There are rules and exceptions to the values for townhomes in Manhattan Beach.
Typically, one unit is on a main street and one is on an alley/street behind.
Most often, the "front" unit on the street is the more valuable unit. The difference can run 10-20% or more.
That conventional wisdom has been…
There are rules and exceptions to the values for townhomes in Manhattan Beach.
Typically, one unit is on a main street and one is on an alley/street behind.
Most often, the "front" unit on the street is the more valuable unit. The difference can run 10-20% or more.
That conventional wisdom has been inverted with a new pair of sales.
217 21st Place (3br/4ba, 1965 sqft.) has just closed for $3.815M.
That's the alley unit actually selling for $65K more than its front-unit twin at 216 Marine Ave. (3br/4ba, 1950 sqft.). That one closed in mid-March for $3.750M.
Both units have the same floorplan and finishes (nice!), and (importantly) nearly equivalent ocean views.
But we kinda saw this coming.
As we said in our first open-house review in August:
"Picking a favorite is actually a bit of a challenge... The rear (alley) unit on 21st Place is $150K less pricey, but has the more coveted south-facing ocean views, including the pier. The front unit's position on Marine offers perhaps bigger views, as Marine is a wide street, putting homes across the way a bit further away."
Unstated in our review was the factor that is, perhaps, the answer to why the rear unit sold higher: Marine Ave. That street is fairly busy around the front unit, where the master bedroom is. Beyond that, it's probably the fact that south-facing views tend to be preferred over north-facing views.
The first time we showed these townhomes to potential buyers, we discussed the possibility that the rear unit might sell higher in the end, despite coming to market $150K lower than the Marine Ave. unit.
And here we are. It happened.
Worth noting: Both townhomes were first offered informally at $4.100M, but when first posted to the MLS, start prices were $4.100M for 216 Marine and $3.950M for 217 21st Place. That's the $150K gap referenced above.
This means that not only did the rear unit sell higher, it performed better against the first public asking price. It sold 3% under start, while the front unit sold 8% under start.
How they stack up: Here's a small selection of other recent, comparable new-construction townhome sales:
2204 Alma (4br/4ba, 2600 sqft.): $3.778M (Jan. 2020)
221 1st St. (3br/4ba, 2000 sqft.): $3.600M (Aug. 2019)
217 1st St. (3br/4ba, 2000 sqft.): $3.912M (May 2019)
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 December 13th, 2024 at 6:38am PST. 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.
