviation Place (3br/3ba, 1750 sqft.) has ridden the recent roller coaster of values for the unique complex.

Years can go by without a sale in Manhattan Pointe, a complex featuring row-house style attached homes, a gated common area and underground parking.

There's been more activity recently. There have been 11 sales since early 2017 in Manhattan Pointe, 3 of them involving this specific unit, 229. Prices have gone up and down over that span.

Let's go back to the first sale attempt in May 2018.

Just before 229 Aviation Place tried to sell then, there were two sales in the complex, 203 and 213 Aviation Place, both selling for $1.170M. (One was sold off-market.)

Both those sales were top of the top, record sales for Manhattan Pointe, $100K above the highest sale in the complex and $131K above the most recent at the time.

So where did 229 Aviation Place begin? $1.170M, naturally. The market had been set for them.

It really didn't work.

They had to cut, then lost not one, but two deals after opening escrow.

The sellers re-listed and finally got it done for $1.080M in Nov. 2018, fully 6 months after first listing. It must have been baffling.

That buyer's plans changed. Within months, 229 was back on the market, ready to take a loss.

Start price in March '19 was $1.050M.

That should have been attractive, but it took almost 3 months to accept the first offer.

After that transaction failed, they raised the price, first to $1.070M, then down, then re-listed at $1.100M, re-listed again and finally sold for $1.070M. It was August 2020, 15 months after the first sale attempt.

That sale was below acquisition, but at least it got done.

Last year's sale came immediately following a $1.085M sale (237 Aviation Place) and was soon followed by another $1.070M sale (219 Aviation Place).

But once again, plans changed!

Incredibly, a unit once sold in a November and re-listed for sale the next March had now sold in an August and was back on the market again the ensuing March.

Of course, they asked for more: $1.198M to start.

229 Aviation Place has now sold again, for the third time in two and a half years, for $1.150M.

Now, that's not the $1.170M sought way-back-when in 2018, nor is it the $1.200-ish price they were asking early this year.

But it's just the third sale over $1.100M in the complex, a good sign not just for this one short-term owner/seller, but for anyone else in the 28-unit community looking to gauge the market.

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