Watch Tree Section Land Values

By Dave Fratello | May 28th, 2021

If the whole local market is rising, you can bet you'll see that trend in lot acquisitions.

There have been a few notable sales recently where the value is largely or entirely in the land.

1805 Laurel Avenue Manhattan Beach CA1805 Laurel (2br/1ba, 1250 sqft., 4800 sqft. lot) is the big one.

This Martyrs-area home is quite close to the parochial school and near a corner.

Listed for $2.500M, the property drew multiple offers and an overbid of slightly more than 10% to get it done: $2.755M.

Call that $575/PSF for the land alone.

There are some comps in the general price range in the immediate area over the years, but this does appear to be the highest price for a lot within a few blocks west of Pacific.

A couple of much older past sales came to mind:

1812 Agnes (4800 sqft. lot, $2.500M), April 2016

2105 Agnes (4987 sqft. lot, $2.100M), Feb. 2017

Go east by a couple of blocks, outside the Martyrs area, and you'll find:

1905 Palm (5062 sqft. lot, $2.345M), Dec. 2019

1817 John (5060 sqft. lot, $2.525M), June 2018

Now, pulling away from super prime areas for a minute, let's head to Oak Ave.

2809 Oak Avenue Manhattan Beach CA2809 Oak (3br/1ba, 1135 sqft., 4483 sqft. lot) has just closed for $1.780M.

Note that it's a bit of a smaller lot. And yes, it's on Oak.

But it's on the "good" west side of Oak, and on a stretch of the street that is fairly low traffic, with some nice homes all around.

Soon, there will be a brand new home on the site.

The land value here is "just" $397/PSF for the dirt. That's solid or high for the Tree Section in recent years, in any area except for the ultra prime districts.

As a pure land-value proposition, one might have pegged 2809 Oak nearer to $1.600M.

But "one" would have been wrong, wouldn't one have been?

If an Oak address can near $1.800M retail for dirt, what about a more interior street?

Now let's head down by the Sand Dune.

571 33rd Street Manhattan Beach CA571 33rd (2br/3ba, 1175 sqft., 5400 sqft. lot) has just closed for $2.250M.

You can see in the photo, there is a somewhat stylized appearance to the cottage, and inside there was an updated kitchen, some new flooring and somewhat updated baths.

But. That sweet location with a street-to-alley lot near the Sand Dune is just too prime for the cottage to be in the mix going forward. It's coming down.

Land value here was $417/PSF for the dirt, not altogether different from 2809 Oak - an almost astonishing observation to make.

Just in case, we checked with the city Community Development Department.

You heard it here first: No, the city has no plans to make any more land.

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