Value Outside MB

By Dave Fratello | December 10th, 2013

Recently we had a prospective client come to us with a plan to get out of MB, looking to get more for the money elsewhere.

Now that we've wrapped up both transactions, we'll offer this observation: A million bucks buys a lot more outside MB than it does within our city limits.

Our client traded out of 3017 Elm (2br/2ba, 960 sq. ft.), a nicely remodeled, but smallish 2br home on an odd-shaped lot in the Tree Section.

We sold that in November for $1.050M.

Then it was time to move on.

The search was for a largely original home fairly near the beach with some kind of views. Ocean views would be a huge plus. The plan would be to remodel, much like our client had with 3017 Elm some years back.

Ocean views for a million dollars! You could not even say that with a straight face in MB. Doubtful in Hermosa, either.

But move somwehat further south, and you've got something to talk about.

In the hills around Redondo Beach and, particularly, the Hollywood Riviera neighborhood (legally Torrance), it can be done.

The search had some false starts, but within weeks of beginning, our client prevailed in a multiple-offer situation and has purchased 230 Via Anita (3br/2ba, 1400 sq. ft.) in the Hollywood Riviera for $1.065M.

So call that a lateral move, dollarwise. It's about the same value on either property.

But in the Hollywood Riviera, our client got a third bedroom, 45% more interior space and an ocean-view lot almost 3 times the size of what we sold in MB.

Several times we stood on Via Anita, nearly gasping at the panoramic views that span the whole of Santa Monica Bay. On clear days, you could make out buildings in Malibu on the far end of the bay, watch waves crashing on the beaches just below, and see all 3 local piers (Redondo, Hermosa, Manhattan).

Put those views in MB on a 9000-sq.-ft. lot in, say, the Hill Section, and we're looking at $4M+ just for dirt.

Yes, there are tradeoffs, such as the neighborhood's fussy building restrictions. MB has none of that.

But 230 Via Anita was exactly what the doctor ordered in this case. And a concrete example that, as terrific as Manhattan Beach is, there's plenty more to love around the South Bay.

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