Walkstreet Dirt Is Moving Again, Too

By Dave Fratello | March 9th, 2018

Land: They're not making any more around here.

You're heard that adage before, probably plenty.

The notion behind it is that you'd better take any chance you get to obtain your slice of paradise when you see it.

The flat walkstreets in the South End are one of those paradises within Manhattan Beach.

Land values have gone up with some big jumps in the current upcycle.

We can still remember $1.5M lots in the South End. (You're dating yourself, Dave!)

And then the 2.5's. And then values started getting over 3. And then...

This week you've seen two South End lots sell, and one more's on the market:

333 7th Street Manhattan Beach CA333 7th is among the highest-priced walkstreet lots ever, but then, it probably should be. 

That's a prime location on one of the most active blocks among the family walkstreets. (We're saying this after placing 2 families on the block.)

It's midblock on a largely flat area near to the alley street, Crest, and feels equally close to the beach, school and town.

People who like to debate things like "which walkstreet is best" or "which side of the street is best" could still probably agree that this one is among the best to have hit the market in recent memory.

Asking price: $3.799M. In escrow after 2 weeks.

The comp for 333 7th is 400 9th, which sold for (wait for it) $3.799M last April.

Both lots (7th and 9th) have the advantage of cute-enough cottages that are livable while you plan out a dream house. But there's no mistaking where the value is: The sandy loam underneath.

501 8th Street Manhattan Beach CAThere's also a deal in place on a quite different lot: 501 8th.

There are some differences from 333 7th.

It's near the eastern end of the block, just one in off of Valley.

So, locationwise, it's not got the value multipliers of a 300-block location.

It's still on a prime walkstreet though. (You want to debate which walkstreet is best? 8th might get the nod, even if it's a dark horse.)

The structure... no, not really a cute cottage you would want to live in. Those days have passed.

Are those two factors really with $900K?

We ask because they launched this listing at a come-hither price of $2.795M.

You could be forgiven to wonder if your calendar was wrong, or you'd slipped through a wormhole back to 2014 or so, after seeing a price so (ahem) low.

They're in escrow, having taken almost the opposite approach to pricing: Instead of pricing at the top of the comps, they shot a mile under, figuring the market could come do its work.

They figured, if the value's a bit uncertain, hold an auction... that'll find the right number. Bingo.

420 5th Street Manhattan Beach CASo this brings us to the last remaining (for now) flat family walkstreet lot: 420 5th.

It's got the cottage going on (for now) and is on one of the quieter walkstreets.

They didn't price quite as high as 333 7th, but it's hard to tell the difference: $3.699M.

Anyone who missed out on the first two sales may now turn their attention to the last one on the market.

Unless they're thinking someone is going to be making more land soon.

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